Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-3148truetrue2023-06-01falseNo description of principal activity46The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06912229 2022-06-01 2023-05-31 06912229 2023-06-01 2024-05-31 06912229 2024-05-31 06912229 2023-05-31 06912229 c:Director1 2023-06-01 2024-05-31 06912229 c:Director2 2023-06-01 2024-05-31 06912229 c:RegisteredOffice 2023-06-01 2024-05-31 06912229 d:Buildings 2023-06-01 2024-05-31 06912229 d:Buildings d:LongLeaseholdAssets 2023-06-01 2024-05-31 06912229 d:Buildings d:LongLeaseholdAssets 2024-05-31 06912229 d:Buildings d:LongLeaseholdAssets 2023-05-31 06912229 d:MotorVehicles 2023-06-01 2024-05-31 06912229 d:MotorVehicles 2024-05-31 06912229 d:MotorVehicles 2023-05-31 06912229 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 06912229 d:FurnitureFittings 2023-06-01 2024-05-31 06912229 d:FurnitureFittings 2024-05-31 06912229 d:FurnitureFittings 2023-05-31 06912229 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 06912229 d:OfficeEquipment 2023-06-01 2024-05-31 06912229 d:OfficeEquipment 2024-05-31 06912229 d:OfficeEquipment 2023-05-31 06912229 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 06912229 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 06912229 d:PatentsTrademarksLicencesConcessionsSimilar 2023-06-01 2024-05-31 06912229 d:ComputerSoftware 2024-05-31 06912229 d:ComputerSoftware 2023-05-31 06912229 d:CurrentFinancialInstruments 2024-05-31 06912229 d:CurrentFinancialInstruments 2023-05-31 06912229 d:Non-currentFinancialInstruments 2024-05-31 06912229 d:Non-currentFinancialInstruments 2023-05-31 06912229 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 06912229 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 06912229 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 06912229 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 06912229 d:ShareCapital 2024-05-31 06912229 d:ShareCapital 2023-05-31 06912229 d:RetainedEarningsAccumulatedLosses 2024-05-31 06912229 d:RetainedEarningsAccumulatedLosses 2023-05-31 06912229 c:FRS102 2023-06-01 2024-05-31 06912229 c:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 06912229 c:FullAccounts 2023-06-01 2024-05-31 06912229 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 06912229 d:WithinOneYear 2024-05-31 06912229 d:WithinOneYear 2023-05-31 06912229 d:BetweenOneFiveYears 2024-05-31 06912229 d:BetweenOneFiveYears 2023-05-31 06912229 d:MoreThanFiveYears 2024-05-31 06912229 d:MoreThanFiveYears 2023-05-31 06912229 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-06-01 2024-05-31 06912229 2 2023-06-01 2024-05-31 06912229 d:ComputerSoftware d:OwnedIntangibleAssets 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure
Company registration number: 06912229







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2024


PRESTIGE ASSET FINANCE LIMITED






































img6f76.png                        

 


PRESTIGE ASSET FINANCE LIMITED
 


 
COMPANY INFORMATION


Directors
J Constantinou 
A Zamfirescu 




Registered number
06912229



Registered office
164 - 166 High Street

Guildford

Surrey

GU1 3HW




Accountants
Menzies LLP
Chartered Accountants

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP





 


PRESTIGE ASSET FINANCE LIMITED
 



CONTENTS



Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 10

 


PRESTIGE ASSET FINANCE LIMITED
 

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CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PRESTIGE ASSET FINANCE LIMITED
FOR THE YEAR ENDED 31 MAY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Prestige Asset Finance Limited for the year ended 31 May 2024 which comprise the Statement of financial position and the related notes from the Company's accounting records and from information and explanations you have given to us.
 

As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at: www.icaew.com/regulation.


This report is made solely to the Board of directors of Prestige Asset Finance Limited, as a body, in accordance with the terms of our engagement letter dated 27 April 2021Our work has been undertaken solely to prepare for your approval the financial statements of Prestige Asset Finance Limited and state those matters that we have agreed to state to the Board of directors of Prestige Asset Finance Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Prestige Asset Finance Limited and its Board of directors, as a body, for our work or for this report.
 
 
It is your duty to ensure that Prestige Asset Finance Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the Company's assets, liabilities, financial position and profit. You consider that Prestige Asset Finance Limited is exempt from the statutory audit requirement for the year.
 
 
We have not been instructed to carry out an audit or review of the financial statements of Prestige Asset Finance Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.



