PRIME_TRUSTEE_COMPANY_LTD_30_Nov_2019_companies_house_set_of_accounts.html

PRIME TRUSTEE COMPANY LTD - Company Information

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Company registration number:

09880198

Prime Trustee Company Ltd

Unaudited Filleted Financial Statements for the year ended

30 November 2019

Prime Trustee Company Ltd

Statement of Financial Position

30 November 2019

		2019		2018
	Note	£		£
Fixed assets
Tangible assets	5	115		115
Current assets
Debtors	6	39,676		35,085
Cash at bank and in hand		6,152		8,497
		45,828		43,582
Creditors: amounts falling due within one year	7	(6,314	)	(10,585	)
Net current assets		39,514		32,997
Total assets less current liabilities		39,629		33,112
Creditors: amounts falling due after more than one year	8	(32,661	)	(31,161	)
Net assets		6,968		1,951
Capital and reserves
Called up share capital		1,000		1,000
Share premium		972		972
Profit and loss account		4,996		(21	)
Shareholders funds		6,968		1,951

For the year ending

30 November 2019

, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge 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.

In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.

These

financial statements

were approved by the board of directors and authorised for issue on

30 March 2020

, and are signed on behalf of the board by:



D Occari	G Williams
Director	Director

Company registration number:

09880198

Prime Trustee Company Ltd

Notes to the Financial Statements

Year ended

30 November 2019

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is

St Marks Studios,

14 Chillingworth Road.

London

N7 8QJ

, England.

2 Statement of compliance

These

financial statements

have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to 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 assets.

The

financial statements

are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and Value Added Tax.

Turnover includes revenue earned from the rendering the rendering of services.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Taxation

Taxation represents the sum of tax currently payable and deferred tax.

The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.

Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Office equipment	33.3% straight line
Fixtures, fittings and equipment	25% straight line

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non convertible preference and non puttable ordinary shares which are measured at fair value with changes recognised in the profit and loss.

Derivative financial instruments are initially recorded at cost and there after at fair value with changes recognised in the profit and loss.

Foreign exchange

The transactions denominated in foreign currency are translated into sterling and recorded at the rate of exchange ruling at the date of the transaction.

Balances at the year end denominated in a foreign currency are translated at the rate of exchange ruling at the balance sheet date

4 Average number of employees

The average number of persons employed by the company during the year was Nil (2018: Nil).

5 Tangible assets

	Plant and machinery etc.
	£
Cost
At 1 December 2018 and 30 November 2019	516
Depreciation
At 1 December 2018 and 30 November 2019	401
Carrying amount
At 30 November 2019	115
At 30 November 2018	115

6 Debtors

	2019	2018
	£	£
Trade debtors	14,250	23,303
Amounts owed by group undertakings and undertakings in which the company has a participating interest	90	90
Other debtors	25,336	11,692
	39,676	35,085

7 Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	-	2,652
Amounts owed to group undertakings and undertakings in which the company has a participating interest	15	15
Taxation and social security	959	6,418
Other creditors	5,340	1,500
	6,314	10,585

The aggregate amount of creditors for which security has been given amounted to £0.

8 Creditors: amounts falling due after more than one year

	2019		2018
	£		£
Other creditors	32,661		31,161