Prestige Telecom Group Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 09078091 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2022

for

Prestige Telecom Group Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S F Rhodes

REGISTERED OFFICE:

Units E3-E5, Heritage Way

Gosport

Hampshire

PO12 4BG

REGISTERED NUMBER:

09078091 (England and Wales)

ACCOUNTANTS:

Johnston Wood Roach Limited

24 Picton House

Hussar Court

Waterlooville

Hampshire

PO7 7SQ

FIXED ASSETS

Tangible assets

4

163,497

157,735

CURRENT ASSETS

Debtors

5

709,103

714,757

Cash at bank

154,727

288,299

863,830

1,003,056

CREDITORS

Amounts falling due within one year

6

793,920

970,909

NET CURRENT ASSETS

69,910

32,147

TOTAL ASSETS LESS CURRENT LIABILITIES

233,407

189,882

CREDITORS

Amounts falling due after more than one year

7

(31,082

)

(41,666

)

PROVISIONS FOR LIABILITIES

(84,978

)

(61,181

)

NET ASSETS

117,347

87,035

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

117,247

86,935

SHAREHOLDERS' FUNDS

117,347

87,035

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 16 November 2022 and were signed by:

S F Rhodes - Director

1.	STATUTORY INFORMATION

Prestige Telecom Group 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.

Accounts are rounded to the nearest pound.

The accounts represent the company as an individual entity.

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.

Significant judgements and estimates

The preparation of financial statements requires the use of estimates and assumptions that affect reported amounts of assets and liabilities at the date of the financial statements, and revenues and expenses during the reporting period. These estimates and assumptions are based on management's best knowledge of the amount, events or actions. Actual results may differ from those amounts.

Management do not consider there to be any significant judgements or estimates used in the preparation of these financial statements.

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.

Improvements to property

-

10% on cost

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on reducing balance

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 45 (2021 - 44 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 July 2021

116,108

37,157

65,177

218,442

Additions

-

8,704

27,018

35,722

At 30 June 2022

116,108

45,861

92,195

254,164

DEPRECIATION

At 1 July 2021

23,222

10,471

27,014

60,707

Charge for year

11,610

4,324

14,026

29,960

At 30 June 2022

34,832

14,795

41,040

90,667

NET BOOK VALUE

At 30 June 2022

81,276

31,066

51,155

163,497

At 30 June 2021

92,886

26,686

38,163

157,735

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

30.6.21

£

£

Trade debtors

8,359

3,613

Amounts owed by associates

-

33,019

Other debtors

700,744

678,125

709,103

714,757

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

30.6.21

£

£

Bank loans and overdrafts

9,631

8,340

Trade creditors

65,907

76,410

Amounts owed to associates

209,798

156,567

Taxation and social security

366,999

587,708

Other creditors

141,585

141,884

793,920

970,909

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.22

30.6.21

£

£

Bank loans

31,082

41,666

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.6.22

30.6.21

£

£

Within one year

36,000

36,000

Between one and five years

30,000

66,000

66,000

102,000

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.22

30.6.21

value:

£

£

100

Ordinary

£1

100

100

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the year end the company was owed £41 (2021: £41) by the director.