Company registration number 13831541 (England and Wales)
PRIME GROUP HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
Tavistock House South
Tavistock Square
Rayner Essex LLP
London
Chartered Accountants
WC1H 9LG
PRIME GROUP HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PRIME GROUP HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
10,349,810
9,109,595
Investments
4
1,000
10,350,810
9,109,595
Current assets
Debtors
6
185,853
49,790
Cash at bank and in hand
9,944
77,671
195,797
127,461
Creditors: amounts falling due within one year
7
(121,388)
(307,441)
Net current assets/(liabilities)
74,409
(179,980)
Total assets less current liabilities
10,425,219
8,929,615
Creditors: amounts falling due after more than one year
8
(10,453,565)
(9,228,067)
Net liabilities
(28,346)
(298,452)
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss reserves
(29,346)
(299,452)
Total equity
(28,346)
(298,452)
For the financial year ended 31 January 2024 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 of its financial statements for the year in question in accordance with section 476.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 31 October 2024
Ms R Nasser
Director
Company registration number 13831541 (England and Wales)
PRIME GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information
Prime Group Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Rayner Essex LLP, Tavistock House South, Tavistock Square, London, United Kingdom, WC1H 9LG.
1.1
Reporting period
The 2023 financial statements were the first set for the company and they covered a 13-month period from the incorporation date of 6 January 2022 to 31 January 2023. The 2024 financial statements cover a 12-month period to 31 January 2024.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future as a result of shareholder investment. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover represents rents receivable.
Rental income arising from operating leases on investment properties is accounted for on a straight line basis over the lease term. Lease incentives such as rent free periods are recognised on a straight line basis over the lease term.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost, legal and professional fees, stamp duty, land tax and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
PRIME GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
PRIME GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Investment property
2024
£
Fair value
At 1 February 2023
9,109,595
Additions
1,240,215
At 31 January 2024
10,349,810
The investment properties 104 and 107 Holmby House, 312, 702, 302, 502 and 1202 Wilshire House, 2 Prospect Way and 401 Beech House, 5 Electric Boulevard were purchased at a total cost of £10,349,810 including legal and professional fees and stamp duty land tax. The director believes the carrying amount for these investment properties approximates fair value, therefore, no adjustment was required at the reporting date.
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,000
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 February 2023
-
Additions
1,000
At 31 January 2024
1,000
Carrying amount
At 31 January 2024
1,000
At 31 January 2023
-
PRIME GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
5
Subsidiaries
Details of the company's subsidiaries at 31 January 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Power Tower company Limited
United Kingdom
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Power Tower company Limited
(207,776)
(57,629)
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
138,728
Other debtors
47,125
49,790
185,853
49,790
7
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
121,388
307,441
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,884,690
5,799,029
Other creditors
3,568,875
3,429,038
10,453,565
9,228,067
The above bank loans are secured against investment properties known as 104 and 107 Holmby House, 302, 312, 502, 702, 1202 Wilshire House, 2 Prospect Way, London and 401 Beech House, 5 Electric Boulevard, London.
The loans are interest-only loans, capital will be repaid in full at the end of the term of each loan. The loans bear interest at 2.29% per annum above London Inter Bank Offer Rate and the majority have a maturity date of 25 February 2027. The maturity date of the loan against property 401 Beech House is 18 April 2028.
The bank loans are secured by a first charge over the investment properties. In addition, a personal guarantee has been provided by the shareholder of the company.
PRIME GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.0001p each
1,000,000,001
1,000,000,001
1,000
1,000
10
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Acquisition of tangible fixed assets
-
1,163,209
11
Related party transactions
Transactions with related parties
At the year end the company owed £1,419,573 to the shareholders of the company. The company also owed £2,149,302 to a subsidiary undertaking in Saudi Arabia. The loans bear interest at 6% per annum. The total balance is included within creditors due after one year as per note 6.
At the year end the company was owed £138,728 from a subsidiary undertaking which is registered in England & Wales, and is a related company with a common shareholder and director. The balance is included within debtors due within one year as per note 6.