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COMPANY REGISTRATION NUMBER: 12602278
Prem Apart Liverpool Ltd
Filleted Financial Statements
31 December 2024
Prem Apart Liverpool Ltd
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
176,932
197,121
Current assets
Debtors
6
460,813
101,630
Cash at bank and in hand
26,810
294,819
---------
---------
487,623
396,449
Creditors: amounts falling due within one year
7
362,525
316,463
---------
---------
Net current assets
125,098
79,986
---------
---------
Total assets less current liabilities
302,030
277,107
Provisions
( 795)
24,245
---------
---------
Net assets
302,825
252,862
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
302,725
252,762
---------
---------
Shareholders funds
302,825
252,862
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 3 June 2025 , and are signed on behalf of the board by:
Mr J Murphy
Mr P Dempsey
Director
Director
Company registration number: 12602278
Prem Apart Liverpool Ltd
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The principal place of business is 7 Hatton Garden, Liverpool, L3 2FE. The principal activity of the company is the provision of extended stay accommodation for corporate and leisure markets.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements are prepared on the going concern basis, under the historical cost convention, and comply with the financial reporting standards of the Financial Reporting Council and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors
Trade and other debtors including amounts owed by group companies are recognised initially at transaction price. A provision for impairment is established where there is objective evidence that the company will not be able to collect all amounts due according to the original terms of receivables.
Cash and cash equivalents
Cash and equivalents include cash on hand and demand deposits. Bank overdrafts are shown within borrowings in current liabilities on the statement of financial position.
Creditors and accruals
Creditors and accruals are classified as current liabilities if payment is due within one year or less. If not they are presented as non-current liabilities. Trade payables are recognised initially at the transaction price and subsequently at amortised cost.
Share capital
Ordinary shares are classified as equity.
Judgements and key sources of estimation uncertainty
The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant effect on amounts recognised in the financial statements are discussed below: Estimate of useful life for fixed assets Fixed assets comprise a significant portion of the total assets. The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of fair values and residual values. The directors annually review the asset lives and adjust them as necessary to reflect current thinking on remaining lives in light of technological change, prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have significant impact on depreciation charges for the period. Detail of the useful lives is included in the accounting policies.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying a group fixed exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
2% straight line
Fixtures and fittings
-
10% straight line
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Defined contribution plans
The company operates a defined contribution pension scheme for employees. Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. The assets of the scheme are held separately from those of the company.
Employee benefits
The company provides a range of benefits to employees, including paid holiday arrangements and annual bonus arrangements.
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. The company recognises a provision and an expense for bonuses where the company has a legal or constructive obligation as a result of past events and a reliable estimate can be made.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 7 ).
5. Tangible assets
Long leasehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2024
146,829
116,633
7,747
271,209
Additions
1,772
1,130
2,902
---------
---------
-------
---------
At 31 December 2024
148,601
116,633
8,877
274,111
---------
---------
-------
---------
Depreciation
At 1 January 2024
1,224
67,485
5,379
74,088
Charge for the year
2,958
18,431
1,702
23,091
---------
---------
-------
---------
At 31 December 2024
4,182
85,916
7,081
97,179
---------
---------
-------
---------
Carrying amount
At 31 December 2024
144,419
30,717
1,796
176,932
---------
---------
-------
---------
At 31 December 2023
145,605
49,148
2,368
197,121
---------
---------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
103,327
13,163
Amounts owed by group undertakings and undertakings in which the company has a participating interest
275,364
1,254
Other debtors
82,122
87,213
---------
---------
460,813
101,630
---------
---------
Amounts owed by group companies are unsecured, interest free and repayable on demand.
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
133,670
66,715
Amounts owed to group undertakings and undertakings in which the company has a participating interest
65,641
103,284
Social security and other taxes
59,343
64,244
Other creditors
103,871
82,220
---------
---------
362,525
316,463
---------
---------
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
( 795)
1,997
----
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
( 795)
1,997
----
-------
9. Charges on assets
On 21 September 2020 the company created a fixed and floating charge over all the property or undertaking of the company in favour of HSBC UK Bank Plc in relation to a loan and charge card facility advanced to Windshear Ltd, the parent of the company.
10. Summary audit opinion
The auditor's report dated 3 June 2025 was unqualified .
The senior statutory auditor was Ms. Kate Crossan , for and on behalf of Lenfestey & Co .
11. Related party transactions
The company has taken advantage of the exemption under FRS 102 in relation to disclosure of related party transactions with subsidiary companies within the group.
12. Ethical standards
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
13. Controlling party
The company is a wholly owned subsidiary of Windshear Ltd . The company's ultimate parent undertaking is FRO III Cedar Holdings LP , a Cayman Islands Limited Partnership with a registered office at Maples Corporate Services Limited, P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The parent of the smallest group in which the results are consolidated is Arago Investments Ltd , a company registered in Ireland with a registered office address at 12 Lower Hatch Street, Dublin 2, D02R682, Ireland .