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COMPANY REGISTRATION NUMBER: 01407130
Premierise Limited
Filleted Unaudited Financial Statements
31 March 2024
Premierise Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
310,449
310,649
Current assets
Debtors
6
73,366
172,469
Cash at bank and in hand
21,548
22,052
--------
---------
94,914
194,521
Creditors: amounts falling due within one year
7
6,282
4,942
--------
---------
Net current assets
88,632
189,579
---------
---------
Total assets less current liabilities
399,081
500,228
Creditors: amounts falling due after more than one year
8
163,994
166,988
---------
---------
Net assets
235,087
333,240
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Other reserves
181,949
181,949
Profit and loss account
52,138
150,291
---------
---------
Shareholders funds
235,087
333,240
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Premierise Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 1 November 2024 , and are signed on behalf of the board by:
Mr J Fazackerley
Director
Company registration number: 01407130
Premierise Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Lyndhurst, 1 Cranmer Street, Long Eaton, Nottingham, NG10 1NJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rent, stated net of discounts and of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
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:
Fixtures and fittings
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: 1 ).
5. Tangible assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
310,000
999
310,999
---------
----
---------
Depreciation
At 1 April 2023
350
350
Charge for the year
200
200
---------
----
---------
At 31 March 2024
550
550
---------
----
---------
Carrying amount
At 31 March 2024
310,000
449
310,449
---------
----
---------
At 31 March 2023
310,000
649
310,649
---------
----
---------
Tangible assets held at valuation
The investment property was revalued at 31 March 2021 to £310,000. The valuation was at market value and was undertaken by a professional valuer- Solloway Property Consultants (RICS). The historical cost of the property was £128,051. The directors are of the opinion the value of the property has not materially changed since the last valuation.
6. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
72,128
171,448
Other debtors
1,238
1,021
--------
---------
73,366
172,469
--------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,969
1,837
Social security and other taxes
1,113
1,355
Other creditors
2,200
1,750
-------
-------
6,282
4,942
-------
-------
Included within bank loans and overdrafts is a mortgage totalling £2,969 (2023: £1,837) which is secured against the property to which it relates.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
163,994
166,988
---------
---------
Included within bank loans and overdrafts is a mortgage totalling £163,994 (2023: £166,988) which is secured against the property to which it relates. The amount owed between 2-5 years totals £13,858 (2024: £9,461) and the amount owed after 5 years totals £150,136 (2023: £157,527).
9. Controlling party
The company is controlled by Premierise Holdings Limited, a company registered in England and Wales. The ultimate controlling party is Mr J Fazackerley .