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COMPANY REGISTRATION NUMBER: 01971778
Prime City Properties Limited
Filleted Unaudited Financial Statements
31 March 2024
Prime City Properties Limited
Directors' Report
Year ended 31 March 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2024 .
Principal activities
The principal activity of the company is that of property project management and consultancy.
Directors
The directors who served the company during the year were as follows:
C C A Brown
B A Brown
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 29 October 2024 and signed on behalf of the board by:
C C A Brown
Director
Registered office:
4th Floor
58-59 Great Marlborough Street
London
W1F 7JY
Prime City Properties Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
302,808
304,795
Current assets
Debtors
7
50,325
Cash at bank and in hand
25,297
10,874
--------
--------
25,297
61,199
Creditors: amounts falling due within one year
8
338,859
361,517
---------
---------
Net current liabilities
313,562
300,318
---------
---------
Total assets less current liabilities
( 10,754)
4,477
Provisions
Taxation including deferred tax
3,574
3,574
--------
-------
Net (liabilities)/assets
( 14,328)
903
--------
-------
Capital and reserves
Called up share capital
4
4
Profit and loss account
( 14,332)
899
--------
----
Shareholders (deficit)/funds
( 14,328)
903
--------
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Prime City Properties Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 29 October 2024 , and are signed on behalf of the board by:
C C A Brown
Director
Company registration number: 01971778
Prime City Properties Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is 4th Floor, 58-59 Great Marlborough Street, London, W1F 7JY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Long leasehold property is not depreciated. The value in use is at least equal to the cost.
Fixtures & Fittings
-
15% straight line
Office Equipment
-
25 % straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tax on (loss)/profit
Major components of tax (income)/expense
2024
2023
£
£
Current tax:
UK current tax (income)/expense
( 2,690)
15,586
-------
--------
Tax on (loss)/profit
( 2,690)
15,586
-------
--------
Reconciliation of tax (income)/expense
The tax assessed on the (loss)/profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 19 % (2023: 19 %).
2024
2023
£
£
(Loss)/profit on ordinary activities before taxation
( 17,921)
76,241
--------
--------
(Loss)/profit on ordinary activities by rate of tax
( 3,404)
14,485
Effect of expenses not deductible for tax purposes
309
612
Effect of capital allowances and depreciation
( 405)
( 488)
Other tax adjustment to increase/(decrease) tax liability
810
977
--------
--------
Tax on (loss)/profit
( 2,690)
15,586
--------
--------
6. Tangible assets
Long leasehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
291,667
41,171
18,773
351,611
Additions
145
145
---------
--------
--------
---------
At 31 March 2024
291,667
41,171
18,918
351,756
---------
--------
--------
---------
Depreciation
At 1 April 2023
29,674
17,142
46,816
Charge for the year
1,725
407
2,132
---------
--------
--------
---------
At 31 March 2024
31,399
17,549
48,948
---------
--------
--------
---------
Carrying amount
At 31 March 2024
291,667
9,772
1,369
302,808
---------
--------
--------
---------
At 31 March 2023
291,667
11,497
1,631
304,795
---------
--------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
48,000
Other debtors
2,325
----
--------
50,325
----
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
20,780
30,780
Corporation tax
6,394
15,587
Social security and other taxes
2,713
1,243
Other creditors
308,972
313,907
---------
---------
338,859
361,517
---------
---------
Included in the creditors is the Directors Loan balance of £302,292 (2023: £311,734).
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
3,574
3,574
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
2,494
----
-------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
C C A Brown
155,867
( 4,721)
151,146
B A Brown
155,867
( 4,721)
151,146
---------
-------
---------
311,734
( 9,442)
302,292
---------
-------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
C C A Brown
122,520
33,347
155,867
B A Brown
122,521
33,346
155,867
---------
--------
---------
245,041
66,693
311,734
---------
--------
---------
11. Related party transactions
The company billed £17,000 (2023: £94,600) in respect of consultancy fees and related expenses to CG Development Management Ltd. Mr Brown is a director and shareholder in both companies. All transactions were on an arm's length basis.