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Registration number: 13963461

Prema 1 Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Prema 1 Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Prema 1 Limited

Company Information

Chairman

Mr Zak Anthony Resinato

Director

Mr Alejdin Braka

Registered office

1 Market Hill
Calne
Wiltshire
SN11 0BT

Accountants

RiverView Portfolio Limited
1 Market Hill
Calne
Wiltshire
SN11 0BT

 

Prema 1 Limited

(Registration number: 13963461)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

664

433

Current assets

 

Debtors

6

21,141

6,695

Cash at bank and in hand

 

7,322

841

 

28,463

7,536

Creditors: Amounts falling due within one year

7

(42,350)

(5,342)

Net current (liabilities)/assets

 

(13,887)

2,194

Total assets less current liabilities

 

(13,223)

2,627

Creditors: Amounts falling due after more than one year

7

(25,022)

(18,746)

Net liabilities

 

(38,245)

(16,119)

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

(39,245)

(17,119)

Shareholders' deficit

 

(38,245)

(16,119)

For the financial year ending 29 February 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 17 October 2024
 

.........................................
Mr Zak Anthony Resinato
Chairman

 

Prema 1 Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Market Hill
Calne
Wiltshire
SN11 0BT
England

These financial statements were authorised for issue by the director on 17 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

25% Straightline

Office Equipment

25% Straightline

 

Prema 1 Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

270

145

 

Prema 1 Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

578

578

Additions

501

501

At 29 February 2024

1,079

1,079

Depreciation

At 1 March 2023

145

145

Charge for the year

270

270

At 29 February 2024

415

415

Carrying amount

At 29 February 2024

664

664

At 28 February 2023

433

433

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

17,237

4,958

Amounts owed by related parties

3,422

1,553

Prepayments

 

482

-

Other debtors

 

-

184

   

21,141

6,695

7

Creditors

Creditors: amounts falling due within one year

 

Prema 1 Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

7

Creditors (continued)

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

3,702

43

Amounts owed to group undertakings and undertakings in which the company has a participating interest

-

3,800

Accruals and deferred income

 

37,505

1,500

Other creditors

 

1,143

(1)

 

42,350

5,342

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

-

18,746

Other non-current financial liabilities

 

25,022

-

 

25,022

18,746

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

-

18,746