COMPANY REGISTRATION NUMBER:
14039863
Prominent Reading Developments Limited |
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Filleted Unaudited Financial Statements |
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Prominent Reading Developments Limited |
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Statement of Financial Position |
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30 April 2023
Fixed assets
Tangible assets |
4 |
360,000 |
|
|
|
Creditors: amounts falling due within one year |
5 |
135,133 |
|
--------- |
Net current liabilities |
135,133 |
|
--------- |
Total assets less current liabilities |
224,867 |
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|
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Creditors: amounts falling due after more than one year |
6 |
218,100 |
|
|
|
Provisions |
6,293 |
|
--------- |
Net assets |
474 |
|
--------- |
|
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Capital and reserves
Called up share capital |
100 |
Profit and loss account |
374 |
|
---- |
Shareholders funds |
474 |
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---- |
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
28 February 2024
, and are signed on behalf of the board by:
Company registration number:
14039863
Prominent Reading Developments Limited |
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Notes to the Financial Statements |
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Period from 11 April 2022 to 30 April 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Agincourt Villas, Uxbridge Road, Hillingdon, Middlesex, UB10 0NX.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
4.
Tangible assets
|
Freehold property |
|
£ |
Cost or valuation |
|
At 11 April 2022 |
– |
Additions |
326,879 |
Revaluations |
33,121 |
|
--------- |
At 30 April 2023 |
360,000 |
|
--------- |
Depreciation |
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At 11 April 2022 and 30 April 2023 |
– |
|
--------- |
Carrying amount |
|
At 30 April 2023 |
360,000 |
|
--------- |
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Included within the above is investment property as follows:
|
£ |
At 11 April 2022 |
– |
Additions |
326,879 |
Fair value adjustments |
33,121 |
|
--------- |
At 30 April 2023 |
360,000 |
|
--------- |
|
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The property was revalued by the director at the year end and is considered by her to be reflective of the true and fair value at the balance sheet date.
5.
Creditors:
amounts falling due within one year
|
30 Apr 23 |
|
£ |
Bank loans and overdrafts |
38,699 |
Other creditors |
96,434 |
|
--------- |
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135,133 |
|
--------- |
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6.
Creditors:
amounts falling due after more than one year
|
30 Apr 23 |
|
£ |
Bank loans and overdrafts |
218,100 |
|
--------- |
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7.
Secured debt:
Included within other creditors are liabilities of £256,800, which have been secured on the assets of the company.
8.
Director's advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
|
30 Apr 23 |
|
|
Balance brought forward |
Advances/ (credits) to the director |
Balance outstanding |
|
|
£ |
£ |
£ |
|
Mrs A W Shah |
– |
(
95,684) |
(
95,684) |
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