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2017-12-31
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No description of principal activities is disclosed
2017-01-01
Sage Accounts Production 18.11 - FRS
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1
2017-01-01
2017-12-31
Company registration number:
04572231
Premier Entertainment Limited
Unaudited filleted financial statements
31 December 2017
Premier Entertainment Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Premier Entertainment Limited
Directors and other information
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Directors
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Jayesh Patel
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Jayten Patel
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Stephen Martin
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Secretary
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Stephen Martin
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Company number
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04572231
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Registered office
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Maniland House
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12 Court Parade
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East Lane
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Wembley
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HA0 3HU
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Accountants
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Leftley Rowe & Co
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The Heights
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59 - 65 Lowlands Road
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Harrow
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Middlesex
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HA1 3AW
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Bankers
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Royal Bank of Scotland plc
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175 - 177 Kensington High Street
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Kensington
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London
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W8 6SH
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Premier Entertainment Limited
Statement of financial position
31 December 2017
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2017
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2016
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Note
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£
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£
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£
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£
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Current assets
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Stocks
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28,558
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-
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Debtors
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5
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3,128
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4,244
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Cash at bank and in hand
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56,175
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54,215
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_______
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_______
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87,861
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58,459
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Creditors: amounts falling due
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within one year
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6
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(
1,328,053)
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(
1,363,609)
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_______
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_______
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Net current liabilities
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(
1,240,192)
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(
1,305,150)
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_______
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_______
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Total assets less current liabilities
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(
1,240,192)
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(
1,305,150)
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_______
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_______
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Net liabilities
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(
1,240,192)
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(
1,305,150)
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_______
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_______
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Capital and reserves
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Called up share capital
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7
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100
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100
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Profit and loss account
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(
1,240,292)
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(
1,305,250)
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_______
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_______
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Shareholders deficit
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(
1,240,192)
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(
1,305,150)
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_______
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_______
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For the year ending 31 December 2017 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;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
19 September 2018
, and are signed on behalf of the board by:
Stephen Martin
Director
Company registration number:
04572231
Premier Entertainment Limited
Notes to the financial statements
Year ended 31 December 2017
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is Premier Entertainment Limited, Maniland House, 12 Court Parade, East Lane, Wembley, HA0 3HU.
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 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.
Going concern
In order to assess the appropriateness of preparing the financial statements on a going concern basis, management has prepared detailed projections of expected future cash flows and these have been reviewed by the Board. These forecasts include potential uncertainties and sensitivities of key assumptions.The directors have considered the current financial position of the group and the cash flow forecasts for the foreseeable future, and believe that the group will generate sufficient funds to meet its obligations and all financial liabilities as they fall due, for a period of at least 12 months from the date of signing these financial statements. The directors therefore believe that the company is a going concern.The company has net liabilities of £1,240,192 at the Balance Sheet date. The majority of this relates to the parent undertaking, Pretel Group Limited. Pretel Group Limited has indicated that it will provide or procure such funds as are necessary to enable the company to settle all liabilities as they fall due. Accordingly, the financial statements have been prepared on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Staff costs
The average number of persons employed by the company during the year amounted to
14
(2016:
13
).
5.
Debtors
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2017
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2016
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£
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£
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Other debtors
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3,128
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4,244
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_______
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_______
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6.
Creditors: amounts falling due within one year
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2017
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2016
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£
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£
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Amounts owed to group undertakings and undertakings in which the company has a participating interest
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1,286,142
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1,270,528
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Other creditors
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41,911
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93,081
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_______
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_______
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1,328,053
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1,363,609
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_______
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_______
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7.
Called up share capital
Issued, called up and fully paid
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2017
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2016
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No
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£
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No
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£
|
|
Ordinary
shares of £
1.00 each
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100
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100
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100
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100
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_______
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_______
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_______
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_______
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8.
Controlling party
The immediate parent company is Premier Telesolutions limited, a company incorporated in England and Wales. The ultimate parent company is Catwise Limited, a company incorporated in England & Wales.The results of the company are consolidated in the UK group headed by Pretel Group Limited.