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Registration number: 09033962

Prestbury Incentives Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Prestbury Incentives Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Prestbury Incentives Limited

Company Information

Directors

T J Evans

N M Leslau

P M Brown

S L Gumm

B Walford

Registered office

Cavendish House
18 Cavendish Square
London
W1G 0PJ

 

Prestbury Incentives Limited

(Registration number: 09033962)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

54,293,534

73,124,413

Current assets

 

Debtors

5

1,800

8,437

Cash at bank and in hand

 

1,268,737

251,096

 

1,270,537

259,533

Creditors: Amounts falling due within one year

6

(1,257,955)

(152,398)

Net current assets

 

12,582

107,135

Total assets less current liabilities

 

54,306,116

73,231,548

Provisions for liabilities

7

(4,003,363)

(5,007,193)

Net assets

 

50,302,753

68,224,355

Capital and reserves

 

Called up share capital

8

1,002

1,002

Share premium account

47,998

47,998

Profit and loss account

50,253,753

68,175,355

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.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 Board on 28 November 2023 and signed on its behalf by:
 

.........................................
S L Gumm
Director

 

Prestbury Incentives Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England. The registered office address is shown on page 1.

2

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.

3

Director information

The company had 5 directors during the year (2022 - 5). The directors did not receive any remuneration in the year (2022 - £nil).

 

Prestbury Incentives Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Investments

Listed investments
£

Valuation

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

At 28 February 2023

54,293,534

At 28 February 2022

73,124,413

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.

5

Debtors

2023
£

2022
£

Amounts owed by parent undertaking

1,800

8,100

Prepayments

-

337

 

1,800

8,437

Amounts owed by parent undertaking are unsecured, interest free and repayable on demand.

6

Creditors: Amounts falling due within one year

2023
£

2022
£

Corporation tax payable

1,242,415

146,638

Accruals

13,740

5,760

Other creditors

1,800

-

1,257,955

152,398

 

Prestbury Incentives Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Provisions for liabilities

Deferred tax
£

Other provision
£

Total
£

At 1 March 2022

4,196,012

811,181

5,007,193

Decrease during the year

(192,649)

-

(192,649)

Reverse provision not required

-

(811,181)

(811,181)

At 28 February 2023

4,003,363

-

4,003,363

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.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A ordinary shares of £1 each

1,000

1,000

1,000

1,000

Z ordinary shares of £1 each

2

2

2

2

 

1,002

1,002

1,002

1,002

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.

9

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.

10

Post balance sheet events

Since the balance sheet date, the company received dividends totalling £2,302,199 from LXi REIT Plc and has paid interim dividends totalling £1,140,000 to its parent undertaking.

 

Prestbury Incentives Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

11

Parent undertaking and ultimate controlling party

At 28 February 2023, the company's immediate and ultimate parent undertaking was Prestbury Management Holdings Limited, incorporated in England, with registered office at Cavendish House, 18 Cavendish Square, London, W1G 0PJ. Prestbury Management Holdings Limited does not prepare consolidated financial statements on the basis that it is a parent undertaking of a small group.

N M Leslau is the ultimate controlling party of Prestbury Management Holdings Limited and the company.