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Registration number: 06865312

Unicorn Prestige Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Unicorn Prestige Limited

Company Information

Directors

Mrs Rabbab Batul Naqvi

Mr Qaseem Ali Raza Naqvi

Mr Syed Jameel Abbas

Mr Syed Tehreem Abbas

Registered office

9 Berners Place
London
W1T 3AD

Accountants

Mehta & Tengra
Chartered Accountants9 Berners Place
London
W1T 3AD

 

Unicorn Prestige Limited

(Registration number: 06865312)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

122,001

126,375

Tangible assets

6

3,051,014

3,205,752

Investments

7

1,000

-

 

3,174,015

3,332,127

Current assets

 

Stocks

8

301,669

157,990

Debtors

9

1,449,087

1,214,887

Cash at bank and in hand

 

97,242

148,147

 

1,847,998

1,521,024

Creditors: Amounts falling due within one year

10

(887,907)

(747,898)

Net current assets

 

960,091

773,126

Total assets less current liabilities

 

4,134,106

4,105,253

Creditors: Amounts falling due after more than one year

10

(7,554,659)

(7,551,695)

Net liabilities

 

(3,420,553)

(3,446,442)

Capital and reserves

 

Called up share capital

11

2,500,000

2,500,000

Other reserves

351,617

359,813

Retained earnings

(6,272,170)

(6,306,255)

Shareholders' deficit

 

(3,420,553)

(3,446,442)

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 April 2025 and signed on its behalf by:
 

 

Unicorn Prestige Limited

(Registration number: 06865312)
Balance Sheet as at 30 April 2024

.........................................
Mr Syed Jameel Abbas
Director

 

Unicorn Prestige Limited

Statement of Changes in Equity for the Year Ended 30 April 2024

Share capital
£

Foreign currency translation reserve
£

Retained earnings
£

Total
£

At 1 May 2023

2,500,000

359,813

(6,306,255)

(3,446,442)

Profit for the year

-

-

34,085

34,085

Other comprehensive income

-

(8,196)

-

(8,196)

Total comprehensive income

-

(8,196)

34,085

25,889

At 30 April 2024

2,500,000

351,617

(6,272,170)

(3,420,553)

Share capital
£

Foreign currency translation reserve
£

Retained earnings
£

Total
£

At 1 May 2022

2,500,000

654,607

(6,032,957)

(2,878,350)

Loss for the year

-

-

(273,298)

(273,298)

Other comprehensive income

-

(294,794)

-

(294,794)

Total comprehensive income

-

(294,794)

(273,298)

(568,092)

At 30 April 2023

2,500,000

359,813

(6,306,255)

(3,446,442)

 

Unicorn Prestige Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
9 Berners Place
London
W1T 3AD
United Kingdom

These financial statements were authorised for issue by the Board on 24 April 2025.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Unicorn Prestige Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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:

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Unicorn Prestige Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Unicorn Prestige Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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 directors) during the year, was 520 (2023 - 530).

4

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

Income tax

36,934

33,957

Deferred taxation

Arising from changes in tax rates and laws

(303)

(72,515)

Tax expense/(receipt) in the income statement

36,631

(38,558)

 

Unicorn Prestige Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Intangible assets

Lease rights
 £

Software
 £

Total
£

Cost or valuation

At 1 May 2023

155,869

9,896

165,765

At 30 April 2024

155,869

9,896

165,765

Amortisation

At 1 May 2023

34,476

4,914

39,390

Amortisation charge

3,488

886

4,374

At 30 April 2024

37,964

5,800

43,764

Carrying amount

At 30 April 2024

117,905

4,096

122,001

At 30 April 2023

121,393

4,982

126,375

6

Tangible assets

Building
£

Fixtures and fittings
£

Plant and machinery
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

3,195,130

995,707

568,733

42,979

133,958

4,936,507

At 30 April 2024

3,195,130

995,707

568,733

42,979

133,958

4,936,507

Depreciation

At 1 May 2023

587,260

637,540

410,581

26,836

71,538

1,733,755

Charge for the year

87,353

26,631

15,981

14,610

7,163

151,738

At 30 April 2024

674,613

664,171

426,562

41,446

78,701

1,885,493

Carrying amount

At 30 April 2024

2,520,517

331,536

142,171

1,533

55,257

3,051,014

At 30 April 2023

2,607,870

358,167

158,152

19,143

62,420

3,205,752

Included within the net book value of land and buildings above is £2,520,517 (2023 - £2,607,870) in respect of short leasehold land and buildings.
 

 

Unicorn Prestige Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Investments

2024
£

2023
£

Investments in subsidiaries

1,000

-

Subsidiaries

£

Cost or valuation

At 1 May 2023

1,000

Provision

Carrying amount

At 30 April 2024

1,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Poor Brothers Ltd

9 Berners Place, London, W1T 3AD

United Kingdom

Ordinary

100%

0%

Subsidiary undertakings

Poor Brothers Ltd

The principal activity of Poor Brothers Ltd is Management consultancy. Its financial period end is 31 March. The loss for the financial period of Poor Brothers Ltd was £7,211 and the aggregate amount of capital and reserves at the end of the period was £(6,211).

 

Unicorn Prestige Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Stocks

2024
£

2023
£

Spare & loose tools

188,779

33,838

Housekeeping & spa

1,907

1,952

Green line inventory

7,827

11,109

Food & beverage

103,156

111,091

301,669

157,990

9

Debtors

Current

2024
£

2023
£

Trade debtors

262,528

169,054

Prepayments

24,010

23,380

Other debtors

606,484

494,127

Long term deposits

188,987

190,888

Deferred tax asset

367,078

337,438

 

1,449,087

1,214,887

 

Unicorn Prestige Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

546,655

616,692

Accruals and deferred income

2,726

2,593

Other creditors

301,189

94,656

Income tax payable

37,337

33,957

887,907

747,898

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

13

7,554,659

7,551,695

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £10 each

250,000

2,500,000

250,000

2,500,000

       

12

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Foreign currency translation
£

Total
£

Foreign currency translation gains/losses

(8,196)

(8,196)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Foreign currency translation
£

Total
£

Foreign currency translation gains/losses

(294,794)

(294,794)

 

Unicorn Prestige Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

13

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

20,737

18,773

Shareholders loans

7,533,922

7,532,922

7,554,659

7,551,695