Pristine London Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07489135 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

PRISTINE LONDON LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr L Cummins

Mr S P Walshe

Mrs S J Cummins

Mrs T Walshe

REGISTERED OFFICE:

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

REGISTERED NUMBER:

07489135 (England and Wales)

ACCOUNTANTS:

Raffingers LLP

Chartered Certified Accountants

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

FIXED ASSETS

Tangible assets

4

80,395

102,263

CURRENT ASSETS

Debtors

3,634,691

3,816,991

Cash at bank

2,360,221

193,756

5,994,912

4,010,747

CREDITORS

Amounts falling due within one year

2,980,086

1,928,202

NET CURRENT ASSETS

3,014,826

2,082,545

TOTAL ASSETS LESS CURRENT LIABILITIES

3,095,221

2,184,808

CREDITORS

Amounts falling due after more than one year

5

(953,343

)

(26,544

)

PROVISIONS FOR LIABILITIES

(15,275

)

(19,431

)

NET ASSETS

2,126,603

2,138,833

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,126,503

2,138,733

SHAREHOLDERS' FUNDS

2,126,603

2,138,833

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 1 September 2021 and were signed on its behalf by:

Mr L Cummins - Director

1.	STATUTORY INFORMATION

Pristine London 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The accounts have been prepared on the going concern basis as the directors are of the opinion that the company will meet its liabilities as and when due, due to the continued support of the directors.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

over the period of the leases

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Short term debtors and creditors

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Government grants

Government grants, including non-monetary grants shall not be recognised until there is reasonable assurance that:

(a) the entity will comply with the conditions attaching to them; and

(b) the grants will be received.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2019 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2020

264,983

Additions

14,831

At 31 December 2020

279,814

DEPRECIATION

At 1 January 2020

162,720

Charge for year

36,699

At 31 December 2020

199,419

NET BOOK VALUE

At 31 December 2020

80,395

At 31 December 2019

102,263

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 January 2020

and 31 December 2020

171,119

DEPRECIATION

At 1 January 2020

100,557

Charge for year

17,641

At 31 December 2020

118,198

NET BOOK VALUE

At 31 December 2020

52,921

At 31 December 2019

70,562

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2020

2019

£

£

Repayable by instalments

Bank loans

316,667

-

6.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

950,000

-

Hire purchase contracts

25,317

61,547

975,317

61,547

The hire purchase creditor is secured over the asset to which it relates.

The bank loan is secured by a fixed charge on the company’s fixed assets and a floating charge on the company’s remaining assets.

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2020 and 31 December 2019:

2020

2019

£

£

Mr S P Walshe

Balance outstanding at start of year

232,517

183,088

Amounts advanced

-

232,519

Amounts repaid

(232,517

)

(183,090

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

232,517

Mr L Cummins

Balance outstanding at start of year

213,199

143,893

Amounts advanced

-

213,201

Amounts repaid

(213,199

)

(143,895

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

213,199

8.	RELATED PARTY TRANSACTIONS

Included in other debtors are the following amounts due from companies of which the directors of this company are also directors :

Grange Crescent Developments Limited

£888,835

(2019: £592,045)

Valley Hill Developments Limited

£267,045

(2019: £306,424)

Honeycomb Projects Limited

£2,457

(2019: £23,828)

Copper Projects Limited

£nil

(2019: £69,000)

STLS Developments LLP

£8,407

(2019: £7,286)

Pristine London Energy Limited

£649

(2019: £nil)

At the balance sheet date, the company owed £711,172 to the directors.