Registered number
02710648
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Priestley Properties Limited
Report and Unaudited Accounts
31 March 2023
Collins
Chartered Accountants
West Midlands
Priestley Properties Limited
Registered number: 02710648
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £ £ £
Fixed assets
Tangible assets 3 2,270,277 2,316,062
Current assets
Cash at bank and in hand 422,912 118,687
Creditors: amounts falling due within one year 4 (378,391) (366,158)
Net current assets/(liabilities) 44,521 (247,471)
Net assets 2,314,798 2,068,591
Capital and reserves
Called up share capital 1,455,002 1,455,002
Profit and loss account 859,796 613,589
Shareholders' funds 2,314,798 2,068,591
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 members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her 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.
Mrs E M E Smith
Director
Approved by the board on 12 December 2023
Priestley Properties Limited
Notes to the Accounts
for the period from 1 September 2022 to 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 (as applicable to small companies), The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the rents receivable.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than development land and buildings and investment properties, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Development land and buildings Not depreciated
Furnishings and equipment over 4 years
Investment properties
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.
Debtors
Loans and other financial assets are initially recognised at transaction price including any transaction costs.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are also recognised at transaction price net of any transaction costs.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Investment properties Development land and buildings Furnishings and equipment Total
£ £ £ £
Cost / valuation
At 1 September 2022 1,133,625 1,161,833 43,994 2,339,452
Additions - 75,590 - 75,590
Disposals (116,224) - - (116,224)
At 31 March 2023 1,017,401 1,237,423 43,994 2,298,818
Depreciation
At 1 September 2022 - - 23,390 23,390
Charge for the period - - 5,151 5,151
At 31 March 2023 - - 28,541 28,541
Net book value
At 31 March 2023 1,017,401 1,237,423 15,453 2,270,277
At 31 August 2022 1,133,625 1,161,833 20,604 2,316,062
J S C Smith, who is company secretary, has valued the investment properties on the basis of their rental value. He is of the opinion that their value is not materially different from the cost. Accordingly, the director has decided to show value at cost.
4 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax 90,789 36,419
Other taxes and social security costs 90,832 6,892
Directors loans 189,737 315,814
Accruals and deferred income 7,033 7,033
378,391 366,158
5 Controlling party
The company is under the control of Mrs E M E Smith.
6 Other information
Priestley Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
Shaw Green
Cottons Lane
Ashton-Under- Hill
Worcestershire
WR11 6SS
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