Registered number
SC482859
Prile Properties Limited
Filleted Accounts
31 July 2023
Prile Properties Limited
Registered number: SC482859
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 953,548 953,548
Current assets
Debtors 4 23,865 2,124
Cash at bank and in hand 21,308 1,714
45,173 3,838
Creditors: amounts falling due within one year 5 (591,320) (620,906)
Net current liabilities (546,147) (617,068)
Total assets less current liabilities 407,401 336,480
Creditors: amounts falling due after more than one year 6 (96,000) (128,000)
Net assets 311,401 208,480
Capital and reserves
Called up share capital 100 100
Profit and loss account 311,301 208,380
Shareholder's funds 311,401 208,480
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Edwin Cowie
Director
Approved by the board on 8 September 2023
Prile Properties Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The 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).
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:
Freehold buildings not provided
Leasehold land and buildings over the lease term
Property furnishings over 4 years
Fixtures, fittings, tools and equipment over 4 years
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 except to the extent that, in the opinion of the director, there is reasonable probability that the liability will not arise in the forseeable future. 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 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Property furnishings Total
£ £ £
Cost
At 1 August 2022 953,548 4,770 958,318
Disposals - (2,604) (2,604)
At 31 July 2023 953,548 2,166 955,714
Depreciation
At 1 August 2022 - 4,770 4,770
On disposals - (2,604) (2,604)
At 31 July 2023 - 2,166 2,166
Net book value
At 31 July 2023 953,548 - 953,548
At 31 July 2022 953,548 - 953,548
4 Debtors 2023 2022
£ £
Trade debtors 18,083 -
Other debtors 5,782 2,124
23,865 2,124
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 32,000 32,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest 361,248 379,436
Taxation and social security costs 18,257 6,284
Other creditors 179,815 203,186
591,320 620,906
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 96,000 128,000
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 128,000 160,000
Handelsbanken Plc hold standard securities over two of the company's properties and a floating charge over the remainder of the company's assets.
8 Controlling party
The sole shareholder and ultimate controlling party is Kincorth Enterprises Limited, 6 Catto Crescent, Cove Bay, Aberdeen, AB12 3PQ.
9 Other information
Prile Properties Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
6 Catto Crescent
Cove Bay
Aberdeen
Grampian
AB12 3PQ
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