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COMPANY REGISTRATION NUMBER: 11989623
Prism Properties Anglia Limited
Unaudited financial statements
31 May 2023
Prism Properties Anglia Limited
Statement of financial position
31 May 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
3,214,287
3,167,691
Current assets
Stocks
1,856,787
867,054
Debtors
6
628,031
701,948
Cash at bank and in hand
40,986
36,813
-----------
-----------
2,525,804
1,605,815
Creditors: Amounts falling due within one year
7
( 3,505,013)
( 2,479,837)
-----------
-----------
Net current liabilities
( 979,209)
( 874,022)
-----------
-----------
Total assets less current liabilities
2,235,078
2,293,669
Creditors: Amounts falling due after more than one year
8
( 2,020,731)
( 1,819,565)
Provisions
Taxation including deferred tax
( 60,526)
( 170,379)
-----------
-----------
Net assets
153,821
303,725
-----------
-----------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
465,224
465,224
Profit and loss account
( 311,503)
( 161,599)
---------
---------
Shareholders funds
153,821
303,725
---------
---------
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 year ending 31 May 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 year 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 .
Prism Properties Anglia Limited
Statement of financial position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 7 February 2024 , and are signed on behalf of the board by:
R Foster
Director
Company registration number: 11989623
Prism Properties Anglia Limited
Notes to the financial statements
Year ended 31 May 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 2A Telford Way, Thetford, Norfolk, IP24 1HU.
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.
Investment policy
Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
This is in accordance with the FRS 102 Section 1A which unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for by use of the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.
Taxation
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account at a constant rate of charge on the balance of capital repayments outstanding.
4. Employee numbers
The average number of employees during the year was 1 (2022: 1 ).
5. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2022
3,106,477
10,000
76,063
3,192,540
Additions
61,900
61,900
-----------
-------
-------
-----------
At 31 May 2023
3,168,377
10,000
76,063
3,254,440
-----------
-------
-------
-----------
Depreciation
At 1 June 2022
208
24,641
24,849
Charge for the year
2,448
12,856
15,304
-----------
-------
-------
-----------
At 31 May 2023
2,656
37,497
40,153
-----------
-------
-------
-----------
Carrying amount
At 31 May 2023
3,168,377
7,344
38,566
3,214,287
-----------
-------
-------
-----------
At 31 May 2022
3,106,477
9,792
51,422
3,167,691
-----------
-------
-------
-----------
6. Debtors
2023
2022
£
£
Trade debtors
10,585
7,924
Amounts owed by group undertakings and undertakings in which the company has a participating interest
481,146
649,230
Other debtors
136,300
44,794
---------
---------
628,031
701,948
---------
---------
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,000
252,000
Trade creditors
6,770
30,592
Social security and other taxes
6,473
Other creditors
3,494,243
2,190,772
-----------
-----------
3,505,013
2,479,837
-----------
-----------
The bank loans and overdrafts and an element of other creditors are secured against a proportion of freehold property and property currently under construction included within stock.
Included within other creditors is £11,109 (2022: £11,224) relating to hire purchase contracts which is secured on the assets concerned.
8. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,014,349
1,609,074
Other creditors
6,382
210,491
-----------
-----------
2,020,731
1,819,565
-----------
-----------
The bank loans and overdrafts are secured against a proportion of freehold property held by the company.
Included within other creditors is £6,382 (2022: £17,491) relating to hire purchase contracts which is secured on the assets concerned .
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
1,604
9,624
------
------
10. Director's advances, credits and guarantees
At the balance sheet date, included within other debtors is £86,934 (2022: £7,694) which is owed to the company by the director. Interest has been charged on the loan at the official rate.