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REGISTERED NUMBER: 12666251 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

FOR

PRESTIGE RESIDENTIALS PROPERTIES LTD

PRESTIGE RESIDENTIALS PROPERTIES LTD (REGISTERED NUMBER: 12666251)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023










Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


PRESTIGE RESIDENTIALS PROPERTIES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTOR: G Pittarides





REGISTERED OFFICE: 9 Elmscott Gardens
London
N21 2BP





REGISTERED NUMBER: 12666251 (England and Wales)





ACCOUNTANTS: UCS Accountants
266-268 High Street
Waltham Cross
Hertfordshire
EN8 7EA

PRESTIGE RESIDENTIALS PROPERTIES LTD (REGISTERED NUMBER: 12666251)

BALANCE SHEET
30 JUNE 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 632,394 632,394

CURRENT ASSETS
Debtors 5 30,900 -
Cash at bank 1,925 42,391
32,825 42,391
CREDITORS
Amounts falling due within one year 6 210,900 229,926
NET CURRENT LIABILITIES (178,075 ) (187,535 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

454,319

444,859

CREDITORS
Amounts falling due after more than one
year

7

459,500

459,500
NET LIABILITIES (5,181 ) (14,641 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 9 (5,182 ) (14,642 )
SHAREHOLDERS' FUNDS (5,181 ) (14,641 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 RESIDENTIALS PROPERTIES LTD (REGISTERED NUMBER: 12666251)

BALANCE SHEET - continued
30 JUNE 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 director and authorised for issue on 11 March 2024 and were signed by:





G Pittarides - Director


PRESTIGE RESIDENTIALS PROPERTIES LTD (REGISTERED NUMBER: 12666251)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023


1. STATUTORY INFORMATION

Prestige Residentials Properties Ltd 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.

The financial statements are presented in pounds sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgement and estimates have been made include:

a - Critical judgements in applying accounting policies
There are no critical judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements.

b - Key accounting estimates and assumptions
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the most significant potential impact upon the carrying values of assets and liabilities within the next financial year are as follows;

i- Investment property valuation
The valuation of Company's property is inherently subjective due to, among other factors, the individual nature of each property, its location and the expected future rental revenues from that particular property. As a result, the valuations the Company places on its property portfolio are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market.

The investment property valuations contains a number of assumptions upon which the Company's valuers have based their valuation of the Company's properties as at the balance sheet date. The assumptions on which the property valuation reports have been based include, but not limited to, matters such as the tenure and tenancy details for the properties, ground conditions at the properties, the structural condition of the properties, prevailing market yields and comparable market transactions. These assumptions are market standard and accord with the Royal Institution of Chartered Surveyors (RICS).

TURNOVER
Revenue relates to property rental income within the UK.

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.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. Revaluations are carried out by the director, who has experience in the location and class of the investment property being valued.

PRESTIGE RESIDENTIALS PROPERTIES LTD (REGISTERED NUMBER: 12666251)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument 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 and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash and other consideration, expected to be paid or received.

However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised 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.

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.

IMPAIRMENTS OF FIXED ASSETS
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exits, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

GOING CONCERN
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3. EMPLOYEES AND DIRECTORS

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

PRESTIGE RESIDENTIALS PROPERTIES LTD (REGISTERED NUMBER: 12666251)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022
and 30 June 2023 632,394
NET BOOK VALUE
At 30 June 2023 632,394
At 30 June 2022 632,394

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Directors' current accounts 30,900 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade creditors - 720
Other creditors 210,000 210,000
Directors' current accounts - 18,366
Accrued expenses 900 840
210,900 229,926

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.23 30.6.22
£    £   
Bank loans more 5 yrs non-inst 459,500 459,500

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 459,500 459,500

8. SECURED DEBTS

The following secured debts are included within creditors:

30.6.23 30.6.22
£    £   
Bank loans 459,500 459,500

Bank loans are secured by a legal charge on the investment property.

PRESTIGE RESIDENTIALS PROPERTIES LTD (REGISTERED NUMBER: 12666251)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


9. RESERVES
Retained
earnings
£   

At 1 July 2022 (14,642 )
Profit for the year 9,460
At 30 June 2023 (5,182 )

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Current assets include loan to a director of the company, amounting to £30,000. Interest from this loan is receivable at a rate of 3% per annum. The total interest received during the year was £900. The balance was cleared in total on 7 March 2024.

11. RELATED PARTY DISCLOSURES

Other creditors under creditors within one year represents amounts due to Prestige Domestic Property Maintenance Ltd, a company in which Mr Pittarides is the director and shareholder.This is an interest free loan made available to the company. Prestige Domestic Property Maintenance Ltd will not seek repayment of this loan until the company is in a position to repay this loan without detriment to its financial position.