Premiership Limited Filleted accounts for Companies House (small and micro)

PREMIERSHIP LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02051213

PREMIERSHIP LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2022

PREMIERSHIP LIMITED

FINANCIAL STATEMENTS

Year ended 31 December 2022

CONTENTS	PAGE

Balance sheet	1

Notes to the financial statements	3

PREMIERSHIP LIMITED

BALANCE SHEET

31 December 2022

	2022	2021
Note	£	£

FIXED ASSETS

Tangible assets	5	548,469	494,633

CURRENT ASSETS

Debtors	6	7,431,267	4,708,411
Cash at bank and in hand		3,790,410	2,288,001
		-------------	------------
		11,221,677	6,996,412

CREDITORS: amounts falling due within one year	7	( 8,420,526)	( 5,039,501)
		-------------	------------
NET CURRENT ASSETS		2,801,151	1,956,911
		------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES		3,349,620	2,451,544

PROVISIONS	( 16,472)	( 2,175)
	------------	------------
NET ASSETS	3,333,148	2,449,369
	------------	------------

CAPITAL AND RESERVES

Called up share capital	100	100
Undistributable reserve	45,310	45,310
Profit and loss account	3,287,738	2,403,959
	------------	------------
SHAREHOLDERS FUNDS	3,333,148	2,449,369
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

PREMIERSHIP LIMITED

BALANCE SHEET (continued)

31 December 2022

These financial statements were approved by the board of directors and authorised for issue on 29 August 2023 , and are signed on behalf of the board by:

Mr P A Jordan

Director

Company registration number: 02051213

PREMIERSHIP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

Year ended 31 December 2022

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cedar House, Hazell Drive, Newport, NP10 8FY. The address of the principal place of business is The Old Custom House, 74 Lower Dock Street, Newport, South Wales, NP20 1EH.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

The turnover shown in the profit and loss account is derived from ordinary activities and represents commission receivable for acting as shipping agent, net of VAT and associated costs.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold Property	-	2% straight line on buildings and nil% on land
Plant and machinery	-	5% straight line
Fixtures & Fittings	-	20% straight line
Motor Vehicles	-	25% straight line
Computer Equipment	-	20 % straight line

Investment property

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 12 (2021: 12 ).

5. TANGIBLE ASSETS

	Freehold property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Investment property	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2022	141,853	54,205	116,937	33,899	308,750	655,644
Additions	–	–	8,568	58,825	–	67,393
	---------	--------	---------	--------	---------	---------
At 31 Dec 2022	141,853	54,205	125,505	92,724	308,750	723,037
	---------	--------	---------	--------	---------	---------
Depreciation
At 1 Jan 2022	26,954	226	102,515	31,316	–	161,011
Charge for the year	1,418	2,710	6,269	3,160	–	13,557
	---------	--------	---------	--------	---------	---------
At 31 Dec 2022	28,372	2,936	108,784	34,476	–	174,568
	---------	--------	---------	--------	---------	---------
Carrying amount
At 31 Dec 2022	113,481	51,269	16,721	58,248	308,750	548,469
	---------	--------	---------	--------	---------	---------
At 31 Dec 2021	114,899	53,979	14,422	2,583	308,750	494,633
	---------	--------	---------	--------	---------	---------

The investment property was valued on an open market basis on 31 December 2021 by the directors.

6. DEBTORS

	2022	2021
	£	£
Trade debtors	4,526,361	2,402,855
Other debtors	2,904,906	2,305,556
	------------	------------
	7,431,267	4,708,411
	------------	------------

7. CREDITORS: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	6,601,262	3,287,006
Corporation tax	240,443	92,747
Social security and other taxes	2,938	13,481
Premiership Investment Holdings Limited	1,545,942	1,366,742
Premiership Town & Country Developments Limited	–	250,000
Other creditors	29,941	29,525
	------------	------------
	8,420,526	5,039,501
	------------	------------

8. ULTIMATE PARENT COMPANY

The company is a wholly owned subsidiary of Premiership Holdings Limited. The company's ultimate parent undertaking is Premiership Philco Limited.