Registered number
13572619
Prime Polat Limited
Filleted Accounts
31 August 2023
Prime Polat Limited
Registered number: 13572619
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Investments properties 3 414,105 253,960
Current assets
Debtors 4 600 -
Cash at bank and in hand 2,053 123,039
2,653 123,039
Creditors: amounts falling due within one year 5 (412,924) (380,016)
Net current liabilities (410,271) (256,977)
Net assets/(liabilities) 3,834 (3,017)
Capital and reserves
Called up share capital 1 1
Profit and loss account 3,833 (3,018)
Shareholder's funds 3,834 (3,017)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Cavit Polat
Director
Approved by the board on 11 April 2024
Prime Polat Limited
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment Property
Investment properties are those which are held either to earn rental income or for capital appreciation or for both. Investment properties are measured at cost, including related transaction costs. After initial recognition at cost, investment properties are carried at at their fair values based on market value determined by Directors annually. The difference between the fair value of an investment at the reporting date and its carrying amount prior to re-measurement is included in the income statement as a valuation surplus or deficit.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Investments
Investment
properties
£
Cost
At 1 September 2022 253,960
Additions 160,145
At 31 August 2023 414,105
4 Debtors 2023 2022
£ £
Other debtors 600 -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 540 -
Taxation and social security costs 899 -
Other creditors 411,485 380,016
412,924 380,016
6 Other information
Prime Polat Limited is a private company limited by shares and incorporated in England. Its registered office is:
311 Regents Park Road
London
N3 1DP
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