REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2022 |
FOR |
PRIME COMMERCIAL PROPERTIES (LEEDS) |
LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
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. |
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: |
PRIME COMMERCIAL PROPERTIES (LEEDS) |
LIMITED (REGISTERED NUMBER: 10529358) |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 31ST MARCH 2022 |
2022 | 2021 |
Notes | £ | £ |
TURNOVER |
Administrative expenses | ( |
) | ( |
) |
229,227 | 322,876 |
Other operating income |
OPERATING PROFIT |
Interest receivable and similar income |
229,420 | 697,876 |
Interest payable and similar expenses | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 5 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
PRIME COMMERCIAL PROPERTIES (LEEDS) |
LIMITED (REGISTERED NUMBER: 10529358) |
STATEMENT OF FINANCIAL POSITION |
31ST MARCH 2022 |
2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 6 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
RESERVES |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 were approved by the Board of Directors and authorised for issue on |
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 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income |
Balance at 31st March 2021 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income |
Balance at 31st March 2022 | ( |
) | ( |
) |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
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: |
2022 | 2021 |
£ | £ |
Current tax: |
UK corporation tax | 6,914 | (17,807 | ) |
Tax charge/(credit) | 6,914 | (17,807 | ) |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st April 2021 |
and 31st March 2022 |
NET BOOK VALUE |
At 31st March 2022 |
At 31st March 2021 |
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) |
Amounts owed to group undertakings |
Tax |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans (see note 9) |
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 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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: | £ | £ |
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 |