Registered number
10380280
PRS Homes Ltd
Filleted Accounts
30 September 2023
PRS Homes Ltd
Registered number: 10380280
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Current assets
Stocks 543,644 532,336
Debtors 3 401,913 362,344
Cash at bank and in hand 25,705 94,407
971,262 989,087
Creditors: amounts falling due within one year 4 (201,196) (222,510)
Net current assets 770,066 766,577
Total assets less current liabilities 770,066 766,577
Creditors: amounts falling due after more than one year 5 (16,524) -
Net assets 753,542 766,577
Capital and reserves
Called up share capital 250 250
Profit and loss account 753,291 766,327
Shareholders' funds 753,541 766,577
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Szymanski
Director
Approved by the board on 24 October 2024
PRS Homes Ltd
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Debtors 2023 2022
£ £
PRS Investment capital 356,267 356,267
Other debtors 45,646 6,077
401,913 362,344
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,976 10,976
Trade creditors 5,964 60
Taxation and social security costs 169,967 170,618
Other creditors 14,289 40,856
201,196 222,510
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 16,524 -
6 Related party transactions
The company was invoiced £175,000 by a connected party called PRS Builders Ltd during the financial year of 2023. The previous year the same company invoiced PRS Homes Ltd £904,440 in 2022.
7 Controlling party
The controlling parties are the board of directors which are also the key shareholders of the company with their wives.
8 Other information
PRS Homes Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Thorton House
Thorton Road
Wimbledon
London
SW19 4NG
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