Registration number:
Prestbury Incentives Limited
for the Year Ended 28 February 2023
Prestbury Incentives Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Prestbury Incentives Limited
Company Information
Directors |
T J Evans N M Leslau P M Brown S L Gumm B Walford |
Registered office |
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Prestbury Incentives Limited
(Registration number: 09033962)
Balance Sheet as at 28 February 2023
Note |
2023 |
2022 |
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Fixed assets |
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Investments |
54,293,534 |
73,124,413 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
(4,003,363) |
(5,007,193) |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,002 |
1,002 |
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Share premium account |
47,998 |
47,998 |
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Profit and loss account |
50,253,753 |
68,175,355 |
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Shareholders' funds |
50,302,753 |
68,224,355 |
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The Statement of Comprehensive Income and Directors' Report are note delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.
Approved and authorised by the
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Prestbury Incentives Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
General information |
The company is a private company limited by share capital, incorporated in England. The registered office address is shown on page 1.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except where otherwise disclosed in these accounting policies certain items are measured at fair value.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities may require the use of certain critical accounting estimates. It may also require the directors to exercise judgement in applying the accounting policies. |
In preparing these financial statements, the directors have had to determine whether there is objective evidence to support the reliable measurement of the company's listed investments to fair value. Such evidence could include the market share price where shares are publicly traded. |
There were no other significant judgements or areas of critical estimation uncertainty. |
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.
Tax
The tax expense for the year comprises current tax and deferred tax, where applicable. Tax is recognised on profit or loss except that a change attributable to an item of income or 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 company's liability to current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that the recognition of a deferred tax asset is limited to the extent that it is probable that they will be recovered against suitable future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Listed investments
Investments in listed company shares are remeasured to fair value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Prestbury Incentives Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Income from fixed asset investments
Income from fixed asset investments is recognised when the amounts have been received or otherwise where there is certainty as to the receipt of the income receivable at the relevant balance sheet date.
Cash at bank and in hand
Cash comprises cash at bank.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.
Dividends
Equity dividends are recognised when they become legally payable: interim dividends when paid and final dividends when approved by the shareholders at an annual general meeting.
Director information |
The company had
Prestbury Incentives Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Investments |
Listed investments |
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Valuation |
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At 1 March 2022 |
73,124,413 |
Disposals in the year |
(18,279,676) |
Fair value loss |
(551,203) |
At 28 February 2023 |
54,293,534 |
Carrying amount |
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At 28 February 2023 |
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At 28 February 2022 |
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The entire listed investments holding is in LXi REIT Plc, a UK Real Estate Investment Trust listed on the main market of the London Stock Exchange.
Debtors |
2023 |
2022 |
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Amounts owed by parent undertaking |
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Prepayments |
- |
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Amounts owed by parent undertaking are unsecured, interest free and repayable on demand.
Creditors: Amounts falling due within one year |
2023 |
2022 |
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Corporation tax payable |
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Accruals |
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Other creditors |
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- |
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Prestbury Incentives Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Provisions for liabilities |
Deferred tax |
Other provision
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Total |
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At 1 March 2022 |
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Decrease during the year |
( |
- |
( |
Reverse provision not required |
- |
( |
( |
At 28 February 2023 |
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- |
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As disclosed in note 8, the company had provided for £811,181 in y.e. 28.2.22. However Prestbury Investment Holdings Limited did not pay the bonus so the provision has been reversed this year.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
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2 |
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2 |
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The A ordinary shares have full voting and dividend rights. The Z ordinary shares do not have voting rights and are only entitled to distributions from proceeds of any sale of the listed investments shown in note 4.
The Z shares relate to an arrangement by Z shareholders of the parent undertaking share in the company's growth. The company was party to an agreement between the individuals and their employer Prestbury Investment Holdings Limited (PIHL), such that the liability is settled either through equity or bonus payable by PIHL. PIHL had the right to charge this cost to the company. The company had provided £811,181 for this probable cost in p.e.28.2.22.
Related party transactions |
The company has taken advantage of exemption available in FRS 102 Section 1A not to disclose transactions with its parent undertaking which wholly owns the company.
Post balance sheet events |
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Prestbury Incentives Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Parent undertaking and ultimate controlling party |
At 28 February 2023, the company's immediate and ultimate parent undertaking was
N M Leslau is the ultimate controlling party of Prestbury Management Holdings Limited and the company.