Registered number
04781226
LONDON PRESTIGE LIMITED
Report and Accounts
31 March 2024
LONDON PRESTIGE LIMITED
Registered number: 04781226
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,239 2,985
Current assets
Debtors 4 280,602 150,173
Cash at bank and in hand 232,025 143,890
512,627 294,063
Creditors: amounts falling due within one year 5 (429,462) (189,290)
Net current assets 83,165 104,773
Total assets less current liabilities 85,404 107,758
Creditors: amounts falling due after more than one year 6 - (90,000)
Net assets 85,404 17,758
Capital and reserves
Called up share capital 40,000 40,000
Profit and loss account 45,404 (22,242)
Shareholders' funds 85,404 17,758
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
MRS D ALAMOUDI
Director
Approved by the Board on 18 September 2024
LONDON PRESTIGE LIMITED
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of services and from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 10
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 25,119
At 31 March 2024 25,119
Depreciation
At 1 April 2023 22,134
Charge for the year 746
At 31 March 2024 22,880
Net book value
At 31 March 2024 2,239
At 31 March 2023 2,985
4 Debtors 2024 2023
£ £
Trade debtors 279,902 143,923
Other debtors 700 6,250
280,602 150,173
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 202,150 87,500
Corporation tax 30,372 8,686
Other taxes and social security costs 171 148
Other creditors 196,769 92,956
429,462 189,290
6 Creditors: amounts falling due after one year 2024 2023
£ £
Subordinated loan - 90,000
7 Controlling party
The company is controlled by Mrs D Alamoudi, who together with her husband, hold 90% of the ordinary issued share capital.
8 Other information
LONDON PRESTIGE LIMITED is a private company limited by shares and incorporated in England. Its registered office is situated at 249, Stoney Stanton Road, Coventry:
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