Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mrs L A Price 10/04/2012 Mr R J A Price 10/04/2012 11 March 2024 The principal activity of the Company during the year was property development. 08023155 2023-03-31 08023155 bus:Director1 2023-03-31 08023155 bus:Director2 2023-03-31 08023155 2022-03-31 08023155 core:CurrentFinancialInstruments 2023-03-31 08023155 core:CurrentFinancialInstruments 2022-03-31 08023155 core:ShareCapital 2023-03-31 08023155 core:ShareCapital 2022-03-31 08023155 core:RetainedEarningsAccumulatedLosses 2023-03-31 08023155 core:RetainedEarningsAccumulatedLosses 2022-03-31 08023155 core:LandBuildings 2022-03-31 08023155 core:FurnitureFittings 2022-03-31 08023155 core:ComputerEquipment 2022-03-31 08023155 core:LandBuildings 2023-03-31 08023155 core:FurnitureFittings 2023-03-31 08023155 core:ComputerEquipment 2023-03-31 08023155 core:CostValuation 2022-03-31 08023155 core:CostValuation 2023-03-31 08023155 core:CurrentFinancialInstruments 1 2023-03-31 08023155 core:CurrentFinancialInstruments 1 2022-03-31 08023155 bus:OrdinaryShareClass1 2023-03-31 08023155 2022-04-01 2023-03-31 08023155 bus:FullAccounts 2022-04-01 2023-03-31 08023155 bus:SmallEntities 2022-04-01 2023-03-31 08023155 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 08023155 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08023155 bus:Director1 2022-04-01 2023-03-31 08023155 bus:Director2 2022-04-01 2023-03-31 08023155 core:FurnitureFittings 2022-04-01 2023-03-31 08023155 core:ComputerEquipment 2022-04-01 2023-03-31 08023155 2021-04-01 2022-03-31 08023155 core:LandBuildings 2022-04-01 2023-03-31 08023155 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 08023155 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08023155 (England and Wales)

PRICE PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

PRICE PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

PRICE PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
PRICE PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 400,420 494
Investments 4 100 100
400,520 594
Current assets
Stocks 263,979 1,163,227
Debtors 5 948,634 939,470
Cash at bank and in hand 227,312 791
1,439,925 2,103,488
Creditors: amounts falling due within one year 6 ( 1,680,128) ( 1,569,544)
Net current (liabilities)/assets (240,203) 533,944
Total assets less current liabilities 160,317 534,538
Provision for liabilities 0 ( 124)
Net assets 160,317 534,414
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 160,217 534,314
Total shareholders' funds 160,317 534,414

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Price Properties Limited (registered number: 08023155) were approved and authorised for issue by the Board of Directors on 11 March 2024. They were signed on its behalf by:

Mrs L A Price
Director
PRICE PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
PRICE PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Price Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Chy Nyverow, Newham Road, Truro, TR1 2DP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Fixtures and fittings 15 % reducing balance
Computer equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 April 2022 0 830 452 1,282
Additions 400,000 0 0 400,000
At 31 March 2023 400,000 830 452 401,282
Accumulated depreciation
At 01 April 2022 0 517 271 788
Charge for the financial year 0 47 27 74
At 31 March 2023 0 564 298 862
Net book value
At 31 March 2023 400,000 266 154 400,420
At 31 March 2022 0 313 181 494

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 April 2022 100
At 31 March 2023 100
Carrying value at 31 March 2023 100
Carrying value at 31 March 2022 100

5. Debtors

2023 2022
£ £
Trade debtors 91 199
Prepayments and accrued income 3,178 4,442
VAT recoverable 1,032 1,598
Other debtors 944,333 933,231
948,634 939,470

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 20,991 5,205
Amounts owed to directors 1,552,735 1,458,668
Accruals 4,000 3,250
CIS withheld 120 0
Other creditors 102,282 102,421
1,680,128 1,569,544

7. Called-up share capital

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