The Prince N22 Limited - Period Ending 2019-10-31
The Prince N22 Limited - Period Ending 2019-10-31
Year Ended
Registration number:
The Prince N22 Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
The Prince N22 Limited
Company Information
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Directors |
Mr T A Nashnush Mr M J Aberdeen Mr D Stead Mr A P Smith |
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Registered office |
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Accountants |
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Page 1 |
The Prince N22 Limited
Balance Sheet
31 October 2019
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Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 2 |
The Prince N22 Limited
Balance Sheet
31 October 2019
For the financial year ending 31 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 09818431
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Page 3 |
The Prince N22 Limited
Notes to the Financial Statements
Year Ended 31 October 2019
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal place of business is:
1 Finsbury Road
Wood Green
London
N22 8PA
These financial statements were authorised for issue by the
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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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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
At 31 October 2019 the balance sheet showed a deficit of liabilities over assets of £241,817. The continuance of the company's activities is therefore dependant on the support of the directors. These financial statements have been drawn up on a going concern basis which assumes that this support will not be with drawn.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
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.
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Page 4 |
The Prince N22 Limited
Notes to the Financial Statements
Year Ended 31 October 2019
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:
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Asset class |
Depreciation method and rate |
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Short leasehold land & buildings |
Depreciated over the length of the lease. |
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Fixtures, fittings and equipment |
25% on a reducing balance basis |
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Motor vehicles |
25% on a reducing balance basis |
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
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Page 5 |
The Prince N22 Limited
Notes to the Financial Statements
Year Ended 31 October 2019
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 November 2018 |
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Additions |
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Disposals |
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At 31 October 2019 |
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Depreciation |
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At 1 November 2018 |
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Charge for the year |
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Eliminated on disposal |
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At 31 October 2019 |
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Carrying amount |
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At 31 October 2019 |
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At 31 October 2018 |
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Included within the net book value of land and buildings above is £Nil (2018 - £Nil) in respect of freehold land and buildings and £331,824 (2018 - £363,089) in respect of short leasehold land and buildings.
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Page 6 |
The Prince N22 Limited
Notes to the Financial Statements
Year Ended 31 October 2019
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Debtors |
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2019 |
2018 |
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Other debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
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2019 |
2018 |
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Due within one year |
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Trade creditors |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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- |
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Other creditors |
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Accrued expenses |
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Share capital |
Allotted, called up and fully paid shares
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2019 |
2018 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
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Page 7 |
The Prince N22 Limited
Notes to the Financial Statements
Year Ended 31 October 2019
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Related party transactions |
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Advances to directors |
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2019 |
At 1 November 2018 |
Advances to director |
Repayments by director |
At 31 October 2019 |
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Mr M J Aberdeen |
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The loan is interest free and repayable on demand. |
(390) |
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2018 |
At 1 November 2017 |
Advances to director |
Repayments by director |
At 31 October 2018 |
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Mr M J Aberdeen |
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The loan is interest free and repayable on demand. |
110 |
( |
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( |
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Page 8 |