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Registered number: 3098600
Prior Homes Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
JENNIFER M RICHARDSON LIMITED
32 Station Road
Rainham
Gillingham
Kent
ME8 7PH
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 3098600
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 81,221 74,801
Investments 5 1,600,000 1,600,000
1,681,221 1,674,801
CURRENT ASSETS
Stocks 6 798,277 677,623
Debtors 7 12,448 8,437
Cash at bank and in hand 17,388 32,440
828,113 718,500
Creditors: Amounts Falling Due Within One Year 8 (1,192,335 ) (968,225 )
NET CURRENT ASSETS (LIABILITIES) (364,222 ) (249,725 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,316,999 1,425,076
Creditors: Amounts Falling Due After More Than One Year 9 (60,304 ) (79,405 )
PROVISIONS FOR LIABILITIES
Provisions For Charges (138,133 ) (138,133 )
Deferred Taxation (53,581 ) (2,581 )
NET ASSETS 1,064,981 1,204,957
CAPITAL AND RESERVES
Called up share capital 12 5,000 5,000
Fair Value Reserve 826,929 826,929
Profit and Loss Account 233,052 373,028
SHAREHOLDERS' FUNDS 1,064,981 1,204,957
Page 1
Page 2
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 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 Paul Prior
Director
19/07/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Prior Homes Limited is a private company, limited by shares, incorporated in England & Wales, registered number 3098600 . The registered office is 32 Station Road, Rainham, Kent, ME8 7PH.
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. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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 on the following bases:
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Computer Equipment 25% on reducing balance
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 reserves.
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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 year 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 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.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 1 1
1 1
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 100,564 99,902 638 201,104
Additions 15,000 14,500 - 29,500
As at 31 December 2023 115,564 114,402 638 230,604
Depreciation
As at 1 January 2023 82,341 43,725 237 126,303
Provided during the period 5,311 17,669 100 23,080
As at 31 December 2023 87,652 61,394 337 149,383
Net Book Value
As at 31 December 2023 27,912 53,008 301 81,221
As at 1 January 2023 18,223 56,177 401 74,801
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2023 2022
£ £
Motor Vehicles 42,132 56,177
5. Investments
Unlisted
£
Cost
As at 1 January 2023 1,600,000
As at 31 December 2023 1,600,000
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 1,600,000
As at 1 January 2023 1,600,000
Page 4
Page 5
6. Stocks
2023 2022
£ £
Stock 798,277 677,623
7. Debtors
2023 2022
£ £
Due within one year
Other debtors 12,128 7,918
VAT 320 -
Other taxes and social security - 519
12,448 8,437
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 9,037 9,037
Trade creditors 2,616 -
Bank loans and overdrafts 540,000 535,000
Corporation tax - 52,018
Other taxes and social security 2,163 -
VAT - 6,898
Other creditors 178,154 3,886
Director's loan account 460,365 361,386
1,192,335 968,225
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 35,934 44,971
Bank loans 24,370 34,434
60,304 79,405
10. Secured Creditors
Of the creditors the following amounts are secured.
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 44,971 54,007
Bank loans and overdrafts 530,000 530,000
Other Creditors 171,163 -
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11. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 9,037 9,037
Later than one year and not later than five years 35,934 44,971
44,971 54,008
44,971 54,008
12. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 5,000 5,000
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