Preco Limited 02270223 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of property development and management. Digita Accounts Production Advanced 6.30.9574.0 true true true 02270223 2023-01-01 2023-12-31 02270223 2023-12-31 02270223 bus:OrdinaryShareClass1 2023-12-31 02270223 core:OtherReservesSubtotal 2023-12-31 02270223 core:RetainedEarningsAccumulatedLosses 2023-12-31 02270223 core:ShareCapital 2023-12-31 02270223 core:CurrentFinancialInstruments 2023-12-31 02270223 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 02270223 core:Non-currentFinancialInstruments 2023-12-31 02270223 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 02270223 bus:SmallEntities 2023-01-01 2023-12-31 02270223 bus:Audited 2023-01-01 2023-12-31 02270223 bus:FilletedAccounts 2023-01-01 2023-12-31 02270223 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02270223 bus:RegisteredOffice 2023-01-01 2023-12-31 02270223 bus:CompanySecretaryDirector1 2023-01-01 2023-12-31 02270223 bus:Director2 2023-01-01 2023-12-31 02270223 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 02270223 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02270223 1 2023-01-01 2023-12-31 02270223 countries:England 2023-01-01 2023-12-31 02270223 2022-12-31 02270223 2022-01-01 2022-12-31 02270223 2022-12-31 02270223 bus:OrdinaryShareClass1 2022-12-31 02270223 core:OtherReservesSubtotal 2022-12-31 02270223 core:RetainedEarningsAccumulatedLosses 2022-12-31 02270223 core:ShareCapital 2022-12-31 02270223 core:CurrentFinancialInstruments 2022-12-31 02270223 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 02270223 core:Non-currentFinancialInstruments 2022-12-31 02270223 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02270223

Preco Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Preco Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Preco Limited

Company Information

Directors

A Reisenhus

B Madsen

Company secretary

A Reisenhus

Registered office

Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

Auditors

MMO Limited
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Preco Limited

(Registration number: 02270223)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

3,607,459

3,517,783

Current assets

 

Debtors

5

17,890

112,329

Cash at bank and in hand

 

121,883

4,642

 

139,773

116,971

Creditors: Amounts falling due within one year

6

(4,145,339)

(3,729,660)

Net current liabilities

 

(4,005,566)

(3,612,689)

Total assets less current liabilities

 

(398,107)

(94,906)

Creditors: Amounts falling due after more than one year

6

(2,250,000)

(2,400,000)

Net liabilities

 

(2,648,107)

(2,494,906)

Capital and reserves

 

Called up share capital

7

123,090

123,090

Other reserves

-

(322,500)

Retained earnings

(2,771,197)

(2,295,496)

Shareholders' deficit

 

(2,648,107)

(2,494,906)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 August 2024 and signed on its behalf by:
 

.........................................
A Reisenhus
Company secretary and director

 

Preco Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN
England

These financial statements were authorised for issue by the Board on 21 August 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

 

Preco Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 9 September 2024 was Mrs Gillian McIntosh, who signed for and on behalf of MMO Limited.

.........................................

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. 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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Preco Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Preco Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Preco Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Investment properties

2023
£

At 1 January

3,517,783

Additions

89,676

At 31 December

3,607,459

The fair value of the investment property at the year end is representative of the directors' assessment.

There has been no valuation of investment property by an independent valuer.

5

Debtors

Current

2023
£

2022
£

Trade debtors

15,484

101,504

Prepayments

2,406

8,666

Other debtors

-

2,159

 

17,890

112,329

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

301,035

314,339

Trade creditors

 

102,730

15,766

Amounts owed to group undertakings and undertakings in which the company has a participating interest

3,549,875

3,246,049

Taxation and social security

 

1,937

-

Accruals and deferred income

 

189,762

153,506

 

4,145,339

3,729,660

Creditors include bank loans and overdrafts which are secured of £301,035 (2022 - £314,339). These are secured by fixed charges over the company's land and buildings and by guarantees given by Preco Holdings ApS, the parent company.

 

Preco Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

2,250,000

2,400,000

Creditors include bank loans and overdrafts which are secured of £2,250,000 (2022 - £2,400,000). These are secured by fixed charges over the company's land and buildings and by guarantees given by Preco Holdings ApS, the parent company.

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

123,090

123,090

123,090

123,090

       

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

2,250,000

2,400,000

Current loans and borrowings

2023
£

2022
£

Bank borrowings

150,000

150,000

Bank overdrafts

151,035

164,339

301,035

314,339

9

Parent and ultimate parent undertaking

The ultimate parent is Preco Holding ApS, incorporated in Denmark.

  These financial statements are available upon request from Hjulmagervej 8, DK 7100 Vejle, Denmark