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Registration number: 00550409

Prime Sites (Holdings) Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2024

 

Prime Sites (Holdings) Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 8

 

Prime Sites (Holdings) Limited

Company Information

Directors

Ms H M Bewsey

Mrs S L Bewsey

Mr A Bewsey

Registered office

Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY

Accountants

Stewart & Co Accountants LLP
Chartered Accountants
Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY

 

Prime Sites (Holdings) Limited

(Registration number: 00550409)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,784

1,556

Investment property

5

700,000

810,000

Other financial assets

6

75,556

75,556

 

777,340

887,112

Current assets

 

Debtors

7

3,630

8,729

Cash at bank and in hand

 

167,677

151,272

 

171,307

160,001

Creditors: Amounts falling due within one year

8

(49,230)

(137,086)

Net current assets

 

122,077

22,915

Total assets less current liabilities

 

899,417

910,027

Provisions for liabilities

(3,785)

(3,785)

Net assets

 

895,632

906,242

Capital and reserves

 

Called up share capital

1,500

1,500

Fair value reserve

304,257

376,950

Profit and loss account

589,875

527,792

Shareholders' funds

 

895,632

906,242

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 7 August 2024 and signed on its behalf by:
 

 

Prime Sites (Holdings) Limited

(Registration number: 00550409)
Statement of Financial Position as at 31 March 2024

.........................................
Ms H M Bewsey
Director

 

Prime Sites (Holdings) Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Fair value reserve
£

Profit and loss account
£

Total
£

At 1 April 2023

1,500

376,950

527,792

906,242

Profit for the year

-

-

139,390

139,390

Dividends

-

-

(150,000)

(150,000)

Transfers

-

(72,693)

72,693

-

At 31 March 2024

1,500

304,257

589,875

895,632

Share capital
£

Fair value reserve
£

Profit and loss account
£

Total
£

At 1 April 2022

372,021

376,950

605,118

1,354,089

Profit for the year

-

-

674

674

Dividends

-

-

(78,000)

(78,000)

Other share capital movements

(370,521)

-

-

(370,521)

At 31 March 2023

1,500

376,950

527,792

906,242

 

Prime Sites (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY. United Kingdom.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, rebates and discounts.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Prime Sites (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:

Asset class

Depreciation method and rate

Fixture and fittings

15% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 3).

 

Prime Sites (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 April 2023

7,540

7,540

Additions

541

541

At 31 March 2024

8,081

8,081

Depreciation

At 1 April 2023

5,984

5,984

Charge for the year

313

313

At 31 March 2024

6,297

6,297

Carrying amount

At 31 March 2024

1,784

1,784

At 31 March 2023

1,556

1,556

5

Investment properties

2024
£

At 1 April 2023

810,000

Disposals

(110,000)

At 31 March 2024

700,000

There has been no valuation of investment property by an independent valuer. The directors of the company value the properties at each year end using their knowledge and experience of the commercial property sector, including assessments of similar properties and sold prices. There have been no changes to the valuations at the year end.

 

Prime Sites (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

75,556

75,556

At 31 March 2024

75,556

75,556

Impairment

Carrying amount

At 31 March 2024

75,556

75,556

7

Debtors

2024
£

2023
£

Trade debtors

758

6,609

Prepayments

2,872

2,120

3,630

8,729

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

257

6,922

Taxation and social security

5,009

6,647

Accruals and deferred income

13,271

15,223

Other creditors

30,693

108,294

49,230

137,086