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REGISTERED NUMBER: 10900454 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 August 2023

for

Prime Rental Management Limited

Prime Rental Management Limited (Registered number: 10900454)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Prime Rental Management Limited

Company Information
for the Year Ended 31 August 2023







DIRECTORS: L Mowles
Mrs K Mowles





REGISTERED OFFICE: The Old Grange
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT





REGISTERED NUMBER: 10900454 (England and Wales)





ACCOUNTANTS: Fisher Michael
The Old Grange
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT

Prime Rental Management Limited (Registered number: 10900454)

Balance Sheet
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 387 515
Investment property 5 65,000 65,000
65,387 65,515

CURRENT ASSETS
Debtors 6 4,095 4,095
Cash at bank 66,225 69,293
70,320 73,388
CREDITORS
Amounts falling due within one year 7 4,714 4,714
NET CURRENT ASSETS 65,606 68,674
TOTAL ASSETS LESS CURRENT
LIABILITIES

130,993

134,189

CREDITORS
Amounts falling due after more than one
year

8

(90,000

)

(90,000

)

PROVISIONS FOR LIABILITIES (4,598 ) (4,598 )
NET ASSETS 36,395 39,591

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 19,601 19,601
Retained earnings 16,694 19,890
SHAREHOLDERS' FUNDS 36,395 39,591

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Prime Rental Management Limited (Registered number: 10900454)

Balance Sheet - continued
31 August 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 Board of Directors and authorised for issue on 10 April 2024 and were signed on its behalf by:





L Mowles - Director


Prime Rental Management Limited (Registered number: 10900454)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Prime Rental Management Limited 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.

This company is not part of a group.

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 as modified by the revaluation of certain assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fittings & fixtures - 25% on reducing balance

Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

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.

The investment properties are included at fair value. Gains are recognised in the income statement and subsequently transferred to the fair value reserve. Deferred taxation is provided on these gains at the rate expected to apply when the properties are sold.

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 and loans to related parties.

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.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Prime Rental Management Limited (Registered number: 10900454)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued

Creditors
Short term creditors are measured at the transaction price.

Other financial liabilities, including bank loans are also measured at transaction price since the difference between this basis and the amortised cost basis is not material.

Significant judgements and estimates
No significant judgements or estimates have been applied in the preparation of the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2022
and 31 August 2023 1,629
DEPRECIATION
At 1 September 2022 1,114
Charge for year 128
At 31 August 2023 1,242
NET BOOK VALUE
At 31 August 2023 387
At 31 August 2022 515

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022
and 31 August 2023 65,000
NET BOOK VALUE
At 31 August 2023 65,000
At 31 August 2022 65,000

Fair value at 31 August 2023 is represented by:
£   
Valuation in 2020 17,199
Valuation in 2021 7,000
Cost 40,801
65,000

Prime Rental Management Limited (Registered number: 10900454)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

5. INVESTMENT PROPERTY - continued

If the investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 40,801 40,801

The directors have considered the fair value of the remaining property in line with similar properties marketed for sale in the area, and confirm the value above accurately represents the fair value

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 4,095 4,095

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other creditors 4,714 4,714

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 90,000 90,000