Registered number
08554900
Premier Housing Options Limited
Unaudited Filleted Accounts
31 December 2023
Premier Housing Options Limited
Registered number: 08554900
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 36,468 2,216
Investments 4 2,973,402 1,861,612
3,009,870 1,863,828
Current assets
Debtors 5 11,377 -
Cash at bank and in hand 229,918 270,823
241,295 270,823
Creditors: amounts falling due within one year 6 (379,418) (9,685)
Net current (liabilities)/assets (138,123) 261,138
Total assets less current liabilities 2,871,747 2,124,966
Creditors: amounts falling due after more than one year 7 (2,258,031) (1,897,508)
Provisions for liabilities (160,082) (35,350)
Net assets 453,634 192,108
Capital and reserves
Called up share capital 10 10
Profit and loss account 453,624 192,098
Shareholder's funds 453,634 192,108
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Tracey Underwood
Director
Approved by the board on 4 September 2024
Premier Housing Options Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the value of rents generated from investment properties, and any other related income.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment over 3 years
Investments
Investments are made up of investment properties measured at fair value. Changes in fair value are included in the profit and loss account. The company has departed from FRS 102's requirement to provide depreciation on land and property in order for the accounts to show a true and fair view.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 328 7,920 8,248
Additions - 48,624 48,624
Disposals - (7,920) (7,920)
At 31 December 2023 328 48,624 48,952
Depreciation
At 1 January 2023 328 5,704 6,032
Charge for the year - 12,156 12,156
On disposals - (5,704) (5,704)
At 31 December 2023 328 12,156 12,484
Net book value
At 31 December 2023 - 36,468 36,468
At 31 December 2022 - 2,216 2,216
4 Investments
Other
investments
£
Cost
At 1 January 2023 1,861,612
Additions 693,983
Revaluation 417,807
At 31 December 2023 2,973,402
Historical cost
At 1 January 2023 1,675,557
At 31 December 2023 2,369,541
The carrying value of investment properties is reviewed annually by the director by reference to their market value. Where appropriate, a revaluation adjustment is made. A provision for deferred tax has been made to recognise the tax that would need to be paid were the revalued properties to be sold.
5 Debtors 2023 2022
£ £
Trade debtors 4,082 -
Other debtors 7,295 -
11,377 -
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 366,884 -
Obligations under finance lease and hire purchase contracts 4,668 -
Trade creditors 1,618 3,615
Taxation and social security costs - 3,167
Other creditors 6,248 2,903
379,418 9,685
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,350,388 1,155,389
Obligations under finance lease and hire purchase contracts 18,722 -
Other creditors 888,921 742,119
2,258,031 1,897,508
8 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 1,350,389 1,155,389
Secured bank loans 1,717,272 1,155,389
The bank mortgage loans are secured by legal charge over the company's investment properties.
9 Controlling party
The company is controlled by Tracey Underwood, the company's director, who owns 100% of the company's issued share capital.
10 Other information
Premier Housing Options Limited is a private company limited by shares and incorporated in England. Its registered office is:
Old Court Tavistock Road
Roborough
Plymouth
PL6 7BD
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