PRAETORIAN ASSET MANAGEMENT LIMITED

PRAETORIAN ASSET MANAGEMENT LIMITED - Company Information

2021-06-012022-05-312022-05-31false08551820PRAETORIAN ASSET MANAGEMENT LIMITED2023-06-27iso4217:GBPxbrli:pure085518202021-06-01085518202022-05-31085518202021-06-012022-05-31085518202020-06-01085518202021-05-31085518202020-06-012021-05-3108551820bus:SmallEntities2021-06-012022-05-3108551820bus:AuditExempt-NoAccountantsReport2021-06-012022-05-3108551820bus:AbridgedAccounts2021-06-012022-05-3108551820bus:PrivateLimitedCompanyLtd2021-06-012022-05-3108551820core:WithinOneYear2022-05-3108551820core:AfterOneYear2022-05-3108551820core:WithinOneYear2021-05-3108551820core:AfterOneYear2021-05-3108551820core:ShareCapital2022-05-3108551820core:SharePremium2022-05-3108551820core:RevaluationReserve2022-05-3108551820core:OtherReservesSubtotal2022-05-3108551820core:RetainedEarningsAccumulatedLosses2022-05-3108551820core:ShareCapital2021-05-3108551820core:SharePremium2021-05-3108551820core:RevaluationReserve2021-05-3108551820core:OtherReservesSubtotal2021-05-3108551820core:RetainedEarningsAccumulatedLosses2021-05-3108551820core:LandBuildings2022-05-3108551820core:PlantMachinery2022-05-3108551820core:Vehicles2022-05-3108551820core:FurnitureFittings2022-05-3108551820core:OfficeEquipment2022-05-3108551820core:NetGoodwill2022-05-3108551820core:IntangibleAssetsOtherThanGoodwill2022-05-3108551820core:ListedExchangeTraded2022-05-3108551820core:UnlistedNon-exchangeTraded2022-05-3108551820core:LandBuildings2021-05-3108551820core:PlantMachinery2021-05-3108551820core:Vehicles2021-05-3108551820core:FurnitureFittings2021-05-3108551820core:OfficeEquipment2021-05-3108551820core:NetGoodwill2021-05-3108551820core:IntangibleAssetsOtherThanGoodwill2021-05-3108551820core:ListedExchangeTraded2021-05-3108551820core:UnlistedNon-exchangeTraded2021-05-3108551820core:LandBuildings2021-06-012022-05-3108551820core:PlantMachinery2021-06-012022-05-3108551820core:Vehicles2021-06-012022-05-3108551820core:FurnitureFittings2021-06-012022-05-3108551820core:OfficeEquipment2021-06-012022-05-3108551820core:NetGoodwill2021-06-012022-05-3108551820core:IntangibleAssetsOtherThanGoodwill2021-06-012022-05-3108551820core:ListedExchangeTraded2021-06-012022-05-3108551820core:UnlistedNon-exchangeTraded2021-06-012022-05-3108551820core:MoreThanFiveYears2021-06-012022-05-3108551820core:Non-currentFinancialInstruments2022-05-3108551820core:Non-currentFinancialInstruments2021-05-3108551820dpl:CostSales2021-06-012022-05-3108551820dpl:DistributionCosts2021-06-012022-05-3108551820dpl:AdministrativeExpenses2021-06-012022-05-3108551820core:LandBuildings2021-06-012022-05-3108551820core:PlantMachinery2021-06-012022-05-3108551820core:Vehicles2021-06-012022-05-3108551820core:FurnitureFittings2021-06-012022-05-3108551820core:OfficeEquipment2021-06-012022-05-3108551820core:NetGoodwill2021-06-012022-05-3108551820core:IntangibleAssetsOtherThanGoodwill2021-06-012022-05-3108551820dpl:GroupUndertakings2021-06-012022-05-3108551820dpl:ParticipatingInterests2021-06-012022-05-3108551820dpl:GroupUndertakingscore:ListedExchangeTraded2021-06-012022-05-3108551820core:ListedExchangeTraded2021-06-012022-05-3108551820dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2021-06-012022-05-3108551820core:UnlistedNon-exchangeTraded2021-06-012022-05-3108551820dpl:CostSales2020-06-012021-05-3108551820dpl:DistributionCosts2020-06-012021-05-3108551820dpl:AdministrativeExpenses2020-06-012021-05-3108551820core:LandBuildings2020-06-012021-05-3108551820core:PlantMachinery2020-06-012021-05-3108551820core:Vehicles2020-06-012021-05-3108551820core:FurnitureFittings2020-06-012021-05-3108551820core:OfficeEquipment2020-06-012021-05-3108551820core:NetGoodwill2020-06-012021-05-3108551820core:IntangibleAssetsOtherThanGoodwill2020-06-012021-05-3108551820dpl:GroupUndertakings2020-06-012021-05-3108551820dpl:ParticipatingInterests2020-06-012021-05-3108551820dpl:GroupUndertakingscore:ListedExchangeTraded2020-06-012021-05-3108551820core:ListedExchangeTraded2020-06-012021-05-3108551820dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2020-06-012021-05-3108551820core:UnlistedNon-exchangeTraded2020-06-012021-05-3108551820core:NetGoodwill2022-05-3108551820core:IntangibleAssetsOtherThanGoodwill2022-05-3108551820core:LandBuildings2022-05-3108551820core:PlantMachinery2022-05-3108551820core:Vehicles2022-05-3108551820core:FurnitureFittings2022-05-3108551820core:OfficeEquipment2022-05-3108551820core:AfterOneYear2022-05-3108551820core:WithinOneYear2022-05-3108551820core:ListedExchangeTraded2022-05-3108551820core:UnlistedNon-exchangeTraded2022-05-3108551820core:ShareCapital2022-05-3108551820core:SharePremium2022-05-3108551820core:RevaluationReserve2022-05-3108551820core:OtherReservesSubtotal2022-05-3108551820core:RetainedEarningsAccumulatedLosses2022-05-3108551820core:NetGoodwill2021-05-3108551820core:IntangibleAssetsOtherThanGoodwill2021-05-3108551820core:LandBuildings2021-05-3108551820core:PlantMachinery2021-05-3108551820core:Vehicles2021-05-3108551820core:FurnitureFittings2021-05-3108551820core:OfficeEquipment2021-05-3108551820core:AfterOneYear2021-05-3108551820core:WithinOneYear2021-05-3108551820core:Listed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Registered Number
08551820
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2022

