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REGISTERED NUMBER: 10529358 (England and Wales)














REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2022

FOR

PRIME COMMERCIAL PROPERTIES (LEEDS)
LIMITED

PRIME COMMERCIAL PROPERTIES (LEEDS)
LIMITED (REGISTERED NUMBER: 10529358)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2022










Page

Company Information 1

Report of the Directors 2

Statement of Comprehensive Income 3

Statement of Financial Position 4

Statement of Changes in Equity 5

Notes to the Financial Statements 6


PRIME COMMERCIAL PROPERTIES (LEEDS)
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2022







DIRECTORS: P Gubbay
Mrs L Khalastchi
J Gubbay
Mrs E Gubbay





REGISTERED OFFICE: 7 Praed Street
London
W2 1NJ





REGISTERED NUMBER: 10529358 (England and Wales)






PRIME COMMERCIAL PROPERTIES (LEEDS)
LIMITED (REGISTERED NUMBER: 10529358)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST MARCH 2022


The directors present their report with the financial statements of the company for the year ended 31st March 2022.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st April 2021 to the date of this report.

P Gubbay
Mrs L Khalastchi
J Gubbay
Mrs E Gubbay

GOING CONCERN
The directors have prepared the financial statements on a going concern basis. In preparing the financial statements on this basis, the directors have prepared trading and cash flow projections for the foreseeable future that show that the company can meet liabilities as they fall due.

At year end, the company owes an amount of £2,320,900 (2021: £2,444,300) to group companies. The directors of those companies have confirmed that the loans due, will not be recalled until the company can afford repayment, and on this basis, they believe it is appropriate to adopt the going concern basis in the preparation of these financial statements.

The directors have reviewed the company's financial position and, in particular, have considered the potential implications of the Coronavirus (COVID-19) pandemic. Whilst the eventual financial impact of the pandemic on the company, and on the overall economy, remains uncertain, the directors are confident that the company will be able to remain operational throughout the pandemic.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





P Gubbay - Director


12th September 2022

PRIME COMMERCIAL PROPERTIES (LEEDS)
LIMITED (REGISTERED NUMBER: 10529358)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31ST MARCH 2022

2022 2021
Notes £ £

TURNOVER 265,147 329,836

Administrative expenses (35,920 ) (6,960 )
229,227 322,876

Other operating income - 375,000
OPERATING PROFIT 229,227 697,876

Interest receivable and similar income 193 -
229,420 697,876

Interest payable and similar expenses (41,001 ) (42,101 )
PROFIT BEFORE TAXATION 188,419 655,775

Tax on profit 5 (6,914 ) 17,807
PROFIT FOR THE FINANCIAL YEAR 181,505 673,582

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

181,505

673,582

PRIME COMMERCIAL PROPERTIES (LEEDS)
LIMITED (REGISTERED NUMBER: 10529358)

STATEMENT OF FINANCIAL POSITION
31ST MARCH 2022

2022 2021
Notes £ £
FIXED ASSETS
Investment property 6 3,185,000 3,185,000

CURRENT ASSETS
Cash at bank 280,010 342,622

CREDITORS
Amounts falling due within one year 7 (2,478,707 ) (2,627,285 )
NET CURRENT LIABILITIES (2,198,697 ) (2,284,663 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

986,303

900,337

CREDITORS
Amounts falling due after more than one year 8 (1,030,593 ) (1,126,132 )
NET LIABILITIES (44,290 ) (225,795 )

RESERVES
Retained earnings (44,290 ) (225,795 )
SHAREHOLDERS' FUNDS (44,290 ) (225,795 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 12th September 2022 and were signed on its behalf by:





P Gubbay - Director


PRIME COMMERCIAL PROPERTIES (LEEDS)
LIMITED (REGISTERED NUMBER: 10529358)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST MARCH 2022

Retained Total
earnings equity
£ £

Balance at 1st April 2020 (899,377 ) (899,377 )

Changes in equity
Total comprehensive income 673,582 673,582
Balance at 31st March 2021 (225,795 ) (225,795 )

Changes in equity
Total comprehensive income 181,505 181,505
Balance at 31st March 2022 (44,290 ) (44,290 )

PRIME COMMERCIAL PROPERTIES (LEEDS)
LIMITED (REGISTERED NUMBER: 10529358)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2022


1. STATUTORY INFORMATION

Prime Commercial Properties (Leeds) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. .

