S B Prestige Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09018821 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2023

for

S B Prestige Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S J Belli

Mrs H J Belli

REGISTERED OFFICE:

4 Kings Court

Prince William Avenue

Deeside

Flintshire

CH5 2QZ

REGISTERED NUMBER:

09018821 (England and Wales)

ACCOUNTANTS:

Haines Watts

Military House

24 Castle Street

Chester

Cheshire

CH1 2DS

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

8,520

11,360

8,520

11,360

CURRENT ASSETS

Stocks

171,751

103,956

Debtors

6

54,236

29,959

Cash at bank

67,344

14,056

293,331

147,971

CREDITORS

Amounts falling due within one year

7

175,779

126,879

NET CURRENT ASSETS

117,552

21,092

TOTAL ASSETS LESS CURRENT LIABILITIES

126,072

32,452

CREDITORS

Amounts falling due after more than one year

8

(20,000

)

(30,000

)

PROVISIONS FOR LIABILITIES

-

(2,145

)

NET ASSETS

106,072

307

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

105,972

207

SHAREHOLDERS' FUNDS

106,072

307

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2024 and were signed on its behalf by:

S J Belli - Director

1.	STATUTORY INFORMATION

S B Prestige 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.

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 financial statements are presented in sterling which is the functional currency of the company, rounded to the nearest £1.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 10 ).

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2022

and 31 May 2023

10,000

AMORTISATION

At 1 June 2022

and 31 May 2023

10,000

NET BOOK VALUE

At 31 May 2023

-

At 31 May 2022

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2022

and 31 May 2023

41,934

DEPRECIATION

At 1 June 2022

30,574

Charge for year

2,840

At 31 May 2023

33,414

NET BOOK VALUE

At 31 May 2023

8,520

At 31 May 2022

11,360

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

Plant and

machinery

etc

£

COST

At 1 June 2022

23,564

Transfer to ownership

(23,564

)

At 31 May 2023

-

DEPRECIATION

At 1 June 2022

17,954

Transfer to ownership

(17,954

)

At 31 May 2023

-

NET BOOK VALUE

At 31 May 2023

-

At 31 May 2022

5,610

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.23

31.5.22

£

£

Trade debtors

3,147

3,693

Amounts owed by associates

50,670

2,700

Other debtors

419

23,566

54,236

29,959

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.23

31.5.22

£

£

Bank loans and overdrafts

10,000

10,000

Hire purchase contracts

-

1,157

Trade creditors

15,000

15,000

Amounts owed to associates

69,644

22,218

Taxation and social security

73,106

78,277

Other creditors

8,029

227

175,779

126,879

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.23

31.5.22

£

£

Bank loans

20,000

30,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.23

31.5.22

£

£

Hire purchase contracts

-

1,157