IRIS Accounts Production v24.1.4.33 11990798 director 1.6.23 31.5.24 31.5.24 0 0 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh119907982023-05-31119907982024-05-31119907982023-06-012024-05-31119907982022-05-31119907982022-06-012023-05-31119907982023-05-3111990798ns15:EnglandWales2023-06-012024-05-3111990798ns14:PoundSterling2023-06-012024-05-3111990798ns10:Director12023-06-012024-05-3111990798ns10:PrivateLimitedCompanyLtd2023-06-012024-05-3111990798ns10:SmallEntities2023-06-012024-05-3111990798ns10:AuditExempt-NoAccountantsReport2023-06-012024-05-3111990798ns10:SmallCompaniesRegimeForDirectorsReport2023-06-012024-05-3111990798ns10:SmallCompaniesRegimeForAccounts2023-06-012024-05-3111990798ns10:FullAccounts2023-06-012024-05-311199079812023-06-012024-05-3111990798ns10:OrdinaryShareClass12023-06-012024-05-3111990798ns10:RegisteredOffice2023-06-012024-05-3111990798ns5:CurrentFinancialInstruments2024-05-3111990798ns5:CurrentFinancialInstruments2023-05-3111990798ns5:Non-currentFinancialInstruments2024-05-3111990798ns5:Non-currentFinancialInstruments2023-05-3111990798ns5:ShareCapital2024-05-3111990798ns5:ShareCapital2023-05-3111990798ns5:RetainedEarningsAccumulatedLosses2024-05-3111990798ns5:RetainedEarningsAccumulatedLosses2023-05-3111990798ns5:IntangibleAssetsOtherThanGoodwill2023-06-012024-05-3111990798ns5:PatentsTrademarksLicencesConcessionsSimilar2023-06-012024-05-3111990798ns5:MotorVehicles2023-06-012024-05-3111990798ns5:PatentsTrademarksLicencesConcessionsSimilar2023-05-3111990798ns5:PatentsTrademarksLicencesConcessionsSimilar2024-05-3111990798ns5:PatentsTrademarksLicencesConcessionsSimilar2023-05-3111990798ns5:MotorVehicles2023-05-3111990798ns5:MotorVehicles2024-05-3111990798ns5:MotorVehicles2023-05-3111990798ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-05-3111990798ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-05-3111990798ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-05-3111990798ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-05-3111990798ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-3111990798ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-05-3111990798ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-05-3111990798ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-05-3111990798ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-05-3111990798ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-05-3111990798ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-05-3111990798ns10:OrdinaryShareClass12024-05-31
REGISTERED NUMBER: 11990798 (England and Wales)











RS Prestige Cars Ltd

Unaudited Financial Statements

for the Year Ended 31 May 2024






RS Prestige Cars Ltd (Registered number: 11990798)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


RS Prestige Cars Ltd

Company Information
for the Year Ended 31 May 2024







Director: V Sharma





Registered office: Unit 3B Wentworth House
Maple Court
Tankersley
Barnsley
S75 3DP





Registered number: 11990798 (England and Wales)





Accountants: Warr & Co Limited
Chartered Accountants
Mynshull House
78 Churchgate
Stockport
Cheshire
SK1 1YJ

RS Prestige Cars Ltd (Registered number: 11990798)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £   
Fixed assets
Intangible assets 4 12,518 16,691
Tangible assets 5 300,000 300,000
312,518 316,691

Current assets
Debtors 6 - 7,700
Cash at bank 9,877 3,139
9,877 10,839
Creditors
Amounts falling due within one year 7 (49,393 ) (58,926 )
Net current liabilities (39,516 ) (48,087 )
Total assets less current liabilities 273,002 268,604

Creditors
Amounts falling due after more than one
year

8

(504,262

)

(453,881

)
Net liabilities (231,260 ) (185,277 )

Capital and reserves
Called up share capital 9 100 100
Retained earnings (231,360 ) (185,377 )
Shareholders' funds (231,260 ) (185,277 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

RS Prestige Cars Ltd (Registered number: 11990798)

Balance Sheet - continued
31 May 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 June 2024 and were signed by:





V Sharma - Director


RS Prestige Cars Ltd (Registered number: 11990798)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. Statutory information

RS Prestige Cars Ltd 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

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis on the grounds that the director will continue to provide sufficient finance to enable the company to continue trading for the foreseeable future.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of seven years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Motor vehicles - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


RS Prestige Cars Ltd (Registered number: 11990798)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. Employees and directors

The average number of employees during the year was NIL (2023 - NIL).

4. Intangible fixed assets
Patents
and
licences
£   
Cost
At 1 June 2023
and 31 May 2024 29,210
Amortisation
At 1 June 2023 12,519
Amortisation for year 4,173
At 31 May 2024 16,692
Net book value
At 31 May 2024 12,518
At 31 May 2023 16,691

RS Prestige Cars Ltd (Registered number: 11990798)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. Tangible fixed assets
Motor
vehicles
£   
Cost
At 1 June 2023
and 31 May 2024 333,133
Depreciation
At 1 June 2023
and 31 May 2024 33,133
Net book value
At 31 May 2024 300,000
At 31 May 2023 300,000

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
Cost
At 1 June 2023
and 31 May 2024 333,133
Depreciation
At 1 June 2023
and 31 May 2024 33,133
Net book value
At 31 May 2024 300,000
At 31 May 2023 300,000

6. Debtors: amounts falling due within one year
31.5.24 31.5.23
£    £   
Trade debtors - 1,200
Other debtors - 3,500
Accrued income - 3,000
- 7,700

RS Prestige Cars Ltd (Registered number: 11990798)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

7. Creditors: amounts falling due within one year
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 6,880 9,917
Hire purchase contracts 37,419 33,547
Trade creditors - 4,153
VAT 76 291
Directors' current accounts 4,193 10,193
Accrued expenses 825 825
49,393 58,926

8. Creditors: amounts falling due after more than one year
31.5.24 31.5.23
£    £   
Bank loans - 1-2 years 9,917 9,917
Bank loans - 2-5 years 23,203 26,833
Other loans - 2-5 years 352,430 261,000
Hire purchase contracts 118,712 156,131
504,262 453,881

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
100 Ordinary £1 100 100