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Registered number: 06067418
Premier 1 (UK) Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Solutions 4 Tax Ltd
Chartered Certified Accountants
2 Porter Drive
Alfreton
Derbyshire
DE55 7QY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 06067418
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,288 2,102
Tangible Assets 5 16,626 13,040
17,914 15,142
CURRENT ASSETS
Debtors 6 363 290
363 290
Creditors: Amounts Falling Due Within One Year 7 (146,935 ) (140,273 )
NET CURRENT ASSETS (LIABILITIES) (146,572 ) (139,983 )
TOTAL ASSETS LESS CURRENT LIABILITIES (128,658 ) (124,841 )
NET LIABILITIES (128,658 ) (124,841 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (128,758 ) (124,941 )
SHAREHOLDERS' FUNDS (128,658) (124,841)
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Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr David Slack
Director
09/10/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Premier 1 (UK) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06067418 . The registered office is Denby House, Taylor Lane, Loscoe, Derbyshire, DE75 7TA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 15% reducing balance
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 2 2
2 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 February 2023 13,255
As at 31 January 2024 13,255
Amortisation
As at 1 February 2023 11,153
Provided during the period 814
As at 31 January 2024 11,967
...CONTINUED
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Net Book Value
As at 31 January 2024 1,288
As at 1 February 2023 2,102
5. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2023 35,599 29,160 3,620 68,379
Additions - 5,995 - 5,995
As at 31 January 2024 35,599 35,155 3,620 74,374
Depreciation
As at 1 February 2023 30,035 22,664 2,640 55,339
Provided during the period 1,392 870 147 2,409
As at 31 January 2024 31,427 23,534 2,787 57,748
Net Book Value
As at 31 January 2024 4,172 11,621 833 16,626
As at 1 February 2023 5,564 6,496 980 13,040
6. Debtors
2024 2023
£ £
Due within one year
Other taxes and social security 363 290
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 33,635 36,758
VAT 801 721
Net wages 973 1,023
Other creditors 37,886 37,886
Other creditor 10,727 2,938
Accruals and deferred income 1,627 1,754
Director's loan account 61,286 59,193
146,935 140,273
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Ultimate Controlling Party
The company's ultimate controlling party is Mr D Slack by virtue of his ownership of 100% of the issued share capital in the company.
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