Prime Properties Acquisitions Limited 12367764 false 2021-01-01 2021-12-31 2021-12-31 The principal activity of the company is is that of an investment company. Digita Accounts Production Advanced 6.30.9574.0 true 12367764 2021-01-01 2021-12-31 12367764 2021-12-31 12367764 core:CurrentFinancialInstruments 2021-12-31 12367764 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 12367764 core:Non-currentFinancialInstruments core:AfterOneYear 2021-12-31 12367764 core:LandBuildings 2021-12-31 12367764 bus:SmallEntities 2021-01-01 2021-12-31 12367764 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 12367764 bus:AbridgedAccounts 2021-01-01 2021-12-31 12367764 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 12367764 bus:RegisteredOffice 2021-01-01 2021-12-31 12367764 bus:Director2 2021-01-01 2021-12-31 12367764 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 12367764 core:LandBuildings 2021-01-01 2021-12-31 12367764 core:OtherRelatedParties 2021-01-01 2021-12-31 12367764 countries:UnitedKingdom 2021-01-01 2021-12-31 12367764 2020-12-31 12367764 core:LandBuildings 2020-12-31 12367764 2019-12-17 2020-12-31 12367764 2020-12-31 12367764 core:CurrentFinancialInstruments 2020-12-31 12367764 core:CurrentFinancialInstruments core:WithinOneYear 2020-12-31 12367764 core:Non-currentFinancialInstruments core:AfterOneYear 2020-12-31 12367764 core:LandBuildings 2020-12-31 iso4217:GBP xbrli:pure

Registration number: 12367764

Prime Properties Acquisitions Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 December 2021

 

Prime Properties Acquisitions Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 6

 

Prime Properties Acquisitions Limited

Company Information

Director

A. D'Aponte

Registered office

28 Charing Cross Road
London
WC2H 0DB

 

Prime Properties Acquisitions Limited

(Registration number: 12367764)
Abridged Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

4,375,000

1,743,742

Current assets

 

Debtors

899,081

-

Cash at bank and in hand

 

1

1

 

899,082

1

Creditors: Amounts falling due within one year

-

(1,743,742)

Net current assets/(liabilities)

 

899,082

(1,743,741)

Total assets less current liabilities

 

5,274,082

1

Creditors: Amounts falling due after more than one year

(2,670,000)

-

Provisions for liabilities

(499,939)

-

Accruals and deferred income

 

(2,101)

(2,940)

Net assets/(liabilities)

 

2,102,042

(2,939)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

2,102,041

(2,940)

Shareholders' funds/(deficit)

 

2,102,042

(2,939)

For the financial year ending 31 December 2021 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Prime Properties Acquisitions Limited

(Registration number: 12367764)
Abridged Balance Sheet as at 31 December 2021

Approved and authorised by the director on 2 September 2022
 

.........................................

A. D'Aponte

Director

 

Prime Properties Acquisitions Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
28 Charing Cross Road
London
WC2H 0DB

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in Pound Sterling which is the functional currency of the company and are rounded to the nearest whole Pound.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Prime Properties Acquisitions Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2020 - 1).

 

Prime Properties Acquisitions Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 January 2021

1,743,742

1,743,742

Revaluations

2,631,258

2,631,258

At 31 December 2021

4,375,000

4,375,000

Depreciation

Carrying amount

At 31 December 2021

4,375,000

4,375,000

At 31 December 2020

1,743,742

1,743,742

Included within the net book value of land and buildings above is £4,375,000 (2020 - £1,743,742) in respect of long leasehold land and buildings.
 

5

Related party transactions

Summary of transactions with other related parties

At the year end the company owed the shareholder Nil (2020: £1,743,742).