Company Registration No. 10268123 (England and Wales)
PRIESTLEY GROUP LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PRIESTLEY GROUP LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PRIESTLEY GROUP LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,525,805
2,373,131
Tangible assets
4
6,825
4,023
Investments
5
97,771
-
0
1,630,401
2,377,154
Current assets
Debtors
6
-
0
6,123
Cash at bank and in hand
564,156
235,903
564,156
242,026
Creditors: amounts falling due within one year
7
(93,877)
(248,679)
Net current assets/(liabilities)
470,279
(6,653)
Total assets less current liabilities
2,100,680
2,370,501
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
2,100,678
2,370,499
Total equity
2,100,680
2,370,501

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 21 October 2024
Sam Priestley
Director
Company Registration No. 10268123
PRIESTLEY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Priestley Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11/15 William Road, London, United kingdom, NW1 3ER.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of crypto assets included in intangible fixed assets at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised in respect of the consideration received for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Consideration comprises the fair value of crypto assets used to settle the services provided.

1.4
Intangible fixed assets other than goodwill

Intangible assets comprise of crypto assets and are measured at their fair value by reference to their quoted price on crypto exchanges. If no crypto exchange is available, the crypto assets are held at cost.

 

Crypto assets are not amortised.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures fittings and equipment
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in quoted shares are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting end date. The gain or loss on valuation is recognised in profit or loss account. Interests in arts are held at cost.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

PRIESTLEY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.11
Taxation

The tax expense represents the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

PRIESTLEY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Intangible fixed assets
£
Valuation
At 1 April 2023
2,373,131
Additions and fair value movements
377,942
Disposals
(1,225,268)
At 31 March 2024
1,525,805
Carrying amount
At 31 March 2024
1,525,805
At 31 March 2023
2,373,131
PRIESTLEY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Fixtures fittings and equipment
£
Cost
At 1 April 2023
18,494
Additions
6,120
At 31 March 2024
24,614
Depreciation and impairment
At 1 April 2023
14,471
Depreciation charged in the year
3,318
At 31 March 2024
17,789
Carrying amount
At 31 March 2024
6,825
At 31 March 2023
4,023
5
Fixed asset investments
2024
2023
£
£
Investments
97,771
-
0
Movements in fixed asset investments
Listed investments
£
Cost or valuation
At 1 April 2023
-
Additions
95,000
Valuation changes
2,771
At 31 March 2024
97,771
Carrying amount
At 31 March 2024
97,771
At 31 March 2023
-
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
0
6,123
PRIESTLEY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
27,815
232,342
Other creditors
55,790
6,231
Accruals and deferred income
10,272
10,106
93,877
248,679

Included in other creditors is an amount of £55,439 (2023: £6,080) due to the director of the company and is payable on demand.

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