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COMPANY REGISTRATION NUMBER: 04112425
Prem Group (UK) Limited
Filleted Financial Statements
31 December 2024
Prem Group (UK) Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Investments
5
1
1
Current assets
Debtors
6
18,932
18,932
Cash at bank and in hand
25,007
26,569
--------
--------
43,939
45,501
Creditors: amounts falling due within one year
7
399,057
418,239
---------
---------
Net current liabilities
355,118
372,738
---------
---------
Total assets less current liabilities
( 355,117)
( 372,737)
Provisions
Other provisions
130,603
130,603
---------
---------
Net liabilities
( 485,720)
( 503,340)
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 485,721)
( 503,341)
---------
---------
Shareholders deficit
( 485,720)
( 503,340)
---------
---------
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 S Loftus
Director
Director
Company registration number: 04112425
Prem Group (UK) Limited
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 address of the registered office is Eden Square East, Retail Unit 1, 7 Hatton Garden, Liverpool, L3 2FE.
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 a basis other than going concern, 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 provision for dilapidations: The directors estimate the amount required to return leased property to its original state, based on advice from an independent expert.
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.
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.
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:
Fixtures & Fittings
-
10% straight line
Equipment
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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 Nil (2023: 1 ).
5. Investments
Shares in group undertakings
£
Cost
At 1 January 2024 and 31 December 2024
1
----
Impairment
At 1 January 2024 and 31 December 2024
----
Carrying amount
At 31 December 2024
1
----
At 31 December 2023
1
----
The company holds 100% of the ordinary share capital of Spectrum Property Group Limited which is valued at cost.
6. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
18,920
18,920
Other debtors
12
12
--------
--------
18,932
18,932
--------
--------
Amounts owed by group companies are unsecured, interest free and repayable on demand.
7. Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
398,317
410,294
Social security and other taxes
499
Other creditors
740
7,446
---------
---------
399,057
418,239
---------
---------
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
8. Charges on assets
On 27 February 2013 the company created a fixed equitable charge over the rent Deposit Balance paid to Bristol Alliance Nominee No 1 Limited and Bristol Alliance Nominee No 2 Limited.
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, a company within the group.
9. 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 .
10. 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.
11. 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.
12. Controlling party
The company is a wholly owned subsidiary of Raydara Holdings DAC . 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, 2, D02R682, Ireland .