Primeflair Management Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03137649 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2022

for

Primeflair Management Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr V Archeou

SECRETARY:

Mr A Archeou

REGISTERED OFFICE:

130a Darkes Lane

Potters Bar

Hertfordshire

EN6 1AF

REGISTERED NUMBER:

03137649 (England and Wales)

ACCOUNTANTS:

CAS MCGEE LTD

Chartered Certified Accountants

130a Darkes Lane

Potters Bar

Hertfordshire

EN6 1AF

CURRENT ASSETS

Debtors

5

1,284

1,500

Cash at bank and in hand

53,285

15,618

54,569

17,118

CREDITORS

Amounts falling due within one year

6

22,330

9,341

NET CURRENT ASSETS

32,239

7,777

TOTAL ASSETS LESS CURRENT LIABILITIES

32,239

7,777

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

8

32,139

7,677

SHAREHOLDERS' FUNDS

32,239

7,777

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the director and authorised for issue on 14 September 2022 and were signed by:

Mr V Archeou - Director

1.	STATUTORY INFORMATION

Primeflair Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2021

and 31 March 2022

1,139

DEPRECIATION

At 1 April 2021

and 31 March 2022

1,139

NET BOOK VALUE

At 31 March 2022

-

At 31 March 2021

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Prepayments and accrued income

1,284

1,500

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Tax

5,738

6,430

Directors' current accounts

14,522

918

Accrued expenses

2,070

1,993

22,330

9,341

7.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.3.22

31.3.21

value:

£

£

100

Share capital 1

£1.00

100

100

8.

RESERVES

Retained

earnings

£

At 1 April 2021

7,677

Profit for the year

24,462

At 31 March 2022

32,139

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2022 and 31 March 2021:

31.3.22

31.3.21

£

£

Mr V Archeou

Balance outstanding at start of year

(918

)

(5,202

)

Amounts advanced

(13,604

)

-

Amounts repaid

-

4,284

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(14,522

)

(918

)

At the year end the amount of £14,522 (2021: £918) which was owed by the company to the director, was lent to the company interest free and without any other repayment terms attached to it.

10.	EVENTS AFTER THE REPORTING PERIOD

There were no essential either adjusting events or non-adjusting events in the period of time elapsing between the balance sheet date and the date on which these financial statements are prepared. The impact of COVID-19 is described in the Going Concern Consideration Note.

The ongoing Russia-Ukraine conflict has resulted in going concern becoming a significant risk. The United States and Europe have avoided direct military conflict with Russia amid its conflict with Ukraine. They have however used a set of financial sanctions to limit Russia's access to financial resources. The impact of the sanctions may result in difficulties for the company to operate. Neither Primeflair Management Limited nor the owners are currently on the sanctions list at the time of this report, however this may change as the situation changes.

11.	GOING CONCERN CONSIDERATION

The Company's management does not see a severe impact of COVID-19 outbreak to its activity. The Company tested the financial impact on the following areas of financial statements that can be affected:

- Breach of trade contracts

- Revenue

- Cost of sales

- Expenditure

- Inventories fair value measurements

- Debt repayment