2022-11-042023-12-312023-12-31false14461701Prime Collection Property 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Prime Collection Property Limited

Registered Number
14461701
(England and Wales)

Unaudited Financial Statements for the Period ended
31 December 2023

Prime Collection Property Limited
Company Information
for the period from 4 November 2022 to 31 December 2023

Director

Harry Blake

Registered Address

Flat 16 30 Oval Road
London
NW1 7DE

Place of Business

18a Hanson Street

Fitzrovia

London

W1W 6UE


Registered Number

14461701 (England and Wales)
Prime Collection Property Limited
Balance Sheet as at
31 December 2023

Notes

2023

£

£

Fixed assets
Tangible assets31,940
1,940
Current assets
Debtors492,469
Cash at bank and on hand129,267
221,736
Creditors amounts falling due within one year5(346,306)
Net current assets (liabilities)(124,570)
Total assets less current liabilities(122,630)
Net assets(122,630)
Capital and reserves
Called up share capital1
Profit and loss account(122,631)
Shareholders' funds(122,630)
The financial statements were approved and authorised for issue by the Director on 6 August 2024, and are signed on its behalf by:
Harry Blake
Director
Registered Company No. 14461701
Prime Collection Property Limited
Notes to the Financial Statements
for the period ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The financial statements report the financial results only of the company and are presented in Sterling (£).
Statement of compliance
The financial statements have been prepared in compliance with Section 1A of Financial Reporting Standard 102 and Companies Act 2006 as these apply to the financial statements for the period and there were no material departures from the reporting standard.
Going concern
The financial statements have been prepared on a going concern basis notwithstanding the fact that the company has a deficiency on total equity at the end of the year. The director considers this basis to be appropriate as the company has sufficient facilities available from its shareholder to fund its working capital requirement for a period of at least twelve months for the date these financial statements were approved.
Revenue from rendering of services
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. 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
Current taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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. Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Tangible fixed assets and depreciation
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. 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. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment3
Financial instruments
Financial assets and financial liabilities are recognised when the company becomes 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. Basic financial assets, including trade and other debtors, and cash and bank balances, are initially recognised at transaction price, 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 for a similar debt instrument. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, 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 for a similar debt instrument. Debt instruments are subsequently carried at amortised cost, using the effective interest method. Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment. If evidence of impairment is found, an impairment loss is recognised in the profit and loss account. Financial assets are derecognised when (i) the contractual rights to the cashflows from the asset expire or are settled, or (ii) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (iii) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees
The average number of employees include directors.

2023
Average number of employees during the year3
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
Additions2,5982,598
At 31 December 232,5982,598
Depreciation and impairment
Charge for year658658
At 31 December 23658658
Net book value
At 31 December 231,9401,940
At 03 November 22--
4.Debtors: amounts due within one year

2023

£
Trade debtors / trade receivables1,994
Other debtors52,841
Prepayments and accrued income37,634
Total92,469
5.Creditors: amounts due within one year

2023

£
Taxation and social security23,326
Other creditors232,983
Accrued liabilities and deferred income89,997
Total346,306
6.Pension commitments
The company operates a defined contribution pension scheme for the employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £452 were due to the fund. They are included in other creditors.
7.Share capital
During the year 1 Ordinary £1 share was issued at par.
8.Related party transactions
During the period the director of the company loaned £47,000 to the company and paid expenses of £1,330 on behalf of the company. In the period the company advanced £5,129 to the Director and paid expenses on the Directors behalf of £2,473. As at the balance sheet date the director was owed £40,728 by the company. During the year, the company received a loan amounting to £50,000 from a related party. The loan is to be repayable on demand and the rate of interest charged is 0%. At the balance sheet date, the loan was still outstanding and is presented within Other Creditors.