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Registration number: 13521634

Primed Property Investments Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Primed Property Investments Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Primed Property Investments Ltd

Company Information

Director

Mr Daniel McCreath

Registered office

1 Market Hill
Calne
Wiltshire
SN11 0BT

Accountants

RiverView Portfolio Limited
1 Market Hill
Calne
Wiltshire
SN11 0BT

 

Primed Property Investments Ltd

(Registration number: 13521634)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

68

-

Investment property

6

3,406,000

843,000

 

3,406,068

843,000

Current assets

 

Debtors

7

29,107

131,157

Cash at bank and in hand

 

8,749

77,798

 

37,856

208,955

Creditors: Amounts falling due within one year

8

(49,548)

(18,776)

Net current (liabilities)/assets

 

(11,692)

190,179

Total assets less current liabilities

 

3,394,376

1,033,179

Creditors: Amounts falling due after more than one year

8

(3,065,868)

(1,036,475)

Provisions for liabilities

(97,961)

(19,632)

Net assets/(liabilities)

 

230,547

(22,928)

Capital and reserves

 

Called up share capital

1,000

1,000

Revaluation reserve

417,624

83,695

Retained earnings

(188,077)

(107,623)

Shareholders' funds/(deficit)

 

230,547

(22,928)

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 19 February 2024
 

 

Primed Property Investments Ltd

(Registration number: 13521634)
Balance Sheet as at 31 July 2023 (continued)

.........................................
Mr Daniel McCreath
Director

   
     
 

Primed Property Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Market Hill
Calne
Wiltshire
SN11 0BT
England

These financial statements were authorised for issue by the director on 19 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Investment property

The fair value of the properties at the year end have been arrived at on the basis of a valuation carried out at that
date by the director of the company, who is not a professionally qualified valuer. The valuations were arrived at
by reference to the market evidence of transaction prices for similar properties in the location the properties are situated.

 

Primed Property Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 0).

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

23

-

 

Primed Property Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

91

91

At 31 July 2023

91

91

Depreciation

Charge for the year

23

23

At 31 July 2023

23

23

Carrying amount

At 31 July 2023

68

68

6

Investment properties

2023
£

At 1 August

843,000

Additions

2,150,742

Fair value adjustments

412,258

At 31 July

3,406,000

There has been no valuation of investment property by an independent valuer.

7

Debtors

Current

2023
£

2022
£

Prepayments

3,513

721

Other debtors

25,594

130,436

 

Primed Property Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

-

70

Accruals and deferred income

49,535

17,613

Other creditors

13

1,093

49,548

18,776

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

3,065,868

1,036,475

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

333,929

333,929

The changes to each component of equity resulting from items of other comprehensive income for the prior period were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

83,695

83,695

10

Loans and borrowings

 

Primed Property Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

10

Loans and borrowings (continued)

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

2,105,868

465,975

Other borrowings

960,000

570,500

3,065,868

1,036,475