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Registration number: 09561095

Prestige Retirement Living Limited

Unaudited Filleted Financial Statements

for the Period from 1 May 2023 to 31 July 2024

 

Prestige Retirement Living Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Prestige Retirement Living Limited

Company Information

Director

Mr I D Brown

Company secretary

Mr I D Brown

Registered office

Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

Accountants

Ross & Partners (Bristol) Limited
Accountants and Tax Consultants
Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

 

Prestige Retirement Living Limited

(Registration number: 09561095)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Current assets

 

Debtors

3

1,849

2,255,795

Cash at bank and in hand

 

19,624

781

 

21,473

2,256,576

Creditors: Amounts falling due within one year

4

(800)

(1,131,681)

Net assets

 

20,673

1,124,895

Capital and reserves

 

Called up share capital

5

40

40

Retained earnings

20,633

1,124,855

Shareholders' funds

 

20,673

1,124,895

For the financial period ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 July 2025
 

.........................................
Mr I D Brown
Company secretary and director

 

Prestige Retirement Living Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 31 July 2024

1

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises 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.

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.

Depreciation

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

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.

 

Prestige Retirement Living Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 31 July 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.

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.

2

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 0 (2023 - 1).

 

Prestige Retirement Living Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 31 July 2024

3

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

6

-

1,381,651

Other debtors

 

1,849

874,144

   

1,849

2,255,795

4

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

6

-

38,736

Taxation and social security

 

-

167,298

Accruals and deferred income

 

800

3,430

Other creditors

 

-

922,217

 

800

1,131,681

5

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

40

40

40

40

       
 

Prestige Retirement Living Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 31 July 2024

6

Related party transactions

Loans to related parties

2024

Parent
£

Total
£

At start of period

1,381,651

1,381,651

Repaid

(1,381,651)

(1,381,651)

At end of period

-

-

2023

Parent
£

Subsidiary
£

Associates
£

Total
£

At start of period

-

-

1,023,477

1,023,477

Advanced

1,613,651

24,493

1,066,021

2,704,165

Repaid

(232,000)

(24,493)

(2,089,498)

(2,345,991)

At end of period

1,381,651

-

-

1,381,651

Terms of loans to related parties

The loans are interest free and repayable on demand.
 

Loans from related parties

2024

Associates
£

Total
£

At start of period

38,736

38,736

Repaid

(38,736)

(38,736)

At end of period

-

-

2023

Associates
£

Key management
£

Total
£

At start of period

-

1,062

1,062

Advanced

38,736

1,386,091

1,424,827

Repaid

-

(1,387,153)

(1,387,153)

At end of period

38,736

-

38,736

7

Parent and ultimate parent undertaking

The company's immediate parent is IB Holdings (South West) Limited, incorporated in England & Wales.

 The ultimate controlling party is Mr I Brown, by virtue of his shareholding in IB Holdings (South West) Limited.