Company registration number 11663635 (England and Wales)
PRIME MERIDIAN DEVELOPMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PRIME MERIDIAN DEVELOPMENTS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
PRIME MERIDIAN DEVELOPMENTS LTD (REGISTERED NUMBER: 11663635)
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
69,793
Cash at bank and in hand
1,826
1,826
71,619
1,826
Creditors: amounts falling due within one year
3
(294,516)
(298,001)
Net current liabilities
(222,897)
(296,175)
Creditors: amounts falling due after more than one year
4
(1,606,583)
(1,473,897)
Net liabilities
(1,829,480)
(1,770,072)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(1,829,481)
(1,770,073)
Total equity
(1,829,480)
(1,770,072)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 30 August 2024
Mr M Lomas
Director
PRIME MERIDIAN DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information
Prime Meridian Developments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 19/21 Swan Street, West Malling, United Kingdom, ME19 6JU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the value of consideration received or receivable for the property 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. The following criteria must also be met before turnover is recognised.
Turnover for the sale of property is recognised when all of the following conditions are met:
• The company has transferred the significant risks and rewards of ownership to the buyer;
• The amount of turnover can be recognised reliably and;
• It is probable that the company will receive consideration due under the transaction.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,274
Amounts owed to group undertakings
97,008
97,008
Other creditors
197,508
198,719
294,516
298,001
PRIME MERIDIAN DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
4
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,606,583
1,473,897
Included within Bank loans and overdraft are bank loans secured by way of a floating charge, fixed charge and negative pledge.
5
Related party transactions
Within other creditors is a balance of £97,008 (2022: £97.008) owed to a parent undertaking.