Priv (UK) Ltd Company Accounts

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COMPANY REGISTRATION NUMBER: 08934695

Priv (UK) Ltd

Filleted Unaudited Financial Statements

31 March 2017

Priv (UK) Ltd

Financial Statements

Year ended 31 March 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	2

Priv (UK) Ltd

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Current assets

Debtors	5	–	52,543
Cash at bank and in hand		409	409
		----	--------
		409	52,952

Creditors: amounts falling due within one year	6	516,480		423,519
		---------		---------
Net current liabilities			516,071	370,567
			---------	---------
Total assets less current liabilities			( 516,071)	( 370,567)
			---------	---------
Net liabilities			( 516,071)	( 370,567)
			---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 516,171)	( 370,667)
	---------	---------
Members deficit	( 516,071)	( 370,567)
	---------	---------

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 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 statement of income and retained earnings has not been delivered.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 15 December 2017 , and are signed on behalf of the board by:

Mr J Terzi
Director

Company registration number: 08934695

Priv (UK) Ltd

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 47-57 Marylebone Lane, London, W1U 2NT.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

Going concern The director has confirmed the continued support of its parent company Priv INC and as a result, the going concern basis of accounting has been adopted.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.

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.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2016: 5 ).

5. Debtors

	2017	2016
	£	£
Other debtors	–	52,543
	----	--------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	281,740	212,454
Other creditors	234,740	211,065
	---------	---------
	516,480	423,519
	---------	---------

7. Related party transactions

Priv (UK) Limited is a 100% subsidiary of Priv INC a company incorporated in New York,USA. £281,741 due to Priv INC. Eternity Capital Ltd is a company of which Mr A Schibl is a director and majority shareholder. Included in other Creditors is an amount of £12,624 owed to Eternity Capital Ltd. Included in other Creditors is an amount of £159,756 owed to Eternity Holding a company owned by A Schibl. Included in other Creditors is an amount of £51,644 owed to A Schibl.