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REGISTERED NUMBER: 03180267 (England and Wales)






Unaudited Financial Statements for the Year Ended 31 March 2024

for

P R M Property Limited

P R M Property Limited (Registered number: 03180267)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


P R M Property Limited

Company Information
for the Year Ended 31 March 2024







Directors: P A R Matthews
Mrs A J Matthews





Secretary: Mrs A J Matthews





Registered office: The Office
Ffordd Pentre Bach
Nercwys
Mold
Flintshire
CH7 4EG





Registered number: 03180267 (England and Wales)





Accountants: Ridgway and Company
The Office,
Ffordd Pentre Bach,
Nercwys.
Mold
Flintshire
CH7 4EG

P R M Property Limited (Registered number: 03180267)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 459,054 422,713
Investment property 5 7,415,000 6,675,200
7,874,054 7,097,913

CURRENT ASSETS
Debtors 6 18,234 8,269
Cash at bank 245,889 115,991
264,123 124,260
CREDITORS
Amounts falling due within one year 7 257,172 83,022
NET CURRENT ASSETS 6,951 41,238
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,881,005

7,139,151

CREDITORS
Amounts falling due after more than one
year

8

(3,208,984

)

(2,881,627

)

PROVISIONS FOR LIABILITIES (977,671 ) (816,072 )
NET ASSETS 3,694,350 3,441,452

CAPITAL AND RESERVES
Called up share capital 10 102 102
Reserve - Wear & Tear 106,854 106,854
Fair value reserve 11 2,870,850 2,430,826
Retained earnings 716,544 903,670
SHAREHOLDERS' FUNDS 3,694,350 3,441,452

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

P R M Property Limited (Registered number: 03180267)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by:





P A R Matthews - Director


P R M Property Limited (Registered number: 03180267)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

P R M Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

TURNOVER
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 4% on cost
Fixtures and fittings - 10% on reducing balance
Computer equipment - 25% on reducing balance

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

P R M Property Limited (Registered number: 03180267)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. PROPERTY, PLANT AND EQUIPMENT
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 April 2023 628,815 4,523 4,398 637,736
Additions 64,500 - - 64,500
At 31 March 2024 693,315 4,523 4,398 702,236
DEPRECIATION
At 1 April 2023 209,503 1,701 3,819 215,023
Charge for year 27,732 282 145 28,159
At 31 March 2024 237,235 1,983 3,964 243,182
NET BOOK VALUE
At 31 March 2024 456,080 2,540 434 459,054
At 31 March 2023 419,312 2,822 579 422,713

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 6,675,200
Additions 153,102
Fair value increase 586,698
At 31 March 2024 7,415,000
NET BOOK VALUE
At 31 March 2024 7,415,000
At 31 March 2023 6,675,200

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 7,415,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 1,482 5,753
Other debtors 2,000 2,000
Prepayments and accrued income 14,752 516
18,234 8,269

P R M Property Limited (Registered number: 03180267)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 168,818 (4,572 )
Taxation and social security (2,674 ) 21,626
Other creditors 91,028 65,968
257,172 83,022

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 3,208,984 2,881,627

The bank loans are secured by a first mortgage debenture over freehold property held by P R M Property Limited and by a fixed charge over it's freehold property and a floating charge over book and other debts, both present and future.

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 3,208,984 2,881,627

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
2 Ordinary 1 2 2
50 B Ordinary 1 50 50
50 C Ordinary 1 50 50
102 102

11. RESERVES
Fair
value
reserve
£   
At 1 April 2023 2,430,826
Fair value increase 586,698
Deferred tax (146,674 )

At 31 March 2024 2,870,850