Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31No description of principal activity2022-04-01false11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11630986 2022-04-01 2023-03-31 11630986 2021-04-01 2022-03-31 11630986 2023-03-31 11630986 2022-03-31 11630986 c:Director1 2022-04-01 2023-03-31 11630986 d:FreeholdInvestmentProperty 2023-03-31 11630986 d:FreeholdInvestmentProperty 2022-03-31 11630986 d:CurrentFinancialInstruments 2023-03-31 11630986 d:CurrentFinancialInstruments 2022-03-31 11630986 d:Non-currentFinancialInstruments 2023-03-31 11630986 d:Non-currentFinancialInstruments 2022-03-31 11630986 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 11630986 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 11630986 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 11630986 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 11630986 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 11630986 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 11630986 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 11630986 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 11630986 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 11630986 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-03-31 11630986 d:ShareCapital 2023-03-31 11630986 d:ShareCapital 2022-03-31 11630986 d:RetainedEarningsAccumulatedLosses 2023-03-31 11630986 d:RetainedEarningsAccumulatedLosses 2022-03-31 11630986 c:OrdinaryShareClass1 2022-04-01 2023-03-31 11630986 c:OrdinaryShareClass1 2023-03-31 11630986 c:OrdinaryShareClass1 2022-03-31 11630986 c:FRS102 2022-04-01 2023-03-31 11630986 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 11630986 c:FullAccounts 2022-04-01 2023-03-31 11630986 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 11630986









PRIME SITE (MIDLANDS) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
PRIME SITE (MIDLANDS) LIMITED
REGISTERED NUMBER: 11630986

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
312,576
312,576

  
312,576
312,576

Current assets
  

Debtors: amounts falling due within one year
 5 
647
8,211

Cash at bank and in hand
  
20,377
26,016

  
21,024
34,227

Creditors: amounts falling due within one year
 6 
(141,198)
(151,444)

Net current liabilities
  
 
 
(120,174)
 
 
(117,217)

Total assets less current liabilities
  
192,402
195,359

Creditors: amounts falling due after more than one year
 7 
(150,061)
(160,009)

  

Net assets
  
42,341
35,350


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
42,241
35,250

  
42,341
35,350


Page 1

 
PRIME SITE (MIDLANDS) LIMITED
REGISTERED NUMBER: 11630986
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 November 2023.




Tariq Afzal
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
PRIME SITE (MIDLANDS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The Company is a private company, limited by shares, incorporated and domiciled in England within the United Kingdom, registration number 11630986.  The Company's registered office is Sterling House, 71 Francis Road, Edgbaston, Birmingham, B16 8SP.
The financial statements are presented in sterling which is the functional currency of the company and the financial statements are rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The director has prepared  the accounts on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rental of property
Turnover from the rental of investment property is recognised when all the following conditions are
satisfied:
- the amount of turnover can be measured reliably;
- it is probable that the Company will receive consideration due for the period of tenancy;
- the period of rental can be measured reliably; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
PRIME SITE (MIDLANDS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and 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. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Page 4

 
PRIME SITE (MIDLANDS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)


Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are
Page 5

 
PRIME SITE (MIDLANDS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
312,576



At 31 March 2023
312,576

The 2023 valuations were made by the director, on an open market value for existing use basis.






Page 6

 
PRIME SITE (MIDLANDS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Debtors

2023
2022
£
£


Trade debtors
60
7,491

Prepayments and accrued income
587
720

647
8,211



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,511
10,511

Corporation tax
1,640
2,808

Other creditors
125,466
123,652

Accruals and deferred income
3,581
14,473

141,198
151,444


Page 7

 
PRIME SITE (MIDLANDS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
150,061
160,009

150,061
160,009


The following liabilities were secured:




Details of security provided:

Bank loans are secured by a first legal charge over the property along with a fixed and floating debenture over the company's assets. The secured loans are held within creditors due in less than one year of £10,511 (2022 - £10,511) and creditors due in more than one year of £150,061(2022 - £160,009).

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable by instalments
108,017
117,966

108,017
117,966

The loan is payable over 15 years from 24 April 2019.
In April 2023 the director repaid the loan voluntarily in full and all secured charges were released.

Page 8

 
PRIME SITE (MIDLANDS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,511
10,511


10,511
10,511

Amounts falling due 1-2 years

Bank loans
10,511
10,511


10,511
10,511

Amounts falling due 2-5 years

Bank loans
31,533
31,533


31,533
31,533

Amounts falling due after more than 5 years

Bank loans
108,017
117,966

108,017
117,966

160,572
170,521



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



10.


Related party transactions

During the period the company received a loan from the director of £Nil (2022 - £Nil) and made repayments of £Nil (2022 - £Nil).  In addition the director settled expenses on behalf of the company of £1,815 (2022 - £1,815).  The balance outstanding at 31 March 2023 was £125,466 (2022 - £123,651).
Loans are interest free and repayable on demand.

 
Page 9