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REGISTERED NUMBER: 12459517 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

PRESTIGE PROPERTIES 786 LIMITED

PRESTIGE PROPERTIES 786 LIMITED (REGISTERED NUMBER: 12459517)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PRESTIGE PROPERTIES 786 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: K Nathan
Mrs T D Ratnam-Nathan





REGISTERED OFFICE: 29 Gildredge Road
Eastbourne
East Sussex
BN21 4RU





REGISTERED NUMBER: 12459517 (England and Wales)





ACCOUNTANTS: Advanta
Chartered Accountants
29 Gildredge Road
Eastbourne
East Sussex
BN21 4RU

PRESTIGE PROPERTIES 786 LIMITED (REGISTERED NUMBER: 12459517)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,435 4,851
Investment property 5 2,440,000 2,075,000
2,443,435 2,079,851

CURRENT ASSETS
Debtors 6 11,898 7,593
Cash at bank 62,332 142,179
74,230 149,772
CREDITORS
Amounts falling due within one year 7 772,531 771,468
NET CURRENT LIABILITIES (698,301 ) (621,696 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,745,134

1,458,155

CREDITORS
Amounts falling due after more than one
year

8

(1,594,268

)

(1,364,768

)

PROVISIONS FOR LIABILITIES 10 (28,478 ) (17,576 )
NET ASSETS 122,388 75,811

CAPITAL AND RESERVES
Called up share capital 101 2
Fair value reserve 11 198,151 156,841
Retained earnings (75,864 ) (81,032 )
SHAREHOLDERS' FUNDS 122,388 75,811

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

PRESTIGE PROPERTIES 786 LIMITED (REGISTERED NUMBER: 12459517)

BALANCE SHEET - continued
31 MARCH 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2023 and were signed on its behalf by:




K Nathan - Director



Mrs T D Ratnam-Nathan - Director


PRESTIGE PROPERTIES 786 LIMITED (REGISTERED NUMBER: 12459517)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Prestige Properties 786 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. ACCOUNTING POLICIES

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

Turnover
Turnover represents rental income receivable together with related service charge income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Furniture,fittings & equipment - 25% on reducing balance
Computer equipment - Straight line over 3 years

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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 year 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

PRESTIGE PROPERTIES 786 LIMITED (REGISTERED NUMBER: 12459517)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. TANGIBLE FIXED ASSETS
Furniture,fittings Computer
& equipment equipment Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 6,601 1,222 7,823
DEPRECIATION
At 1 April 2022 2,566 406 2,972
Charge for year 1,008 408 1,416
At 31 March 2023 3,574 814 4,388
NET BOOK VALUE
At 31 March 2023 3,027 408 3,435
At 31 March 2022 4,035 816 4,851

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 2,075,000
Additions 314,000
Revaluations 51,000
At 31 March 2023 2,440,000
NET BOOK VALUE
At 31 March 2023 2,440,000
At 31 March 2022 2,075,000

The investment properties were revalued by the company directors on an open market basis. These revaluations have been realised at the balance sheet date.

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2022 2,075,000
Valuation in 2023 365,000
2,440,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,484 3,484
Other debtors 1,872 2,866
Prepayments 6,542 1,243
11,898 7,593

PRESTIGE PROPERTIES 786 LIMITED (REGISTERED NUMBER: 12459517)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 770,520 770,194
Credit card 835 -
Directors' current accounts - 98
Accrued expenses 1,176 1,176
772,531 771,468

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans more 5 yrs non-inst 1,594,268 1,364,768

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,594,268 1,364,768

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,594,268 1,364,768

The debts are secured by means of legal and general charges.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Deferred tax on assets 653 922
Deferred tax on losses (18,655 ) (20,136 )
Deferred tax on investment
property 46,480 36,790
28,478 17,576

Deferred
tax
£   
Balance at 1 April 2022 17,576
Provided during year 10,902
Balance at 31 March 2023 28,478

PRESTIGE PROPERTIES 786 LIMITED (REGISTERED NUMBER: 12459517)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


11. RESERVES
Fair
value
reserve
£   
At 1 April 2022 156,841
Reserve transfer 41,310

At 31 March 2023 198,151

12. RELATED PARTY DISCLOSURES

At the balance sheet date the company owed £559,386 (2022: £559,060) to Supreme Care Wales Ltd, a company owned and controlled by the same shareholders and directors. No interest was charged on this amount. This amount is repayable on demand.

At the balance sheet date the company owed £211,134 (2022: £211,134) to Supreme Care UK Ltd, a company owned and controlled by the same shareholders and directors. No interest was charged on this amount. This amount is repayable on demand.

13. ULTIMATE CONTROLLING PARTY

Mr & Mrs Nathan, the company directors, are the ultimate controlling party.