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Registered Number: 04683750
England and Wales

 

 

 

PRIME HILL LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 August 2022

End date: 31 July 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 1,452,284    1,060,000 
Investments 4 4    2 
1,452,288    1,060,002 
Current assets      
Debtors 5 149,999    305,288 
Cash at bank and in hand 181,455    179,794 
331,454    485,082 
Creditors: amount falling due within one year 6 (1,216,177)   (1,086,519)
Net current liabilities (884,723)   (601,437)
 
Total assets less current liabilities 567,565    458,565 
Creditors: amount falling due after more than one year 7 (376,044)   (405,219)
Net assets 191,521    53,346 
 

Capital and reserves
     
Called up share capital 8 100    100 
Profit and loss account 191,421    53,246 
Shareholder's funds 191,521    53,346 
 


For the year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 15 February 2024 and were signed on its behalf by:


-------------------------------
Ansu Shah
Director
1
General Information
Prime Hill Limited is a private company, limited by shares, registered in England and Wales, registration number 04683750, registration address 3 Prembroke Road, Northwood, Middlesex, Northwood, Middlesex, HA6 2HP.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover represents amounts receivable from gross rent charged to tenants and the invoiced value of goods and services supplied by the company, net of Value Added Tax. Rents received prior to the period which they relate  are accounted for as deferred income and released to profit and loss account in the period which it relates. Income is recognised as accommodation is provided is provided to tenants.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 2 (2022 : 2).
3.

Tangible fixed assets

Cost or valuation Investment properties   Total
  £   £
At 01 August 2022 1,375,000    1,375,000 
Additions 392,284    392,284 
Disposals  
Revaluations (315,000)   (315,000)
At 31 July 2023 1,452,284    1,452,284 
Depreciation
At 01 August 2022  
Charge for year  
On disposals  
At 31 July 2023  
Net book values
Closing balance as at 31 July 2023 1,452,284    1,452,284 
Opening balance as at 01 August 2022 1,060,000    1,060,000 


4.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 August 2022 2    2 
Additions 2    2 
Transfer to/from tangible fixed assets  
Disposals  
At 31 July 2023 4    4 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Other Debtors 149,999    305,288 
149,999    305,288 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Bank Loans & Overdrafts 55,745    40,512 
Taxation and Social Security 13,825    12,583 
Other Creditors 1,146,607    1,033,424 
1,216,177    1,086,519 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 376,044    405,219 
376,044    405,219 

8.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
100 Ordinary shares of £1.00 each 100    100 
100    100 

9.

Related Party Notes

Included within the other creditors is amount due to a connected company amounting to £173,897 (2022: £174,197). This amount is unsecured, interest free and repayable on demand.
2