Registered number
12605767
PRIORITY HOMES LIMITED
Filleted Abridged Accounts
31 May 2022
PRIORITY HOMES LIMITED
Registered number: 12605767
Abridged Balance Sheet
as at 31 May 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 4 1,789 1,643
Investments 5 3,830,000 3,830,000
3,831,789 3,831,643
Current assets
Debtors 7,726 48,000
Cash at bank and in hand 86,794 22,733
94,520 70,733
Creditors: amounts falling due within one year (61,684) (40,252)
Net current assets 32,836 30,481
Total assets less current liabilities 3,864,625 3,862,124
Creditors: amounts falling due after more than one year (1,450,338) (1,497,767)
Net assets 2,414,287 2,364,357
Capital and reserves
Called up share capital 100 100
Share premium 2,291,000 2,291,000
Profit and loss account 123,187 73,257
Shareholders' funds 2,414,287 2,364,357
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
Mr. S Doherty
Director
Approved by the board on 18 August 2022
PRIORITY HOMES LIMITED
Notes to the Abridged Accounts
for the year ended 31 May 2022
1 Accounting policies
Basis of preparation
The abridged accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Investment Properties
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction cost. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
3 Employees 2022 2021
Number Number
Average number of persons employed by the company 2 2
4 Tangible fixed assets
Total
£
Cost
At 1 June 2021 2,054
Additions 594
At 31 May 2022 2,648
Depreciation
At 1 June 2021 411
Charge for the year 448
At 31 May 2022 859
Net book value
At 31 May 2022 1,789
At 31 May 2021 1,643
5 Investments
Other
investments
£
Cost
At 1 June 2021 3,830,000
At 31 May 2022 3,830,000
Other investments are investment properties. The fair value of the property at 31st May 2022 has been arrived at on the basis of a valuation carried out at that date by the directors of the company who are not professionally qualified valuers. The valuation was arrived by reference to market evidence of transaction prices for similar properties in its location and takes into account the current state of rental market in the area where the properties are situated.
6 Loans 2022 2021
£ £
Creditors include:
Secured bank loans 1,450,339 1,497,767
The bank loans are secured on the properties.
7 Controlling party
The company is controlled by the directors by virtue of holding entire share capital.
8 Other information
PRIORITY HOMES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
18 The Broadway
East Lane
Wembley
Middlesex
HA9 8JU
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