Prestige Furniture Logistics Limited 31/05/2021 iXBRL

PRESTIGE FURNITURE LOGISTICS LIMITED - Company Information

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Company registration number: 11351358

Prestige Furniture Logistics Limited

Unaudited filleted abridged financial statements

31 May 2021

Prestige Furniture Logistics Limited

Contents

Directors and other information

Abridged statement of financial position

Notes to the financial statements

Prestige Furniture Logistics Limited

Directors and other information


	Director	Timothy Hobbs


	Company number	11351358


	Registered office	129 Wharf Way
		Hunton Bridge
		Kings Langley
		WD4 8FN

Prestige Furniture Logistics Limited

Abridged statement of financial position

31 May 2021

		2021		2020
				Restated
	Note	£	£	£	£

Fixed assets
Intangible assets	4	168,000		189,000
Tangible assets	5	25,733		34,312
		_______		_______
			193,733		223,312

Current assets
Debtors		407,136		200,730
Cash at bank and in hand		-		1,119
		_______		_______
		407,136		201,849
Creditors: amounts falling due
within one year		( 596,857)		( 235,922)
		_______		_______
Net current liabilities			( 189,721)		( 34,073)
			_______		_______
Total assets less current liabilities			4,012		189,239

Creditors: amounts falling due
after more than one year			-		( 210,000)
			_______		_______
Net assets/(liabilities)			4,012		( 20,761)
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			3,912		( 20,861)
			_______		_______
Shareholders funds/(deficit)			4,012		( 20,761)
			_______		_______

For the year ending 31 May 2021 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 Section 1A of 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.

All of the members 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 May 2021 in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements were approved by the board of directors and authorised for issue on 01 September 2022 , and are signed on behalf of the board by:

Timothy Hobbs

Director

Company registration number: 11351358

Prestige Furniture Logistics Limited

Notes to the financial statements

Year ended 31 May 2021

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 129 Wharf Way, Hunton Bridge, Kings Langley, WD4 8FN.

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.

Turnover

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

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


Goodwill	-	10 %	straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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, except to the extent 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 in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

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


Computer equipment	-	25 %	reducing balance
Fittings fixtures and equipment	-	25 %	reducing balance
Motor vehicles	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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.

4. Intangible assets


		£
	Cost
	At 1 June 2020 and 31 May 2021	210,000
		_______
	Amortisation
	At 1 June 2020	21,000
	Charge for the year	21,000
		_______
	At 31 May 2021	42,000
		_______
	Carrying amount
	At 31 May 2021	168,000
		_______
	At 31 May 2020	189,000
		_______

5. Tangible assets


		£
	Cost
	At 1 June 2020 and 31 May 2021	61,000
		_______
	Depreciation
	At 1 June 2020	26,688
	Charge for the year	8,579
		_______
	At 31 May 2021	35,267
		_______
	Carrying amount
	At 31 May 2021	25,733
		_______
	At 31 May 2020	34,312
		_______

6. Prior period errors

The prior period accounts have been restated to include a loan received of £210,000 used to acquire the goodwill from a business.Amortisation of £21,000 has been charged on the goodwill, thus reducing the reported profit by the same amount resulting in a restated profit of £200,659.

7. Directors advances, credits and guarantees

	During the year the director entered into the following advances and credits with the company:

2021
		Balance brought forward	Advances /(credits) to the director	Amounts repaid	Balance o/standing
		£	£	£	£
	Timothy Hobbs	72,521	175,868	( 51,200)	197,189
		_______	_______	_______	_______

2020
		Balance brought forward	Advances /(credits) to the director	Amounts repaid	Balance o/standing
		£	£	£	£
	Timothy Hobbs	23,628	48,893	-	72,521
		_______	_______	_______	_______

Interest at HMRC's average official rate of 2.21% has been charged on the average outstanding balance of the above director's loan.

8. Related party transactions

During the year under review the company advanced funds to S O'Donovan and M Kuzas, who are participators in the company.At the balance sheet date the amounts due to the company from S O'Donovan were £51,244 (2020: £9,097) and from M Kuzas were £89,343 (2020: £39,452) respectively.Interest at HMRC's average official rate of 2.21% has been charged on the average outstanding balance of the above participator's loans.