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REGISTERED NUMBER: 02938378 (England and Wales)















Unaudited Financial Statements For The Year Ended 29 February 2024

for

Primetower Properties Limited

Primetower Properties Limited (Registered number: 02938378)






Contents of the Financial Statements
For The Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Primetower Properties Limited

Company Information
For The Year Ended 29 February 2024







DIRECTORS: Dr R J Harding
J A Yeoman
M P Jones FCCA





SECRETARY: M P Jones FCCA





REGISTERED OFFICE: 1 Park Place
6 North Road
Poole
Dorset
BH14 0LY





REGISTERED NUMBER: 02938378 (England and Wales)






Primetower Properties Limited (Registered number: 02938378)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment properties 5 92,250 92,250
Tangible assets 6 35,346 46,391
Investments 7 2 2
127,598 138,643

CURRENT ASSETS
Stocks 8 3,026,077 5,209,885
Debtors 9 3,377,959 2,473,440
Cash at bank 31,274 -
6,435,310 7,683,325
CREDITORS
Amounts falling due within one year 10 1,996,062 3,428,419
NET CURRENT ASSETS 4,439,248 4,254,906
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,566,846

4,393,549

CREDITORS
Amounts falling due after more than one
year

11

25,259

32,749
NET ASSETS 4,541,587 4,360,800

CAPITAL AND RESERVES
Called up share capital 12 11,234 11,234
Share premium 13 140,676 140,676
Retained earnings 13 4,389,677 4,208,890
SHAREHOLDERS' FUNDS 4,541,587 4,360,800

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

Primetower Properties Limited (Registered number: 02938378)

Balance Sheet - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2024 and were signed on its behalf by:





J A Yeoman - Director


Primetower Properties Limited (Registered number: 02938378)

Notes to the Financial Statements
For The Year Ended 29 February 2024

1. STATUTORY INFORMATION

Primetower Properties 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. STATEMENT OF COMPLIANCE

The financial statements have been prepared under the historical cost convention unless otherwise
specified within these accounting policies and in accordance with Section 1A of Financial Reporting
Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and
the Companies Act 2006.

The presentation currency is pounds sterling.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
Going concern
The Company made a loss after tax of £176,031 in the financial year (2022 - profit of £55,529), The company expects to remain profitable going forward. The Company is dependent on the continued provision of external and internal financing for its ongoing operations.

The Company has the full backing of the owners, as well as a supportive bank and the Directors
consider the Company has sufficient cash to cover all financial obligations. The Directors have prepared detailed financial forecasts to support this assessment.

The owners have agreed not to seek repayment of their various loans to the Company until there are
sufficient funds to do so.

On this basis, the Directors consider it appropriate to prepare the financial statements on the going
concern basis.

Preparation of consolidated financial statements
The financial statements contain information about Primetower Properties Limited as an individual
company and do not contain consolidated financial information as the parent of a group. The company
has taken the option under Section 399 of the Companies Act 2006 not to prepare consolidated
financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
Investments
Shares in subsidiary companies are held at cost on the Balance Sheet. The subsidiary companies do
not trade and their carrying value is £2.

Stock
Land owned is shown at cost. The directors have reviewed the recoverability and consider that there is
no need to provide for losses in respect of any land held. In order to fully recover these costs the
Company must obtain planning permission on many of these sites. The directors consider that this is
achievable.

Tax Losses
The company has tax losses which it expects to off-set against future taxable profits. . The 2015 asset of £358,496 has been carried forward and no deferred tax asset recognised in respect of the period from 1 March 2015 to 28 February 2023. From 2020 onwards the company has made a profit and is now utillising the tax losses.

Primetower Properties Limited (Registered number: 02938378)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024

3. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,
rebates, value added tax and other sales taxes.

Turnover represents amounts invoiced, excluding value added tax, in respect of the sale of property
and the provision of construction services.

Turnover from property sales is recognised on legal completion of the sale and not on exchange of
contracts.

Investment properties - freeholds
Investment properties are the freeholds of completed developments where only leasehold interests
have been sold. As freeholder, the company receives ground rent as specified in the leases granted.
Freeholds are valued at ground rent multiplied by a market appropriate valuation.

All of the freehold properties owned have leases in excess of 80 years with ground rent doubling every
25 years. Because of the period over which these rents are receivable, the directors consider that it is
not appropriate to amortise freeholds.

