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Registration number: 08920699

Prestige Developments (Bristol) Limited
Unaudited Filleted Financial Statements
for the Year Ended 31 March 2024

Prestige Developments (Bristol) Limited

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 9

Prestige Developments (Bristol) Limited

Company Information

Director | 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 Developments (Bristol) Limited

(Registration number: 08920699)
Balance Sheet as at 31 March 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Tangible assets | 3 | 149,169 | 140,386
Current assets |  |  |
Stocks | 4 | 816,143 | 965,374
Debtors | 5 | 1,515,427 | 1,349,137
Cash at bank and in hand |  | 241,737 | 50,550
|  | 2,573,307 | 2,365,061
Creditors: Amounts falling due within one year | 6 | (3,029,121) | (2,070,406)
Net current (liabilities)/assets |  | (455,814) | 294,655
Total assets less current liabilities |  | (306,645) | 435,041
Provisions for liabilities |  | (37,292) | (35,097)
Net (liabilities)/assets |  | (343,937) | 399,944
Capital and reserves |  |  |
Called up share capital | 7 | 20 | 20
Retained earnings |  | (343,957) | 399,924
Shareholders' (deficit)/funds |  | (343,937) | 399,944

For the financial year ending 31 March 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 year 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.

Prestige Developments (Bristol) Limited

(Registration number: 08920699)
Balance Sheet as at 31 March 2024

Approved and authorised by the director on 30 June 2025

......................................... Mr I D Brown Director

Prestige Developments (Bristol) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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 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.

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.

Prestige Developments (Bristol) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:

Asset class | Depreciation method and rate
Motor vehicles | 25% reducing balance
Plant and machinery | 25% reducing balance
Office equipment | 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.

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.

Prestige Developments (Bristol) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 5).

Prestige Developments (Bristol) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3 | Tangible assets

| Furniture, fittings and equipment £ | Motor vehicles £ | Other tangible assets £ | Total £
Cost or valuation
At 1 April 2023 | 24,112 | 170,143 | 122,765 | 317,020
Additions | 3,588 | - | 53,266 | 56,854
Disposals | (1,647) | - | (48,702) | (50,349)
At 31 March 2024 | 26,053 | 170,143 | 127,329 | 323,525
Depreciation
At 1 April 2023 | 11,893 | 92,598 | 72,143 | 176,634
Charge for the year | 3,303 | 19,386 | 17,854 | 40,543
Eliminated on disposal | (1,367) | - | (41,454) | (42,821)
At 31 March 2024 | 13,829 | 111,984 | 48,543 | 174,356
Carrying amount
At 31 March 2024 | 12,224 | 58,159 | 78,786 | 149,169
At 31 March 2023 | 12,219 | 77,545 | 50,622 | 140,386

4 | Stocks

| 2024 £ | 2023 £
Work in progress | 816,143 | 965,374

5 | Debtors

Current | Note | 2024 £ | 2023 £
Trade debtors |  | 250,000 | 261,211
Amounts owed by related parties | 8 | - | 664
Prepayments |  | 2,221 | 2,240
Other debtors |  | 1,263,206 | 1,085,022
|  | 1,515,427 | 1,349,137

Prestige Developments (Bristol) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6 | Creditors

Creditors: amounts falling due within one year

| Note | 2024 £ | 2023 £
Due within one year |  |  |
Trade creditors |  | 371,317 | 73,155
Amounts owed to group undertakings and undertakings in which the company has a participating interest | 8 | 1,963,468 | 1,964,088
Taxation and social security |  | 9,693 | 15,237
Accruals and deferred income |  | 20,914 | 16,357
Other creditors |  | 663,729 | 1,569
|  | 3,029,121 | 2,070,406

7 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary shares of £1 each | 20 | 20 | 20 | 20

Prestige Developments (Bristol) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8 | Related party transactions

Loans to related parties

2024 | Key management £ | Other related parties £ | Total £
At start of period | - | 664 | 664
Advanced | 185,630 | - | 185,630
Repaid | - | (664) | (664)
At end of period | 185,630 | - | 185,630

2023 | Other related parties £ | Total £
At start of period | 664 | 664
At end of period | 664 | 664

Loans from related parties

2024 | Parent £ | Total £
At start of period | 1,964,088 | 1,964,088
Repaid | (620) | (620)
At end of period | 1,963,468 | 1,963,468

2023 | Parent £ | Key management £ | Other related parties £ | Total £
At start of period | 193,917 | 979,062 | 748,477 | 1,921,456
Advanced | 1,770,279 | 1,522,334 | 1,367,736 | 4,660,349
Repaid | (108) | (2,501,396) | (2,116,213) | (4,617,717)
At end of period | 1,964,088 | - | - | 1,964,088

9 | Parent and ultimate parent undertaking

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