Caseware UK (AP4) 2023.0.135 2023.0.135 2023-07-312023-07-31falsefalse2022-08-01The company's principal activity continues to be that of the letting of commercial property.22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04350616 2022-08-01 2023-07-31 04350616 2021-08-01 2022-07-31 04350616 2023-07-31 04350616 2022-07-31 04350616 2021-08-01 04350616 c:Director1 2022-08-01 2023-07-31 04350616 c:Director2 2022-08-01 2023-07-31 04350616 c:RegisteredOffice 2022-08-01 2023-07-31 04350616 d:FreeholdInvestmentProperty 2023-07-31 04350616 d:FreeholdInvestmentProperty 2022-07-31 04350616 d:CurrentFinancialInstruments 2023-07-31 04350616 d:CurrentFinancialInstruments 2022-07-31 04350616 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 04350616 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 04350616 d:ShareCapital 2023-07-31 04350616 d:ShareCapital 2022-07-31 04350616 d:InvestmentPropertiesRevaluationReserve 2022-08-01 2023-07-31 04350616 d:InvestmentPropertiesRevaluationReserve 2023-07-31 04350616 d:InvestmentPropertiesRevaluationReserve 2022-07-31 04350616 d:RetainedEarningsAccumulatedLosses 2023-07-31 04350616 d:RetainedEarningsAccumulatedLosses 2022-07-31 04350616 c:OrdinaryShareClass1 2022-08-01 2023-07-31 04350616 c:OrdinaryShareClass1 2023-07-31 04350616 c:OrdinaryShareClass1 2022-07-31 04350616 c:FRS102 2022-08-01 2023-07-31 04350616 c:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 04350616 c:FullAccounts 2022-08-01 2023-07-31 04350616 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 04350616 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 04350616 d:AcceleratedTaxDepreciationDeferredTax 2022-07-31 04350616 e:PoundSterling 2022-08-01 2023-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04350616










PRIORY ASSETS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
PRIORY ASSETS LIMITED
 
 
COMPANY INFORMATION


Directors
P C Shepherd 
Mrs S Davies 




Registered number
04350616



Registered office
7 The Close

Norwich

Norfolk

NR1 4DJ




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
PRIORY ASSETS LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 7


 
PRIORY ASSETS LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PRIORY ASSETS LIMITED
FOR THE YEAR ENDED 31 JULY 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Priory Assets Limited for the year ended 31 July 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Priory Assets Limited, as a body, in accordance with the terms of our engagement letter dated 24 April 2023Our work has been undertaken solely to prepare for your approval the financial statements of Priory Assets Limited and state those matters that we have agreed to state to the Board of directors of Priory Assets Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Priory Assets Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Priory Assets Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Priory Assets Limited. You consider that Priory Assets Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Priory Assets Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
16 April 2024
Page 1

 
PRIORY ASSETS LIMITED
REGISTERED NUMBER: 04350616

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 5 
2,250,000
2,250,000

Current assets
  

Debtors: amounts falling due within one year
 6 
795
1,541

Cash at bank and in hand
  
218,710
160,254

  
219,505
161,795

Creditors: amounts falling due within one year
 7 
(86,140)
(81,678)

Net current assets
  
 
 
133,365
 
 
80,117

Total assets less current liabilities
  
2,383,365
2,330,117

Provisions for liabilities
  

Deferred tax
 8 
(59,781)
(59,781)

Net assets
  
2,323,584
2,270,336


Capital and reserves
  

Called up share capital 
 9 
100
100

Fair value reserve
 10 
963,824
963,824

Profit and loss account
 10 
1,359,660
1,306,412

  
2,323,584
2,270,336


Page 2

 
PRIORY ASSETS LIMITED
REGISTERED NUMBER: 04350616
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
Mrs S Davies
Director

Date: 16 April 2024

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
PRIORY ASSETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Priory Assets Limited is a private Company limited by shares incorporated in England and Wales, registration number 04350616. The registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises rental income from investment properties leased out under operating leases and is recognised on a straight-line basis over the term of the lease. 

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and 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 current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.4

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 
PRIORY ASSETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.5

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

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.
Debt instruments that are payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. 

 
2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Investment property
Investment properties are carried at fair value determined by market value in accordance with valuations carried out by the directors. 
Deferred tax
As deferred tax is provided on investment properties by reference to the tax that would be due on the ultimate sale of the properties, estimates used in the derivation of the investment property valuations have a direct impact on the deferred tax provided. 
In calculating deferred tax, the Company is required by accounting standards to provide for tax liabilities based on tax rates known at the balance sheet date as an estimate of future tax rates. If future tax rates were to change, the estimate of the Company’s tax liabilities would be revised accordingly with a consequential impact on the results and financial position of the Company.


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 
PRIORY ASSETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 August 2022
2,250,000



At 31 July 2023
2,250,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
1,226,395
1,226,395

1,226,395
1,226,395


6.


Debtors

2023
2022
£
£


Trade debtors
522
-

Other debtors
273
1,541

795
1,541



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,500
75

Corporation tax
40,397
37,934

Other taxation and social security
8,641
8,226

Other creditors
2,400
2,400

Accruals and deferred income
33,202
33,043

86,140
81,678


Page 6

 
PRIORY ASSETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

8.


Deferred taxation




2023
2022


£

£






At beginning of year
(59,781)
(59,781)



At end of year
(59,781)
(59,781)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Tax on investment property
(59,781)
(59,781)

(59,781)
(59,781)


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



10.


Reserves

Fair value reserve

The fair value reserve represents the accumulated unrealised gains in respect of revaluations of investment property held by the Company.

 
Page 7