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REGISTERED NUMBER: 09316026 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 NOVEMBER 2021 TO 30 SEPTEMBER 2022

FOR

PRIME INVESTMENTS (LONDON) LIMITED

PRIME INVESTMENTS (LONDON) LIMITED (REGISTERED NUMBER: 09316026)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 NOVEMBER 2021 TO 30 SEPTEMBER 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PRIME INVESTMENTS (LONDON) LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 NOVEMBER 2021 TO 30 SEPTEMBER 2022







DIRECTORS: Mr I C Gluck
Mr I Gluck





REGISTERED OFFICE: 105 Eade Road
OCC Building A
2nd Floor Unit 11D
London
N4 1TJ





REGISTERED NUMBER: 09316026 (England and Wales)





ACCOUNTANTS: DAS Accounting Services Ltd
105 Eade Road
OCC Building A
2nd Floor Unit 11D
London
N4 1TJ

PRIME INVESTMENTS (LONDON) LIMITED (REGISTERED NUMBER: 09316026)

BALANCE SHEET
30 SEPTEMBER 2022

2022 2021
As restated
Notes £    £   
FIXED ASSETS
Investments 5 4,459 4,841

CURRENT ASSETS
Debtors 6 11,611,244 8,454,075
Cash at bank and in hand 55,039 34,841
11,666,283 8,488,916
CREDITORS
Amounts falling due within one year 7 (11,716,350 ) (1,731,214 )
NET CURRENT (LIABILITIES)/ASSETS (50,067 ) 6,757,702
TOTAL ASSETS LESS CURRENT
LIABILITIES

(45,608

)

6,762,543

CREDITORS
Amounts falling due after more than one year 8 (26,665 ) (6,096,326 )
NET (LIABILITIES)/ASSETS (72,273 ) 666,217

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings (72,274 ) 666,216
SHAREHOLDERS' FUNDS (72,273 ) 666,217

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 September 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.

PRIME INVESTMENTS (LONDON) LIMITED (REGISTERED NUMBER: 09316026)

BALANCE SHEET - continued
30 SEPTEMBER 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:





Mr I C Gluck - Director


PRIME INVESTMENTS (LONDON) LIMITED (REGISTERED NUMBER: 09316026)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 NOVEMBER 2021 TO 30 SEPTEMBER 2022

1. STATUTORY INFORMATION

Prime Investments (London) 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.

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
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions 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 directors do not consider there are any critical judgments or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.


PRIME INVESTMENTS (LONDON) LIMITED (REGISTERED NUMBER: 09316026)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 NOVEMBER 2021 TO 30 SEPTEMBER 2022

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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.

Investments
Investments in quoted companies are measured at fair value with changes in fair value recognised in profit or loss.

Investments in unquoted companies are measured at cost and subsequently stated at cost less any accumulated impairment loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2021 - 2 ) .

5. FIXED ASSET INVESTMENTS
Shares in Shares in
group participating Other
undertakings interests investments Totals
£    £    £    £   
COST OR VALUATION
At 1 November 2021 16 103 4,722 4,841
Revaluations - - (382 ) (382 )
At 30 September 2022 16 103 4,340 4,459
NET BOOK VALUE
At 30 September 2022 16 103 4,340 4,459
At 31 October 2021 16 103 4,722 4,841


PRIME INVESTMENTS (LONDON) LIMITED (REGISTERED NUMBER: 09316026)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 NOVEMBER 2021 TO 30 SEPTEMBER 2022

5. FIXED ASSET INVESTMENTS - continued

Shares in group companies and participating interests
The company holds the ordinary issued share capital of the following companies, incorporated and registered in England and Wales:

Prime Investments (Kensington) Ltd (£10) - 100%
Earlscourt Property Investments Limited (£6) - 57%
Flexgate Properties Limited (£50) - 50%
Winston Property Investments Limited (£50) - 50%
Treadstone Ventures Limited (£3) - 50%


Consolidated financial statements have not been prepared as the company has taken advance of the exemptions conferred by Section 398 Companies Act 2006.

