Praetorian Asset Management Limited - Limited company accounts 20.1

REGISTERED NUMBER: 08551820 (England and Wales)

Report of the Director and

Unaudited Financial Statements

for the Year Ended 31 May 2020

for

Praetorian Asset Management Limited

Page

Company Information

1

Report of the Director

2

Chartered Certified Accountants' Report

3

Abridged Income Statement

4

Abridged Statement of Financial Position

5

Statement of Changes in Equity

6

Notes to the Financial Statements

7

DIRECTOR:

F Hussain

REGISTERED OFFICE:

Global House

303 Ballards Lane

London

N12 8NP

REGISTERED NUMBER:

08551820 (England and Wales)

ACCOUNTANTS:

Gilchrists AB LLP

Chartered Certified Accountants

Global House

303 Ballards Lane

London

N12 8NP

The director presents his report with the financial statements of the company for the year ended 31 May 2020.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of freight forwarders.

DIRECTOR

F Hussain held office during the whole of the period from 1 June 2019 to the date of this report.

DIRECTOR'S RESPONSIBILITIES STATEMENT

The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

F Hussain - Director

24 August 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Praetorian Asset Management Limited for the year ended 31 May 2020 which comprise the Abridged Income Statement, Abridged Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Praetorian Asset Management Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Praetorian Asset Management Limited and state those matters that we have agreed to state to the director of Praetorian Asset Management Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Praetorian Asset Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Praetorian Asset Management Limited. You consider that Praetorian Asset Management Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Praetorian Asset Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Gilchrists AB LLP

Chartered Certified Accountants

Global House

303 Ballards Lane

London

N12 8NP

24 August 2021

GROSS PROFIT

15,540

20,903

Administrative expenses

18,642

17,315

OPERATING (LOSS)/PROFIT

(3,102

)

3,588

Interest receivable and similar income

22

81

(LOSS)/PROFIT BEFORE TAXATION

(3,080

)

3,669

Tax on (loss)/profit

4

-

15

(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(3,080

)

3,654

FIXED ASSETS

Tangible assets

5

1,207

-

CURRENT ASSETS

Cash at bank

137,094

53,111

CREDITORS

Amounts falling due within one year

153,648

65,378

NET CURRENT LIABILITIES

(16,554

)

(12,267

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(15,347

)

(12,267

)

CAPITAL AND RESERVES

Called up share capital

1

Retained earnings

(15,348

)

(12,268

)

SHAREHOLDERS' FUNDS

(15,347

)

(12,267

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 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 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 Statement of Financial Position for the year ended 31 May 2020 in accordance with Section 444(2A) of the Companies Act 2006.

The financial statements were approved by the director and authorised for issue on 24 August 2021 and were signed by:

F Hussain - Director

Called up

share

Retained

Total

capital

earnings

equity

£

Balance at 1 June 2018

1

(15,922

)

(15,921

)

Changes in equity

Total comprehensive income

-

3,654

Balance at 31 May 2019

1

(12,268

)

(12,267

)

Changes in equity

Total comprehensive income

-

(3,080

)

(3,080

)

Balance at 31 May 2020

1

(15,348

)

(15,347

)

1.	STATUTORY INFORMATION

Praetorian Asset 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.

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.

At the balance sheet date, the company's liabilities exceeded its assets. The company has received

assurance from the directors that they will continue to give financial support to the company for twelve months from the date of signing these financial statements. On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

Turnover

Turnover represents sales of services net of VAT and trade discounts. Turnover is recognised when the services are provided to the customer.

Tangible fixed assets

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

Computer equipment

-

33% on cost

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

31.5.20

31.5.19

£

Director's remuneration

-

4.

TAXATION

Analysis of the tax charge

The tax charge on the loss for the year was as follows:

31.5.20

31.5.19

£

Current tax:

UK corporation tax

-

15

Tax on (loss)/profit

-

15

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

Additions

1,498

At 31 May 2020

1,498

DEPRECIATION

Charge for year

291

At 31 May 2020

291

NET BOOK VALUE

At 31 May 2020

1,207

6.	RELATED PARTY DISCLOSURES

At the balance sheet date the company owed £48,662 (2019- £62,961) to the director which is an interest free loan with no fixed date for repayment.

7.	ULTIMATE CONTROLLING PARTY

The controlling party is F Hussain.

The ultimate controlling party is F Hussain.