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REGISTERED NUMBER: 12459517 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

PRESTIGE PROPERTIES 786 LIMITED

PRESTIGE PROPERTIES 786 LIMITED (REGISTERED NUMBER: 12459517)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


PRESTIGE PROPERTIES 786 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: K Nathan
Mrs T D Ratnam-Nathan
S M D Nathan





REGISTERED OFFICE: 29 Gildredge Road
Eastbourne
East Sussex
BN21 4RU





REGISTERED NUMBER: 12459517 (England and Wales)





ACCOUNTANTS: Advanta
Chartered Accountants
29 Gildredge Road
Eastbourne
East Sussex
BN21 4RU

PRESTIGE PROPERTIES 786 LIMITED (REGISTERED NUMBER: 12459517)

ABRIDGED BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 43,662 3,435
Investment property 5 2,350,000 2,440,000
2,393,662 2,443,435

CURRENT ASSETS
Debtors 8,830 11,898
Cash at bank 63,913 62,332
72,743 74,230
CREDITORS
Amounts falling due within one year 778,162 772,531
NET CURRENT LIABILITIES (705,419 ) (698,301 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,688,243

1,745,134

CREDITORS
Amounts falling due after more than one
year

6

(1,637,720

)

(1,594,268

)

PROVISIONS FOR LIABILITIES 8 (18,690 ) (28,478 )
NET ASSETS 31,833 122,388

CAPITAL AND RESERVES
Called up share capital 101 101
Fair value reserve 9 115,973 198,151
Retained earnings (84,241 ) (75,864 )
SHAREHOLDERS' FUNDS 31,833 122,388

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.

PRESTIGE PROPERTIES 786 LIMITED (REGISTERED NUMBER: 12459517)

ABRIDGED 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 21 October 2024 and were signed on its behalf by:




K Nathan - Director



Mrs T D Ratnam-Nathan - Director


PRESTIGE PROPERTIES 786 LIMITED (REGISTERED NUMBER: 12459517)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Prestige Properties 786 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
Turnover represents rental income receivable together with related service charge income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Furniture,fittings & equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

PRESTIGE PROPERTIES 786 LIMITED (REGISTERED NUMBER: 12459517)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 7,823
Additions 55,190
At 31 March 2024 63,013
DEPRECIATION
At 1 April 2023 4,388
Charge for year 14,963
At 31 March 2024 19,351
NET BOOK VALUE
At 31 March 2024 43,662
At 31 March 2023 3,435

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
Additions 55,190
At 31 March 2024 55,190
DEPRECIATION
Charge for year 13,798
At 31 March 2024 13,798
NET BOOK VALUE
At 31 March 2024 41,392

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 2,440,000
Revaluations (90,000 )
At 31 March 2024 2,350,000
NET BOOK VALUE
At 31 March 2024 2,350,000
At 31 March 2023 2,440,000

The investment properties were revalued by the company directors on an open market value. These revaluations have been realised at the balance sheet date.

PRESTIGE PROPERTIES 786 LIMITED (REGISTERED NUMBER: 12459517)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2022 2,075,000
Valuation in 2023 365,000
Valuation in 2024 (90,000 )
2,350,000

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS
2024 2023
£    £   
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,594,268 1,594,268

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,594,268 1,594,268

The debts are secured by means of legal and general charges.

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Deferred tax on assets 8,296 653
Deferred tax on losses (28,264 ) (18,655 )
Deferred tax on investment
property 38,658 46,480
18,690 28,478

Deferred
tax
£   
Balance at 1 April 2023 28,478
Provided during year (9,788 )
Balance at 31 March 2024 18,690

9. RESERVES
Fair
value
reserve
£   
At 1 April 2023 198,151
Reserve transfer (82,178 )

At 31 March 2024 115,973

PRESTIGE PROPERTIES 786 LIMITED (REGISTERED NUMBER: 12459517)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


10. RELATED PARTY DISCLOSURES

At the balance sheet date the company owed £559,386 (2023: £559,386) to Supreme Care Wales Ltd, a company owned and controlled by the same shareholders and directors. No interest was charged on this amount. This amount is repayable on demand.

At the balance sheet date the company owed £211,134 (2023: £211,134) to Supreme Care UK Ltd, a company owned and controlled by the same shareholders and directors. No interest was charged on this amount. This amount is repayable on demand.

11. ULTIMATE CONTROLLING PARTY

Mr & Mrs Nathan, the company directors, are the ultimate controlling party.