REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 NOVEMBER 2021 TO 30 SEPTEMBER 2022 |
FOR |
PRIME INVESTMENTS (LONDON) LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
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. |
PRIME INVESTMENTS (LONDON) LIMITED (REGISTERED NUMBER: 09316026) |
BALANCE SHEET - continued |
30 SEPTEMBER 2022 |
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 |
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 |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
5. | FIXED ASSET INVESTMENTS |
Shares in | Shares in |
group | participating | Other |
undertakings | interests | investments | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 November 2021 | 103 | 4,841 |
Revaluations | - | ( |
) | (382 | ) |
At 30 September 2022 | 103 | 4,459 |
NET BOOK VALUE |
At 30 September 2022 | 103 | 4,459 |
At 31 October 2021 | 103 | 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 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
As restated |
£ | £ |
Bank loans |
Social security and other taxes |
Other creditors |
Directors' loan accounts | 164,001 | 199,268 |
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 |
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: | £ | £ |
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 | ) |