Premiere Properties Ltd
Registered number: 04707732
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Current assets
Stocks 1,349,469 1,349,469
Cash at bank and in hand 10,552 830
1,360,021 1,350,299
Creditors: amounts falling due within one year 2 (694,874) (591,575)
Net current assets 665,147 758,724
Total assets less current liabilities 665,147 758,724
Creditors: amounts falling due after more than one year 3 (513,295) (623,014)
Net assets 151,852 135,710
Capital and reserves
Called up share capital 3 3
Profit and loss account 151,849 135,707
Shareholder's funds 151,852 135,710
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Ms Hina Aslam
Director
Approved by the board on 10 October 2024
Premiere Properties Ltd
Notes to the Accounts
for the year ended 31 March 2024
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 represents the gross proceeds from the sale of properties sold during the accounting period.
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.
Employees 2024 2023
Number Number
Average number of persons employed by the company - -
2 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 64,596 64,596
Corporation tax 16,278 12,492
Accruals and deferred income 814 793
Directors' account 17,228 17,228
Other creditors 595,958 496,466
694,874 591,575
3 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 513,295 623,014
4 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 346,210 396,210
Secured bank loans 513,295 687,610
Bank loans represent secured legal mortgages from Barclays Bank Plc against properties at 68 Baslow Drive and from Business Mortgage Finance against property at 116-1116a Wilmslow Road, and finaly from Lloyds Bank against property at 225-227 Finney Lane, respectively.
5 Other information
Premiere Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Office 11 First Floor
225-227 Finney Lane
Heald Green
Cheshire
SK8 3PX
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