Shares in quoted companies
The investments are listed on a recognised stock exchange and valued with reference to published prices. The historical cost of the shares is £15,513.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
As restated
£    £   
Other debtors 11,611,244 8,454,075

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
As restated
£    £   
Bank loans 9,733,766 10,000
Social security and other taxes 327 872
Other creditors 1,818,256 1,521,074
Directors' loan accounts 164,001 199,268
11,716,350 1,731,214

The bank loans are secured over properties owned by companies having a director in common with the company.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
As restated
£    £   
Bank loans 26,665 6,096,326

PRIME INVESTMENTS (LONDON) LIMITED (REGISTERED NUMBER: 09316026)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 NOVEMBER 2021 TO 30 SEPTEMBER 2022

9. CALLED UP SHARE CAPITAL

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

10. RELATED PARTY DISCLOSURES

Other debtors include amounts of £10,154,185 (2021: £6,971,323 as restated) due from companies which have a director in common with the company or which are closely associated with a director of the company.

Other creditors include amounts of £1,474,297 (2021: £1,315,004 as restated) due to companies which have a director in common with the company.

Other than the amounts disclosed above, no transactions with related parties were undertaken such as are required to be disclosed under FRS 102.

PRIME INVESTMENTS (LONDON) LIMITED (REGISTERED NUMBER: 09316026)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 NOVEMBER 2021 TO 30 SEPTEMBER 2022

11. PRIOR YEAR ADJUSTMENT

A prior year adjustment arises due to errors reported in prior periods. The adjustments to the financial statements to reflect the changes are set out below.

In a previous year, a bank loan was drawn down by a company, of which a director of the company is also a director, as nominee on behalf of the company. The company recorded a loan owed to the nominee company instead of the bank loan. A prior year adjustment has been recorded to correct this error the effects of which are shown below:

Reconciliation of equity

1 November 2020 31 October 2021


As
previously
stated
Effect of
prior year
adjustment


As restated


As
previously
stated
Effect of
prior year
adjustment


As restated
£ £ £ £ £ £
Fixed assets 8,616 - 8,616 4,841 - 4,841

Current assets 9,105,037 334,691 9,439,728 8,147,562 341,354 8,488,916
Creditors:
amounts falling
due within one
year



(8,068,816



)



5,725,802



(2,343,014



)






(7,450,353



)



5,719,139



(1,731,214



)
Net current
assets /
(liabilities)


1,036,221


6,060,493


7,096,714




697,209


6,060,493


6,757,702
Total Assets
less current
liabilities


1,044,837


6,060,493


7,105,330




702,050


6,060,493


6,762,543

Creditors:
amounts falling
due after more
than one year



(45,833



)



(6,060,493



)



(6,106,326



)






(35,833



)



(6,060,493



)



(6,096,326



)
Net assets 999,004 - 999,004 666,217 - 666,217
Capital and
reserves

999,004

-

999,004


666,217

-

666,217

PRIME INVESTMENTS (LONDON) LIMITED (REGISTERED NUMBER: 09316026)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 NOVEMBER 2021 TO 30 SEPTEMBER 2022

12. RECONCILIATION OF PROFIT OR LOSS FOR THE YEAR

Year ended 31 October 2021

As previously
stated
Effect of prior
year adjustment

As restated
£ £ £
Turnover 13,000 - 13,000
Cost of sales (199,687 ) - (199,687 )
Gross profit (186,687 ) - (186,687 )
Administrative expenses (103,710 ) - (103,710 )
Other operating income 9,189 - 9,189
Net valuation deficit on investments (3,778 ) - (3,778 )
Income from shares in group undertakings 231,000 - 231,000
Interest receivable and similar income - 5,200 5,200
Interest payable and similar expenses (266,301 ) (5,200 ) (271,501 )
Loss for the year (320,287 ) - (320,287 )