0 false false false false false false false false false true false false false false false false No description of principal activity 2021-05-05 Sage Accounts Production Advanced 2021 - FRS102_2021 2 2 2 xbrli:pure xbrli:shares iso4217:GBP 13378508 2021-05-05 2022-05-31 13378508 2022-05-31 13378508 bus:RegisteredOffice 2021-05-05 2022-05-31 13378508 bus:LeadAgentIfApplicable 2021-05-05 2022-05-31 13378508 bus:Director1 2021-05-05 2022-05-31 13378508 bus:Director2 2021-05-05 2022-05-31 13378508 core:WithinOneYear 2022-05-31 13378508 core:ShareCapital 2022-05-31 13378508 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2022-05-31 13378508 core:CostValuation core:Non-currentFinancialInstruments 2022-05-31 13378508 core:Non-currentFinancialInstruments 2022-05-31 13378508 bus:SmallEntities 2021-05-05 2022-05-31 13378508 bus:AuditExemptWithAccountantsReport 2021-05-05 2022-05-31 13378508 bus:FullAccounts 2021-05-05 2022-05-31 13378508 bus:SmallCompaniesRegimeForAccounts 2021-05-05 2022-05-31 13378508 bus:PrivateLimitedCompanyLtd 2021-05-05 2022-05-31
COMPANY REGISTRATION NUMBER: 13378508
Priestley-Price Properties Limited
Filleted Unaudited Financial Statements
For the period ended
31 May 2022
Priestley-Price Properties Limited
Financial Statements
Period from 5 May 2021 to 31 May 2022
Contents
Page
Officers and professional advisers
1
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
4
Priestley-Price Properties Limited
Officers and Professional Advisers
The board of directors
Mr S Priestley
Mrs C M Priestley
Registered office
141 High Street
Yarm
TS15 9AY
Accountants
Debere Limited
Chartered accountants
Swallow House
Parsons Road
Washington
Tyne and Wear
NE37 1EZ
Priestley-Price Properties Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Priestley-Price Properties Limited
Period from 5 May 2021 to 31 May 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Priestley-Price Properties Limited for the period ended 31 May 2022, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Priestley-Price Properties Limited, as a body, in accordance with the terms of our engagement letter dated 10 October 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Priestley-Price Properties Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Priestley-Price Properties Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Priestley-Price Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Priestley-Price Properties Limited. You consider that Priestley-Price Properties Limited is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the financial statements of Priestley-Price Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Debere Limited Chartered accountants
Swallow House Parsons Road Washington Tyne and Wear NE37 1EZ
20 October 2023
Priestley-Price Properties Limited
Statement of Financial Position
31 May 2022
31 May 22
Note
£
Fixed assets
Investments
4
2
Current assets
Debtors
5
100
Creditors: amounts falling due within one year
6
2
----
Net current assets
98
----
Total assets less current liabilities
100
----
Capital and reserves
Called up share capital
100
----
Shareholders funds
100
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 October 2023 , and are signed on behalf of the board by:
Mr S Priestley
Director
Company registration number: 13378508
Priestley-Price Properties Limited
Notes to the Financial Statements
Period from 5 May 2021 to 31 May 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 141 High Street, Yarm, TS15 9AY.
2. Statement of compliance
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. General Information Priestley-Price Properties Limited receives dividend income. The company is a private company limited by shares and is incorporated and domiciled in England.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Creditors
Creditors are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement after allowing for any trade discounts due.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Investments
Shares in group undertakings
£
Cost
At 5 May 2021
Additions
2
----
At 31 May 2022
2
----
Impairment
At 5 May 2021 and 31 May 2022
----
Carrying amount
At 31 May 2022
2
----
5. Debtors
31 May 22
£
Other debtors
100
----
Short term debtors are measured at the transaction price.
6. Creditors: amounts falling due within one year
31 May 22
£
Other creditors
2
----
Short term creditors are measured at the transaction price.