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgement, estimates and assumptions that may affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgement about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

The judgement and estimates involved in the Company's accounting policies that are considered by the directors to be the most important to the portrayal of the Company's financial condition and that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

Investment properties
Properties held for investment have been valued by management in accordance with the company's valuation policies to determine its fair value. The directors carry out a detailed review of the properties and take into consideration relevant market data.

Turnover
Turnover represents rental income receivable, net of value added tax. Rental income arising from operating leases on investment property is accounted for on a straight line basis over the lease term.

PRIME COMMERCIAL PROPERTIES (LEEDS)
LIMITED (REGISTERED NUMBER: 10529358)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2022


3. ACCOUNTING POLICIES - continued

Investment property
Acquisitions and disposals of investment property are recognised upon legal completion of contracts, when the risks and rewards of ownership are transferred. Investment properties cease to be recognised when they have been disposed of or withdrawn permanently from use and no future economic benefit is expected from disposal.

Investment property is measured initially at cost including directly attributable transaction costs. Subsequent to initial recognition, investment property is stated at fair value which is determined annually by the directors with reference to internal and external experts. Values are derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. The aggregate surplus or deficit arising from changes in fair value is recognised in the statement of comprehensive income. No depreciation is provided.

Taxation
Taxation for the year comprises current and deferred tax. 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 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Going concern
The directors have prepared the financial statements on a going concern basis. In preparing the financial statements on this basis, the directors have prepared trading and cash flow projections for the foreseeable future that show that the company can meet liabilities as they fall due.

At year end, the company owes an amount of £2,320,900 (2021: £2,444,300) to group companies. The directors of those companies have confirmed that the loans due, will not be recalled until the company can afford repayment, and on this basis, they believe it is appropriate to adopt the going concern basis in the preparation of these financial statements.

The directors have reviewed the company's financial position and, in particular, have considered the potential implications of the Coronavirus (COVID-19) pandemic. Whilst the eventual financial impact of the pandemic on the company, and on the overall economy, remains uncertain, the directors are confident that the company will be able to remain operational throughout the pandemic.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial liabilities and equity
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities, excluding derivatives are initially measured at transaction price (including transaction costs) and subsequently held at amortised cost.

PRIME COMMERCIAL PROPERTIES (LEEDS)
LIMITED (REGISTERED NUMBER: 10529358)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2022


4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
20222021
£ £
Current tax:
UK corporation tax6,914(17,807)
Tax charge/(credit)6,914(17,807)

6. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1st April 2021
and 31st March 2022 3,185,000
NET BOOK VALUE
At 31st March 2022 3,185,000
At 31st March 2021 3,185,000

The investment property was valued by an independent valuer with a recognized and relevant professional qualification and with recent experience in the location and category of the investment property being valued, Sanderson Weatherall LLP, on the basis of the MV in accordance with the current Royal Institution of Chartered Surveyors (RICS) valuation. The value has been included in the balance sheet at the fair value by the management in accordance with the independent valuation result.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Bank loans and overdrafts (see note 9) 103,295 100,547
Amounts owed to group undertakings 2,320,900 2,444,300
Tax 6,914 5,793
Accruals and deferred income 47,598 76,645
2,478,707 2,627,285

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£ £
Bank loans (see note 9) 1,030,593 1,126,132

PRIME COMMERCIAL PROPERTIES (LEEDS)
LIMITED (REGISTERED NUMBER: 10529358)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2022


9. LOANS

An analysis of the maturity of loans is given below:

2022 2021
£ £
Amounts falling due within one year or on demand:
Bank loans 103,295 100,547

Amounts falling due between one and two years:
Bank loans - 1-2 years 1,030,593 1,126,132

Bank loans due over one year include arrangement fees to be amortised of £5,717 (2021: £13,388). The total debt due to the bank is £1,139,605 (2021: £1,240,067).

The bank loan is secured by a debenture over the property together with a fixed and floating charge over the company's assets. There is also security against properties held by a subsidiary of the parent.

10. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £ £
1 Ordinary 1p - -

11. ULTIMATE CONTROLLING PARTY

The company is controlled by Longbell Limited, its immediate parent company. The ultimate parent company is Prime Commercial Properties (Holdings) Limited, a company registered in England. Copies of the consolidated financial statements of Prime Commercial Properties (Holdings) Limited are available from Companies House. The ultimate controlling party is The Robert Gubbay Settlement Trust.

12. LESSOR

The company leases out investment properties under non-cancellable operating leases for the following future minimum rentals receivable:

2022 2021
£ £

Not later than 1 year 205,000 267,418
Later than 1 year and not later than 5 years 717,500 820,000
Later than 5 years - 102,500
922,500 1,189,918