$AccRepSigner
Menzies LLP
Chartered Accountants
Magna House
18-32 London Road
Staines-Upon-Thames
TW18 4BP


12 November 2024
$AccRepSignerDate

Page 1

 


PRESTIGE ASSET FINANCE LIMITED
REGISTERED NUMBER:06912229



STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
  
5,992
-

Tangible assets
 5 
674,109
692,065

  
680,101
692,065

Current assets
  

Stocks
  
2,682,304
2,285,735

Debtors: amounts falling due within one year
 6 
12,035,640
11,008,984

Cash at bank and in hand
  
1,474,728
1,316,667

  
16,192,672
14,611,386

Creditors: amounts falling due within one year
 7 
(4,847,346)
(7,868,913)

Net current assets
  
 
 
11,345,326
 
 
6,742,473

Total assets less current liabilities
  
12,025,427
7,434,538

Creditors: amounts falling due after more than one year
 8 
(3,866,146)
(26,698)

Provisions for liabilities
  

Deferred tax
  
(104,442)
(120,596)

  
 
 
(104,442)
 
 
(120,596)

Net assets
  
8,054,839
7,287,244


Capital and reserves
  

Called up share capital 
  
200
200

Profit and loss account
  
8,054,639
7,287,044

  
8,054,839
7,287,244

Page 2

 


PRESTIGE ASSET FINANCE LIMITED
REGISTERED NUMBER:06912229


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
J Constantinou
Director

Date: 12 November 2024

The notes on pages 4 to 10 form part of these financial statements.
Page 3

 


PRESTIGE ASSET FINANCE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Prestige Asset Finance Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Revenue

Revenue shown in the Income Statement represents amount earnt from interest on loans and monies received for sales of goods provided during the year in the normal course of business, net of trade discounts, VAT and other sales and related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership has been transferred to the buyer (usually on sale of the goods at the till or online receipt).
Revenue generated from interest charged on loans is recognised over time to the extent that there is a right to consideration. 

 
2.5

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 4

 


PRESTIGE ASSET FINANCE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Page 5

 


PRESTIGE ASSET FINANCE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Website costs
-
25%
Reducing balance

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method or on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2%
Straight line
Leasehold property
-
Over the term of the lease
Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
25%
Reducing balance
Office equipment
-
25%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 6

 


PRESTIGE ASSET FINANCE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 48 (2023 - 46).


4.


Intangible assets




Website costs

£



Cost


Additions
7,990



At 31 May 2024

7,990



Amortisation


Charge for the year on owned assets
1,998



At 31 May 2024

1,998



Net book value



At 31 May 2024
5,992



At 31 May 2023
-



Page 7


PRESTIGE ASSET FINANCE LIMITED
  
 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024



5.


Tangible fixed assets






Leasehold property
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 June 2023
15,265
12,650
1,445,682
188,520
1,662,117


Additions
-
5,200
213,699
19,347
238,246



At 31 May 2024

15,265
17,850
1,659,381
207,867
1,900,363



Depreciation


At 1 June 2023
5,551
5,534
847,722
111,245
970,052


Charge for the year on owned assets
1,233
3,079
227,580
24,310
256,202



At 31 May 2024

6,784
8,613
1,075,302
135,555
1,226,254



Net book value



At 31 May 2024
8,481
9,237
584,079
72,312
674,109



At 31 May 2023
9,714
7,116
597,960
77,275
692,065

Page 8

 


PRESTIGE ASSET FINANCE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Debtors

2024
2023
£
£


Trade debtors
11,215,005
9,305,212

Amounts owed by group undertakings
270,004
1,263,286

Amounts owed from related parties
-
56,678

Other debtors
41,050
41,050

Prepayments and accrued income
509,581
342,758

12,035,640
11,008,984



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
8,343
8,137

Other loans
251,034
3,876,425

Trade creditors
265,936
292,697

Amounts owed to related parties
135,898
560,898

Corporation tax
288,547
196,964

Other taxation and social security
95,920
87,761

Other creditors
3,690,924
2,721,315

Accruals and deferred income
110,744
124,716

4,847,346
7,868,913


Other loans are secured by a guarantee from the subsidiary company; Prestige Pawnbrokers Limited and also a personal guarantee by J Constantinou, a director, in respect of the other loan facilities of £1,000,000.


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
16,605
26,698

Other loans
3,849,541
-

3,866,146
26,698


Other loans are secured by a guarantee from the subsidiary company; Prestige Pawnbrokers Limited and also a personal guarantee by J Constantinou, a director, in respect of the other loan facilities of £1,000,000.

Page 9

 


PRESTIGE ASSET FINANCE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Commitments under operating leases

At 31 May 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
545,250
546,146

Later than 1 year and not later than 5 years
1,178,750
1,284,375

Later than 5 years
228,333
341,667

1,952,333
2,172,188


10.


Related party transactions

As at 31 May 2024, an amount of £263,611 was owed to a director. No interest has been charged on this loan.

 
Page 10