|
|
Tangible fixed assets |
|
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
|
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis: |
|
|
Office Equipment |
|
33% |
straight line |
|
|
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted retrospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
|
|
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss Account. |
|
|
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. |
|
|
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. |
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|
Financial Instruments |
|
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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 simulaneously. |
|
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Creditors |
|
Short term creditors are measured at transaction price. Loans and 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. |
|
|
Finance Costs |
|
Finance costs are charged to the Profit and Loss Account 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. |
|
|
Operating leases: the Company as lessee |
|
Rentals paid under operating leases are charged to the Profit & Loss Account on a straight line basis over the lease term. |
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|
Pensions |
|
|
Defined contribution pension plan |
|
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held seperately from the Company in independently administered funds. |
|
|
Interest Income |
|
Interest Income is recognised in the Profit & Loss Account using the effective interest method. |
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
The average monthly number of employees, including directors, during the year: |
|
|
5 |
|
5 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Office equipment |
£ |
|
Cost |
|
At 1 October 2022 |
71,241 |
|
At 31 May 2023 |
71,241 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 October 2022 |
69,597 |
|
Charge for the period |
719 |
|
At 31 May 2023 |
70,316 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2023 |
925 |
|
At 30 September 2022 |
1,644 |
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
Due within one year |
|
Trade debtors |
109,190 |
|
86,543 |
|
Other debtors and prepayments |
10,597 |
|
841 |
|
|
|
|
|
|
119,787 |
|
87,384 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Trade creditors |
12,261 |
|
24,423 |
|
Amounts owed to group undertakings |
|
5,136,177 |
|
5,007,359 |
|
Taxation and social security costs |
13,027 |
|
18,606 |
|
Other creditors and accruals |
6,560 |
|
318 |
|
|
|
|
|
|
5,168,025 |
|
5,050,706 |
|
|
|
|
|
|
|
|
|
|
6 |
Pension commitments |
|
|
The Company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,854 (2022-£1,938). Contributions totalling £434 (2021-£359) were payable to the fund at the balance sheet date. |
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|
7 |
Other information |
|
|
Signature Prime Property Limited is a private company limited by shares and incorporated in England. Its registered office is The Stable, Newick Park, Newick, Nr Lewes, East Sussex, BN8 4SB: |
|
8 |
Ownership |
|
|
Throughout the year, the company was wholly owned by Winllan Limited. |
|
|
Winllan Ltd is a company registered in the Isle of Man, and is ultimately controlled by the K Trust. |