The directors assess the value of the freeholds on an annual basis and if there is a diminution in the
value this will be charged to the Profit and Loss Account. At the year end the directors do not
consider that any diminution in value has occurred.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office Equipment - 20%
Motor vehicles - 25% and 33%
Computer equipment - 33%

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stock and work in progress
Stocks and work-in-progress are stated at the lower of cost and net realisable value. Cost is calculated using the first-in-first-out method and consists of material and sub-contract labour costs together with interest and bank arrangement fees from project specific borrowing.

Full provision is made for losses on all contracts in the year in which they are first foreseen.

Primetower Properties Limited (Registered number: 02938378)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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.

Primetower Properties Limited (Registered number: 02938378)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024

3. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates two defined contribution pension schemes.

Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Project interest and arrangement fees
Where interest and bank arrangement fees relate to a specific development project this interest is
charged to the Profit and Loss Account in the same accounting period as the sales from the development of which the loan relates.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other
short-term highly liquid investments with maturities of three months or less and bank overdrafts.

In the balance sheet, bank overdrafts are shown within borrowings in current liabilities.

Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Profit and Loss Account over the period of the borrowings using the effective interest method.

Bank and professional fees payable on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some of all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. Once the loan is drawn-down the fee is capitalised as prepayment and amortised over the period of the facility to which it relates.

All other borrowing costs, including interest on loans that are not site specific, are recognised in the Income Statement in the period in which they are incurred.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

5. INVESTMENT PROPERTIES
Freeholds
£   
COST
At 1 March 2023
and 29 February 2024 92,250
NET BOOK VALUE
At 29 February 2024 92,250
At 28 February 2023 92,250

Primetower Properties Limited (Registered number: 02938378)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024

6. TANGIBLE FIXED ASSETS
Office Motor Computer
Equipment vehicles equipment Totals
£    £    £    £   
COST
At 1 March 2023
and 29 February 2024 20,469 74,657 18,218 113,344
DEPRECIATION
At 1 March 2023 20,469 33,792 12,692 66,953
Charge for year - 9,689 1,356 11,045
At 29 February 2024 20,469 43,481 14,048 77,998
NET BOOK VALUE
At 29 February 2024 - 31,176 4,170 35,346
At 28 February 2023 - 40,865 5,526 46,391

7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 March 2023
and 29 February 2024 2
NET BOOK VALUE
At 29 February 2024 2
At 28 February 2023 2

8. STOCKS
2024 2023
£    £   
Work-in-progress 3,026,077 5,209,885

9. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 275,484 172,109
Other debtors 2,559,189 1,883,672
Directors' current accounts 157,445 -
VAT 3,745 24,105
Prepayments 25,183 36,641
3,021,046 2,116,527

Amounts falling due after more than one year:
Deferred tax asset 356,913 356,913

Aggregate amounts 3,377,959 2,473,440

Primetower Properties Limited (Registered number: 02938378)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 750,000 1,428,992
Hire purchase contracts 6,426 6,426
Trade creditors 9,667 68,122
Social security and other taxes 16,687 9,708
Other creditors 47,208 1,625,897
Directors' current accounts 871,865 -
Accrued expenses 294,209 289,274
1,996,062 3,428,419

Bank borrowing of £1,350,000 is secured by a guarantee from a director.

Directors loan account balances earn interest at 1%pa and are repayable on demand.

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 25,259 32,749

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
11,234 Ordinary shares £1 11,234 11,234

13. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 March 2023 4,208,890 140,676 4,349,566
Profit for the year 180,787 180,787
At 29 February 2024 4,389,677 140,676 4,530,353

Primetower Properties Limited (Registered number: 02938378)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024

14. RELATED PARTY DISCLOSURES

Balances with directors
At 29 February 2024 the Company owed £871,865 (2023 - 1,616,277) to directors.

The company pays interest at 1% on loans from directors of £610,000 (2023 - £730,000). All other loans are interest free.

The company has carried out construction services for Reef Developments Limited, a company owned by the son of a shareholder/director. These services were provided at cost plus 10% and were £375,269 in 2024 (2023 - £452,109l).

At 29 February 2024 the Company was owed £2,059.219 (2023 - £1,749,006) by Park Place Properties Limited, a company owned and controlled by the same shareholders and directors.

At 29 February 2024 the Company was owed £91,729 (2023 - £89,328) by Primetower Leisure Limited, a company owned and controlled by the same shareholders and directors. The Company charged a management charge of £nil (2022 - £12,000) for administration and management.

At 29 February 2024 the Company was owed £31,996 (2023 - £33,773) by Park Place Management, a partnership controlled by the shareholders. During the year the Company paid rent of £30,000 (2023 - £30,000) to Park Place Management.