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Registered number: 11734887
Primari Properties Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Mumby Heppenstall
Chartered Accountants
Wellingore Hall
Wellingore
Lincoln
LN5 0HX
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 11734887
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 121,720 121,720
121,720 121,720
CURRENT ASSETS
Debtors 5 363 319
Cash at bank and in hand 3,925 2,514
4,288 2,833
Creditors: Amounts Falling Due Within One Year 6 (38,067 ) (37,880 )
NET CURRENT ASSETS (LIABILITIES) (33,779 ) (35,047 )
TOTAL ASSETS LESS CURRENT LIABILITIES 87,941 86,673
Creditors: Amounts Falling Due After More Than One Year 7 (87,050 ) (87,050 )
NET ASSETS/(LIABILITIES) 891 (377 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Income Statement 791 (477 )
SHAREHOLDERS' FUNDS 891 (377)
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Income Statement.
On behalf of the board
Mr C Prins
Director
15th 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
Primari Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11734887 . The registered office is 11 Harland Road, Lincoln, LN2 4GW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2. Turnover
Turnover represents amounts receivable for rental of the investment property owned by the company.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses, unless they relate to investment property. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives.
2.4. 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 income statement.
2.5. Financial Instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised a the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. 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 assets reflect 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 year was: NIL (2022: NIL)
- -
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4. Tangible Assets
Land & Property
Freehold
£
Cost
As at 1 January 2023 121,720
As at 31 December 2023 121,720
Net Book Value
As at 31 December 2023 121,720
As at 1 January 2023 121,720
Cost or valuation as at 31 December 2023 represented by:
Land & Property
Freehold
£
At cost 121,720
121,720
The investment property was purchased in August 2019 and is accounted for at cost. The directors consider this to still be a fair valuation of the property at 31 December 2023.
5. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 363 319
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - 13
Corporation tax 185 -
Accruals and deferred income 417 402
Directors' loan accounts 37,465 37,465
38,067 37,880
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 87,050 87,050
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2023 2022
£ £
Bank loans 87,050 87,050
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8. Secured Creditors
Of the creditors the following amounts are secured.
2023 2022
£ £
Bank loans and overdrafts 87,050 87,050
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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