Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29false2023-01-27patent ownershipfalse1trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 14620900 2023-01-26 14620900 2023-01-27 2024-02-29 14620900 2022-03-01 2023-01-26 14620900 2024-02-29 14620900 c:Director1 2023-01-27 2024-02-29 14620900 d:PatentsTrademarksLicencesConcessionsSimilar 2024-02-29 14620900 d:CurrentFinancialInstruments 2024-02-29 14620900 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 14620900 d:ShareCapital 2024-02-29 14620900 d:RetainedEarningsAccumulatedLosses 2024-02-29 14620900 c:FRS102 2023-01-27 2024-02-29 14620900 c:AuditExempt-NoAccountantsReport 2023-01-27 2024-02-29 14620900 c:FullAccounts 2023-01-27 2024-02-29 14620900 c:PrivateLimitedCompanyLtd 2023-01-27 2024-02-29 14620900 d:Subsidiary1 2023-01-27 2024-02-29 14620900 d:Subsidiary1 1 2023-01-27 2024-02-29 14620900 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2023-01-27 2024-02-29 14620900 6 2023-01-27 2024-02-29 14620900 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-01-27 2024-02-29 14620900 e:PoundSterling 2023-01-27 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 14620900









PREEMINENT SMART SOLUTIONS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 29 FEBRUARY 2024

 
PREEMINENT SMART SOLUTIONS LIMITED
REGISTERED NUMBER: 14620900

BALANCE SHEET
AS AT 29 FEBRUARY 2024

2024
Note
£

Fixed assets
  

Intangible assets
 4 
7,200

Investments
 5 
51

  
7,251

Current assets
  

Debtors: amounts falling due within one year
 6 
100

  
100

Creditors: amounts falling due within one year
 7 
(8,681)

Net current (liabilities)/assets
  
 
 
(8,581)

Total assets less current liabilities
  
(1,330)

  

Net (liabilities)/assets
  
(1,330)


Capital and reserves
  

Called up share capital 
  
100

Profit and loss account
  
(1,430)

  
(1,330)


The director considers 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 period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his 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 profit and loss account 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 on 29 October 2024.




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PREEMINENT SMART SOLUTIONS LIMITED
REGISTERED NUMBER: 14620900
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

Mr. E. Aartsen
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
PREEMINENT SMART SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

1.


General information

The entity is a private company limited by shares. The company is incorporated in England & Wales. The company's Registered Office is located at 6 Northlands Road, Southampton, SO15 2LF. The principle activity in the year was the ownership of a new patent. 

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

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.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are
Page 3

 
PREEMINENT SMART SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.7
Financial instruments (continued)

initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.


3.


Employees

The average monthly number of employees, including directors, during the period was 1.

Page 4

 
PREEMINENT SMART SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

4.


Intangible assets



Patents

£



Cost


Additions
8,000



At 29 February 2024

8,000



Amortisation


Charge for the period on owned assets
800



At 29 February 2024

800



Net book value



At 29 February 2024
7,200


The individual intangible asset which is material to the financial statements is a new patent over an invention which improves audio quality in electronic devices.  



5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


Additions
51



At 29 February 2024
51




Page 5

 
PREEMINENT SMART SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Elevated Sound Solutions Limited
6 Northlands Road, Southampton, Hampshire, SO15 2LF
Ordinary
51%


6.


Debtors

2024
£


Other debtors
100

100



7.


Creditors: Amounts falling due within one year

2024
£

Amounts owed to group undertakings
8,231

Accruals and deferred income
450

8,681



8.


Related party transactions

During the year Elevated Sound Solutions Limited, the subsidiary company, provided an inter-company loan to Preeminent Smart Solutions Limited. At period end the balance was £8,231. No interest has been charged on that loan. 


9.


Controlling party

The company was controlled by the director, Mr. E. Aartsen by virtue of his 100% shareholding in the company throughout the period. 

 
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