PRAETORIAN ASSET MANAGEMENT LIMITED

Company Information
for the year from 1 June 2021 to 31 May 2022


Director	HUSSAIN, Fahad


Registered Address	Grove House
	2 Woodberry Grove
	London
	N12 0DR


Registered Number	08551820 (England and Wales)

PRAETORIAN ASSET MANAGEMENT LIMITED

Balance Sheet as at
31 May 2022

	Notes	2022		2021
		£	£	£	£
Fixed assets
Tangible assets	7		208		707
			208		707
Current assets
Debtors		62,168		1,829
Cash at bank and on hand		1,079		41,641
		63,247		43,470
Creditors amounts falling due within one year	9	(30,205)		(3,028)
Net current assets (liabilities)			33,042		40,442
Total assets less current liabilities			33,250		41,149
Creditors amounts falling due after one year			(35,878)		(50,000)
Net assets			(2,628)		(8,851)
Capital and reserves
Called up share capital			1		1
Profit and loss account			(2,629)		(8,852)
Shareholders' funds			(2,628)		(8,851)

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved and authorised for issue by the Director on 27 June 2023, and are signed on its behalf by:

HUSSAIN, Fahad
Director
Registered Company No. 08551820

PRAETORIAN ASSET MANAGEMENT LIMITED

Notes to the Financial Statements
for the year ended 31 May 2022

1.	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Compliance with applicable reporting framework
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

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

4.	Basis of measurement used in financial statements
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

5.	Accounting policies

	Functional and presentation currency policy
	The financial statements are presented in sterling and this is the functional currency of the company.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


		Straight line (years)
	Office Equipment	33.33

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Taxation policy
	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 policy
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Going concern
	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 the 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.

Going concern

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 the 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.

6.	Employee information


		2022		2021
	Average number of employees during the year	1		1

7.	Property, plant and equipment

		Total
		£
	Cost or valuation
	At 01 June 21	1,498
	At 31 May 22	1,498
	Depreciation and impairment
	At 01 June 21	791
	Charge for year	499
	At 31 May 22	1,290
	Net book value
	At 31 May 22	208
	At 31 May 21	707

8.	Description of nature of transactions and balances with related parties
	At the balance sheet date the company was owed £43,864 (2021 : £1,829) by the director which is an interest free loan with no fixed date for repayment. The company was also owed £3,500 by a related company which is controller by the director.

9.	Creditors within one year

	2022	2021
	£	£
Trade creditors / trade payables	1,573	1,573
Bank borrowings and overdrafts	10,059	-
Taxation and social security	15,691	15
Accrued liabilities and deferred income	2,882	1,440
Total	30,205	3,028


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.