Premier Traders Limited 31/03/2019 iXBRL

Premier Traders Limited 31/03/2019 iXBRL

PREMIER TRADERS LIMITED - Company Information

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Statement of consent to prepare abridged financial statements
All of the members of Premier Traders Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.
Company registration number: 07784152
Premier Traders Limited
Unaudited filleted abridged financial statements
31 March 2019
Premier Traders Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Premier Traders Limited
Directors and other information
Director Mr. Shakil Kassam
Company number 07784152
Registered office Roxburghe House
273-287 Regent Street
London
W1B 2HA
Accountants King & King Chartered Accountants
1st Floor, Roxburghe House
273 - 287 Regent Street
London
W1B 2HA
Premier Traders Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Premier Traders Limited
Year ended 31 March 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Premier Traders Limited for the year ended 31 March 2019 which comprise the abridged statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the director of Premier Traders Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Premier Traders Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Premier Traders Limited and its director as a body for our work or for this report.
It is your duty to ensure that Premier Traders Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Premier Traders Limited. You consider that Premier Traders Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Premier Traders Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
King & King Chartered Accountants
1st Floor, Roxburghe House
273 - 287 Regent Street
London
W1B 2HA
20 December 2019
Premier Traders Limited
Abridged statement of financial position
31 March 2019
2019 2018
Note £ £ £ £
Current assets
Debtors 300 300
Cash at bank and in hand 291 121
_______ _______
591 421
Creditors: amounts falling due
within one year ( 9,454) ( 8,054)
_______ _______
Net current liabilities ( 8,863) ( 7,633)
_______ _______
Total assets less current liabilities ( 8,863) ( 7,633)
_______ _______
Net liabilities ( 8,863) ( 7,633)
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account ( 8,864) ( 7,634)
_______ _______
Shareholders deficit ( 8,863) ( 7,633)
_______ _______
For the year ending 31 March 2019 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 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 abridged statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 December 2019 , and are signed on behalf of the board by:
Mr. Shakil Kassam
Director
Company registration number: 07784152
Premier Traders Limited
Statement of changes in equity
Year ended 31 March 2019
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2017 1 ( 6,213) ( 6,212)
Loss for the year ( 1,421) ( 1,421)
_______ _______ _______
Total comprehensive income for the year - ( 1,421) ( 1,421)
_______ _______ _______
At 31 March 2018 and 1 April 2018 1 ( 7,634) ( 7,633)
Loss for the year ( 1,230) ( 1,230)
_______ _______ _______
Total comprehensive income for the year - ( 1,230) ( 1,230)
_______ _______ _______
At 31 March 2019 1 ( 8,864) ( 8,863)
_______ _______ _______
Premier Traders Limited
Notes to the financial statements
Year ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Roxburghe House, 273-287 Regent Street, London, W1B 2HA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Controlling party
The entire issued share capital of the company was owned by the director.