Prestige Construction GB Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05279103 (England and Wales)

PRESTIGE CONSTRUCTION GB LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr L S Dhesi

Mr K Singh

Mr T S Brahach

SECRETARY:

Mr T S Brahach

REGISTERED OFFICE:

Cash's Business Centre

1st Floor

228 Widdrington Road

Coventry

West Midlands

CV1 4PB

REGISTERED NUMBER:

05279103 (England and Wales)

ACCOUNTANTS:

Shah & Co (Accountants) Ltd

Chartered Certified Accountants

Cash's Business Centre

1st Floor

228 Widdrington Road

Coventry

West Midlands

CV1 4PB

FIXED ASSETS

Tangible assets

4

1,317,363

1,311,263

CURRENT ASSETS

Debtors

5

-

274,998

Cash at bank

26,791

8,026

26,791

283,024

CREDITORS

Amounts falling due within one year

6

39,747

30,593

NET CURRENT (LIABILITIES)/ASSETS

(12,956

)

252,431

TOTAL ASSETS LESS CURRENT LIABILITIES

1,304,407

1,563,694

CREDITORS

Amounts falling due after more than one year

7

1,161,544

1,486,340

NET ASSETS

142,863

77,354

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

142,763

77,254

SHAREHOLDERS' FUNDS

142,863

77,354

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 24 August 2018 and were signed on its behalf by:

Mr L S Dhesi - Director

1.	STATUTORY INFORMATION

Prestige Construction GB 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets

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

Investment properties

-

not provided

Fixtures and fittings

-

15% on reducing balance

No depreciation is provided for in respect of investment properties. Such properties are held for their investment

potential and not for consumption within the business. This is a departure from the Companies Act 2006 which

requires all properties to be depreciated and the directors consider that to depreciate them would not enable the

financial statements to give a true and fair view. In the opinion of the directors the carrying value of the

investment properties are a close approximation to their market value as per the blanace sheet date.

Taxation

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2016 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Investment

to

Plant and

and

properties

property

machinery

fittings

Totals

£

£

£

£

£

COST

At 1 December 2016

807,196

495,551

4,327

11,374

1,318,448

Additions

-

7,377

-

-

7,377

At 30 November 2017

807,196

502,928

4,327

11,374

1,325,825

DEPRECIATION

At 1 December 2016

-

-

2,467

4,718

7,185

Charge for year

-

-

279

998

1,277

At 30 November 2017

-

-

2,746

5,716

8,462

NET BOOK VALUE

At 30 November 2017

807,196

502,928

1,581

5,658

1,317,363

At 30 November 2016

807,196

495,551

1,860

6,656

1,311,263

5.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.17

30.11.16

£

£

Other debtors

-

274,998

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.17

30.11.16

£

£

Bank loans and overdrafts

15,488

19,747

Trade creditors

1,836

1,590

Tax

19,423

7,756

Accrued expenses

3,000

1,500

39,747

30,593

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.17

30.11.16

£

£

Bank loans - 2-5 years

590,888

755,742

Other creditors

570,656

730,598

1,161,544

1,486,340

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.11.17

30.11.16

£

£

Bank loans

606,376

775,489

Bank borrowings are secured by way of fixed and floating charges on the assets of the Company.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.17

30.11.16

value:

£

£

100

Ordinary

£1

100

100

10.

RESERVES

Retained

earnings

£

At 1 December 2016

77,254

Profit for the year

80,509

Dividends

(15,000

)

At 30 November 2017

142,763

11.	RELATED PARTY DISCLOSURES

The Company Directors

Included within other creditors are monies loaned to the company by the directors amounting to £567,656 (2016:

£730,598).

Patela Construction Ltd

A company in which the directors are the same

At the beginning of the year the company was owed £274,998 by Patela Construction Limited. During the year

this amount was fully repaid resulting in no monies outstanding at the year end.

12.	ULTIMATE CONTROLLING PARTY

The company is jointly controlled by its directors.