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Registered number: 09928398
Prime Property Estate Management Limited
Unaudited Financial Statements
For the Period 1 January 2023 to 31 March 2024
Synergy Accountancy Services LLP
Chartered Certified Accountants
378 Walsall Road
Perry Barr
Birmingham
B42 2LX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09928398
31 March 2024 31 December 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 350,000 350,000
350,000 350,000
CURRENT ASSETS
Debtors 5 2,850 2,942
Cash at bank and in hand 16,703 11,705
19,553 14,647
Creditors: Amounts Falling Due Within One Year 6 (105,550 ) (102,038 )
NET CURRENT ASSETS (LIABILITIES) (85,997 ) (87,391 )
TOTAL ASSETS LESS CURRENT LIABILITIES 264,003 262,609
Creditors: Amounts Falling Due After More Than One Year 7 (177,441 ) (186,804 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (10,942 ) (10,942 )
NET ASSETS 75,620 64,863
CAPITAL AND RESERVES
Called up share capital 9 100 100
Fair Value Reserve 10 46,650 46,650
Profit and Loss Account 28,870 18,113
SHAREHOLDERS' FUNDS 75,620 64,863
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For the period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Harun Salah
Director
6 September 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Prime Property Estate Management Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09928398 . The registered office is Lalita Buildings, 378 Walsall Road, Perry Barr, Birmingham, B42 2LX.
The company's year end has been extended and hence the comparatives are not entirely comparable.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.4. Taxation
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 1 (2022: 1)
1 1
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4. Investment Property
31 March 2024
£
Fair Value
As at 1 January 2023 and 31 March 2024 350,000
5. Debtors
31 March 2024 31 December 2022
as restated
£ £
Due within one year
Other debtors 2,850 2,942
6. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 December 2022
as restated
£ £
Bank loans and overdrafts 10,286 10,829
Other creditors 92,747 88,745
Taxation and social security 2,517 2,464
105,550 102,038
7. Creditors: Amounts Falling Due After More Than One Year
31 March 2024 31 December 2022
as restated
£ £
Bank loans 177,441 186,804
Of the creditors falling due within and after more than one year the following amounts are repayable by installments which falls due after five years.
31 March 2024 31 December 2022
as restated
£ £
Bank loans 177,441 197,633
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8. Secured Creditors
Of the creditors falling due within and after more than one year the following amount is secured with a fixed charge on the investment property. 
31 March 2024 31 December 2022
as restated
£ £
Bank loans and overdrafts 187,727 197,633
9. Share Capital
31 March 2024 31 December 2022
as restated
£ £
Allotted, Called up and fully paid 100 100
10. Reserves
Fair Value Reserve
£
As at 1 January 2023 46,650
As at 31 March 2024 46,650
11. Related Party Transactions
Included in Other creditors is an interest-free loan, repayable on demand, amounting to £30,600 (2022: £30,600) from a company in which the shareholders have a common interest.
The opening balance on the directors' current account was £48,636. The total debits and credits in the director's loan account were Nil (2022: £Nil) and £1,944 (2022: £1,555) respectively. The balance at 31 March 2024 was £50,580.
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