Caseware UK (AP4) 2023.0.135 2023.0.135 2023-08-312023-08-3122022-09-01falserenting its own investment properties2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04055235 2022-09-01 2023-08-31 04055235 2021-09-01 2022-08-31 04055235 2023-08-31 04055235 2022-08-31 04055235 2021-09-01 04055235 c:Director1 2022-09-01 2023-08-31 04055235 d:Buildings 2022-09-01 2023-08-31 04055235 d:Buildings 2023-08-31 04055235 d:Buildings 2022-08-31 04055235 d:Buildings d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 04055235 d:CurrentFinancialInstruments 2023-08-31 04055235 d:CurrentFinancialInstruments 2022-08-31 04055235 d:CurrentFinancialInstruments 1 2023-08-31 04055235 d:CurrentFinancialInstruments 1 2022-08-31 04055235 d:Non-currentFinancialInstruments 2023-08-31 04055235 d:Non-currentFinancialInstruments 2022-08-31 04055235 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 04055235 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 04055235 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 04055235 d:Non-currentFinancialInstruments d:AfterOneYear 2022-08-31 04055235 d:ShareCapital 2022-09-01 2023-08-31 04055235 d:ShareCapital 2023-08-31 04055235 d:ShareCapital 2021-09-01 2022-08-31 04055235 d:ShareCapital 2022-08-31 04055235 d:ShareCapital 2021-09-01 04055235 d:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 04055235 d:RetainedEarningsAccumulatedLosses 2023-08-31 04055235 d:RetainedEarningsAccumulatedLosses 2021-09-01 2022-08-31 04055235 d:RetainedEarningsAccumulatedLosses 2022-08-31 04055235 d:RetainedEarningsAccumulatedLosses 2021-09-01 04055235 c:FRS102 2022-09-01 2023-08-31 04055235 c:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 04055235 c:AbridgedAccounts 2022-09-01 2023-08-31 04055235 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 04055235 6 2022-09-01 2023-08-31 04055235 f:PoundSterling 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure
Registered number: 04055235


PRINCEMOUNT LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 AUGUST 2023

 
PRINCEMOUNT LIMITED
REGISTERED NUMBER: 04055235

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,816,311
1,865,063

Investments
  
100
100

  
1,816,411
1,865,163

Current assets
  

Debtors
  
65,537
98,112

Cash at bank and in hand
  
8,553
7,381

  
74,090
105,493

Creditors: amounts falling due within one year
 7 
(233,205)
(183,559)

Net current liabilities
  
 
 
(159,115)
 
 
(78,066)

Total assets less current liabilities
  
1,657,296
1,787,097

Creditors: amounts falling due after more than one year
  
(893,397)
(995,236)

Net assets
  
763,899
791,861


Capital and reserves
  

Called up share capital 
  
200
200

Profit and loss account
  
763,699
791,661

  
763,899
791,861


Page 1

 
PRINCEMOUNT LIMITED
REGISTERED NUMBER: 04055235
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



Mr R N Thakerar
Director
Date: 12 April 2024

The notes on pages 4 to 9 form part of these financial statements.

Page 2

 
PRINCEMOUNT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 September 2021
200
813,720
813,920


Comprehensive income for the year

Loss for the year
-
(22,059)
(22,059)
Total comprehensive income for the year
-
(22,059)
(22,059)


Total transactions with owners
-
-
-



At 1 September 2022
200
791,661
791,861


Comprehensive income for the year

Profit for the year
-
7,038
7,038
Total comprehensive income for the year
-
7,038
7,038


Contributions by and distributions to owners

Dividends: Equity capital
-
(35,000)
(35,000)


Total transactions with owners
-
(35,000)
(35,000)


At 31 August 2023
200
763,699
763,899


The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
PRINCEMOUNT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Princemount Limited is a private company, limited by share capital, incorporated in England and Wales under registration number 04055235. The address of the registered office is situated at 4 Castle Hill Parade, London, W13 8JP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
PRINCEMOUNT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
PRINCEMOUNT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6

 
PRINCEMOUNT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

3.


Employees

2023
2022
£
£

Wages and salaries
17,734
13,050

Cost of defined contribution scheme
155
77

17,889
13,127


The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Freehold property

£



Cost or valuation


At 1 September 2022
2,437,673



At 31 August 2023

2,437,673



Depreciation


At 1 September 2022
572,609


Charge for the year on owned assets
48,753



At 31 August 2023

621,362



Net book value



At 31 August 2023
1,816,311



At 31 August 2022
1,865,063

Page 7

 
PRINCEMOUNT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


Additions
100



At 31 August 2023
100





6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
40,827
64,771

Amounts owed by connected companies
16,003
20,703

Prepayments and accrued income
8,706
12,637

65,536
98,111



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
143,779
133,311

Trade creditors
6,338
-

Corporation tax
13,606
6,041

PAYE/NI payable
100
98

Pension payable
30
30

Amounts owed to group undertakings
33,900
-

Directors' loan account
10,763
22,585

Other creditors
20,489
19,394

Accruals
4,200
2,100

233,205
183,559


The bank loans are secured by a fixed and floating charge over the assets of the company.

Page 8

 
PRINCEMOUNT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
742,497
844,337

Other loans
150,900
150,900

893,397
995,237


The bank loans are secured by a fixed and floating charge over the assets of the company.


9.


Related party transactions

The balance on the director's loan account of Mr R N Thakerar was £9,800 (2022 - £13,094) and the balance available on director's loan account of Mr K R Thakerar was £963 (2022 - £9,491) as at 31 August 2023.
The directors, Mr R N Thakerar and Mr K R Thakerar, had an interest in the company's transactions with P.rincemount (Holdings) Ltd, which is incorporated in the UK by the virtue of the directors also being directors of this company.
At the balance sheet date, the balance due to P.rincemount (Holdings) Ltd was £33,900 - credit balance (2022 - £2,100 - debit balance).
  
The director, Mr R N Thakerar, had an interest in the company's transactions with Private Health Clinic Ltd and Asra Park Ltd, which are both incorporated and trading in the UK by virtue of the director also being a director of these companies.
During the year, the company received rent of £24,000 (2022 - £24,000) from Private Health Clinic Ltd. At the balance sheet date, the balance due from Private Health Clinic Ltd was £40,827 (2022 - £62,671).
At the balance sheet date, the balance due to Asra Park Ltd was £16,003 (2022 - £20,703).


10.


Controlling party

The company was under the ultimate control of the director, Mr R N Thakerar (60% ordinary shares and 100% B ordinary shares) by virtue of the fact that he owns 80% of the issued share capital of the parent company, P.rincemount (Holdings) Ltd.

 
Page 9