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REGISTERED NUMBER: 14250153 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2024

FOR

PRESTIGE SOUTH COAST RENTALS LIMITED

PRESTIGE SOUTH COAST RENTALS LIMITED (REGISTERED NUMBER: 14250153)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


PRESTIGE SOUTH COAST RENTALS LIMITED (REGISTERED NUMBER: 14250153)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 5 425,000 210,000

CURRENT ASSETS
Debtors 6 13,930 7,181
Cash at bank 142,605 4,878
156,535 12,059
CREDITORS
Amounts falling due within one year 7 7,899 2,621
NET CURRENT ASSETS 148,636 9,438
TOTAL ASSETS LESS CURRENT
LIABILITIES

573,636

219,438

CREDITORS
Amounts falling due after more than
one year

8

623,720

250,220
NET LIABILITIES (50,084 ) (30,782 )

CAPITAL AND RESERVES
Called up share capital 11 100 100
Non distributable reserves 12 (52,906 ) (29,065 )
Retained earnings 2,722 (1,817 )
SHAREHOLDERS' FUNDS (50,084 ) (30,782 )

PRESTIGE SOUTH COAST RENTALS LIMITED (REGISTERED NUMBER: 14250153)

BALANCE SHEET - continued
31 MARCH 2024


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 November 2024 and were signed by:





Mr P J O'Donoghue - Director


PRESTIGE SOUTH COAST RENTALS LIMITED (REGISTERED NUMBER: 14250153)

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


1. STATUTORY INFORMATION

Prestige South Coast Rentals Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 14250153

Registered office: 48 St Leonards Road
Bexhill on Sea
East Sussex
TN40 1JB

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents rents receivable by the company during the period.

Investment property
Investment property is shown at the valuation at the balance sheet date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


PRESTIGE SOUTH COAST RENTALS LIMITED (REGISTERED NUMBER: 14250153)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. 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.

Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 210,000
Additions 244,433
Revaluations (29,433 )
At 31 March 2024 425,000
NET BOOK VALUE
At 31 March 2024 425,000
At 31 March 2023 210,000

PRESTIGE SOUTH COAST RENTALS LIMITED (REGISTERED NUMBER: 14250153)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2023 (35,883 )
Valuation in 2024 (29,433 )
Cost 490,316
425,000

The investment property was valued by the director, Mr P J O'Donoghue on 31 March 2024 at open market value.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 20 20
Deferred tax asset 12,410 7,161
Prepayments and accrued income 1,500 -
13,930 7,181

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Corporation tax 722 -
Other creditors 4,500 -
Accruals and deferred income 2,677 2,621
7,899 2,621

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans over 5 years 128,800 -
Amount owed to related companies 494,920 250,220
623,720 250,220

Amounts falling due in more than five years:

Repayable by instalments
Bank loans over 5 years 128,800 -

PRESTIGE SOUTH COAST RENTALS LIMITED (REGISTERED NUMBER: 14250153)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 128,800 -

Bank loans are secured by fixed charges over the company's investment property.

10. DEFERRED TAX
£   
Balance at 1 April 2023 (7,161 )
Provided during year (5,249 )
Balance at 31 March 2024 (12,410 )

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

12. RESERVES
Non
distributable
reserves
£   
At 1 April 2023 (29,065 )
Revaluation of fixed assets (23,841 )

At 31 March 2024 (52,906 )

13. RELATED PARTY DISCLOSURES

As at 31 March 2024, the company owes £494,920 (2023: £250,220) to it's parent company. This loan is interest free and repayable on demand.