Company Registration No. 11778769 (England and Wales)
Prestige City Property Limited
Unaudited accounts
for the year ended 31 January 2024
Prestige City Property Limited
Company Information
for the year ended 31 January 2024
Company Number
11778769 (England and Wales)
Registered Office
16 Harlech Crescent
Sketty
Swansea
West Glamorgan
SA2 9LP
Wales
Accountants
Sarah Fairley Chartered Accountants
22 Withy Park
Bishopston
Swansea
Swansea
SA3 3EY
Prestige City Property Limited
Statement of financial position
as at 31 January 2024
Tangible assets
325,000
325,000
Cash at bank and in hand
9,141
16,039
Creditors: amounts falling due within one year
(26,583)
(36,725)
Net current liabilities
(13,842)
(17,086)
Total assets less current liabilities
311,158
307,914
Creditors: amounts falling due after more than one year
(239,736)
(239,736)
Called up share capital
2
2
Profit and loss account
71,420
68,176
Shareholders' funds
71,422
68,178
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 members have 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 31 October 2024 and were signed on its behalf by
Thomas Hole
Director
Company Registration No. 11778769
Prestige City Property Limited
Notes to the Accounts
for the year ended 31 January 2024
Prestige City Property Limited is a private company, limited by shares, registered in England and Wales, registration number 11778769. The registered office is 16 Harlech Crescent, Sketty, Swansea, West Glamorgan, SA2 9LP, Wales.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in
respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or
loss.
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Prestige City Property Limited
Notes to the Accounts
for the year ended 31 January 2024
4
Tangible fixed assets
Land & buildings
At 1 February 2023
325,000
At 31 January 2024
325,000
At 31 January 2024
325,000
At 31 January 2023
325,000
Amounts falling due after more than one year
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
8,926
8,926
Taxes and social security
1,933
3,746
Loans from directors
11,724
20,053
7
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
239,736
239,736
8
Transactions with related parties
Included within creditors are amounts owed to the directors totalling £3,265 (2023 £5,553) The loan is interest free and repayable on demand.
9
Average number of employees
During the year the average number of employees was 1 (2023: 1).