IRIS Accounts Production v23.2.0.158 09263887 Board of Directors 1.11.22 31.10.23 31.10.23 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure092638872022-10-31092638872023-10-31092638872022-11-012023-10-31092638872021-10-31092638872021-11-012022-10-31092638872022-10-3109263887ns16:EnglandWales2022-11-012023-10-3109263887ns15:PoundSterling2022-11-012023-10-3109263887ns11:Director12022-11-012023-10-3109263887ns11:PrivateLimitedCompanyLtd2022-11-012023-10-3109263887ns11:SmallEntities2022-11-012023-10-3109263887ns11:AuditExempt-NoAccountantsReport2022-11-012023-10-3109263887ns11:SmallCompaniesRegimeForDirectorsReport2022-11-012023-10-3109263887ns11:SmallCompaniesRegimeForAccounts2022-11-012023-10-3109263887ns11:FullAccounts2022-11-012023-10-3109263887ns11:Director22022-11-012023-10-3109263887ns11:Director32022-11-012023-10-3109263887ns11:Director42022-11-012023-10-3109263887ns11:RegisteredOffice2022-11-012023-10-3109263887ns6:CurrentFinancialInstruments2023-10-3109263887ns6:CurrentFinancialInstruments2022-10-3109263887ns6:Non-currentFinancialInstruments2023-10-3109263887ns6:Non-currentFinancialInstruments2022-10-3109263887ns6:ShareCapital2023-10-3109263887ns6:ShareCapital2022-10-3109263887ns6:FurtherSpecificReserve3ComponentTotalEquity2023-10-3109263887ns6:FurtherSpecificReserve3ComponentTotalEquity2022-10-3109263887ns6:RetainedEarningsAccumulatedLosses2023-10-3109263887ns6:RetainedEarningsAccumulatedLosses2022-10-3109263887ns6:MotorVehicles2022-11-012023-10-3109263887ns6:ComputerEquipment2022-11-012023-10-3109263887ns6:MotorVehicles2022-10-3109263887ns6:ComputerEquipment2022-10-3109263887ns6:MotorVehicles2023-10-3109263887ns6:ComputerEquipment2023-10-3109263887ns6:MotorVehicles2022-10-3109263887ns6:ComputerEquipment2022-10-3109263887ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2022-10-3109263887ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2022-11-012023-10-3109263887ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2023-10-3109263887ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2022-10-3109263887ns6:WithinOneYearns6:CurrentFinancialInstruments2023-10-3109263887ns6:WithinOneYearns6:CurrentFinancialInstruments2022-10-3109263887ns6:FurtherSpecificReserve3ComponentTotalEquity2022-10-31
REGISTERED NUMBER: 09263887 (England and Wales)















Financial Statements for the Year Ended 31 October 2023

for

Primelets Properties Ltd

Primelets Properties Ltd (Registered number: 09263887)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Primelets Properties Ltd

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Ms F L Atkinson
Mrs P L Cunningham
M J Cunningham
Mrs L E Korda





REGISTERED OFFICE: 14 Tree Tops Court
Leeds
West Yorkshire
LS8 2AH





REGISTERED NUMBER: 09263887 (England and Wales)





ACCOUNTANTS: Richard Smedley Limited
Chartered Accountants & Registered Auditors
Richmond House
Lawnswood Business Park
Redvers Close
Leeds
West Yorkshire
LS16 6QY

Primelets Properties Ltd (Registered number: 09263887)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 11,726 16,159
Investment property 5 2,495,500 2,296,000
2,507,226 2,312,159

CURRENT ASSETS
Debtors 6 4,411 3,819
Cash at bank 161,511 158,501
165,922 162,320
CREDITORS
Amounts falling due within one year 7 820,936 816,220
NET CURRENT LIABILITIES (655,014 ) (653,900 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,852,212

1,658,259

CREDITORS
Amounts falling due after more than one year 8 (1,045,128 ) (868,637 )

PROVISIONS FOR LIABILITIES (160,756 ) (118,427 )
NET ASSETS 646,328 671,195

CAPITAL AND RESERVES
Called up share capital 200 200
Fair value reserve 10 525,843 543,770
Retained earnings 120,285 127,225
646,328 671,195

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Primelets Properties Ltd (Registered number: 09263887)

Balance Sheet - continued
31 October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 March 2024 and were signed on its behalf by:





Mrs P L Cunningham - Director


Primelets Properties Ltd (Registered number: 09263887)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Primelets Properties Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net rents received.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Basic financial instruments are recognised at amortised costs. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Primelets Properties Ltd (Registered number: 09263887)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2022
and 31 October 2023 25,930 2,359 28,289
DEPRECIATION
At 1 November 2022 11,344 786 12,130
Charge for year 3,647 786 4,433
At 31 October 2023 14,991 1,572 16,563
NET BOOK VALUE
At 31 October 2023 10,939 787 11,726
At 31 October 2022 14,586 1,573 16,159

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 November 2022
and 31 October 2023 25,930
DEPRECIATION
At 1 November 2022 11,344
Charge for year 3,647
At 31 October 2023 14,991
NET BOOK VALUE
At 31 October 2023 10,939
At 31 October 2022 14,586

Primelets Properties Ltd (Registered number: 09263887)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022 2,296,000
Additions 249,251
Disposals (74,382 )
Revaluations 24,631
At 31 October 2023 2,495,500
NET BOOK VALUE
At 31 October 2023 2,495,500
At 31 October 2022 2,296,000

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2020 145,372
Valuation in 2021 466,127
Valuation in 2022 47,538
Valuation in 2023 24,631
Cost 1,811,832
2,495,500

The investment properties were valued on an open market basis on 31st October 2023 using Zoopla.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 550 1,025
Other debtors 3,861 2,794
4,411 3,819

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Hire purchase contracts 2,270 2,124
Trade creditors 1,077 116
Taxation and social security 1,703 7,777
Other creditors 815,886 806,203
820,936 816,220

Primelets Properties Ltd (Registered number: 09263887)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Bank loans 1,035,081 856,320
Hire purchase contracts 10,047 12,317
1,045,128 868,637

9. SECURED DEBTS

Handelsbanken PLC and Svenska Handelsbanken hold several fixed and floating charges over the properties owned by the company.

Two of the charges were satisfied at Companies House after the year end.

10. RESERVES
Fair
value
reserve
£   
At 1 November 2022 543,770
Revaluation (17,927 )

At 31 October 2023 525,843