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REGISTERED NUMBER: 12305214 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30th November 2023

for

PRESTO PROPERTIES LTD

PRESTO PROPERTIES LTD (REGISTERED NUMBER: 12305214)






Contents of the Financial Statements
for the Year Ended 30th November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PRESTO PROPERTIES LTD

Company Information
for the Year Ended 30th November 2023







DIRECTORS: Mrs T E Preston
D J Preston





REGISTERED OFFICE: 15 Kelvedon Avenue
Hersham
Walton on Thames
Surrey
KT12 5EB





REGISTERED NUMBER: 12305214 (England and Wales)





ACCOUNTANT: Lesley C Woodward-Thwaites
Byrne Palmer & Co
Chartered Accountant
Hazels Lodge
Stoodleigh
Tiverton
Devon
EX16 9PY

PRESTO PROPERTIES LTD (REGISTERED NUMBER: 12305214)

Balance Sheet
30th November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,113 3,169
Investment property 5 410,000 410,000
412,113 413,169

CURRENT ASSETS
Debtors 6 303 675
Cash at bank 4,412 10,196
4,715 10,871
CREDITORS
Amounts falling due within one year 7 112,444 124,597
NET CURRENT LIABILITIES (107,729 ) (113,726 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

304,384

299,443

CREDITORS
Amounts falling due after more than one
year

8

(307,500

)

(307,500

)

PROVISIONS FOR LIABILITIES (3,998 ) (3,998 )
NET LIABILITIES (7,114 ) (12,055 )

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 12 (7,214 ) (12,155 )
SHAREHOLDERS' FUNDS (7,114 ) (12,055 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 2023 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.

PRESTO PROPERTIES LTD (REGISTERED NUMBER: 12305214)

Balance Sheet - continued
30th November 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22nd October 2024 and were signed on its behalf by:




Mrs T E Preston - Director



D J Preston - Director


PRESTO PROPERTIES LTD (REGISTERED NUMBER: 12305214)

Notes to the Financial Statements
for the Year Ended 30th November 2023

1. STATUTORY INFORMATION

Presto Properties LTD 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

Current or deferred taxation assets and liabilities are not discounted.

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.

PRESTO PROPERTIES LTD (REGISTERED NUMBER: 12305214)

Notes to the Financial Statements - continued
for the Year Ended 30th November 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial 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 relivable within one year, typically trade debtors and creditors, 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 similar debt instrument and subsequently at amotised cost.

Financial asset's 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 Statement of Comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the net 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.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1st December 2022
and 30th November 2023 411 4,870 5,281
DEPRECIATION
At 1st December 2022 164 1,948 2,112
Charge for year 82 974 1,056
At 30th November 2023 246 2,922 3,168
NET BOOK VALUE
At 30th November 2023 165 1,948 2,113
At 30th November 2022 247 2,922 3,169

PRESTO PROPERTIES LTD (REGISTERED NUMBER: 12305214)

Notes to the Financial Statements - continued
for the Year Ended 30th November 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st December 2022
and 30th November 2023 410,000
NET BOOK VALUE
At 30th November 2023 410,000
At 30th November 2022 410,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

The company has losses to carry forward of £20,260 to be utilised against future trading profits. The potential deferred tax asset totals £3,849, this has not been provided for.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 6,647 5,601
Other creditors 105,797 118,996
112,444 124,597

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 307,500 307,500

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 307,500 -

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due between two and five years:
Other loans - 2-5 years - 307,500

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Other loans more 5yrs non-inst 307,500 -

PRESTO PROPERTIES LTD (REGISTERED NUMBER: 12305214)

Notes to the Financial Statements - continued
for the Year Ended 30th November 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other loans 307,500 307,500

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary 1 100 100

12. RESERVES
Retained
earnings
£   

At 1st December 2022 (12,155 )
Profit for the year 4,941
At 30th November 2023 (7,214 )

13. RELATED PARTY DISCLOSURES

Included in Other creditors are Directors' Current accounts totalling £58,074.

A director is the controlling party of Integrated Airport Solutions Ltd. Other creditors includes a repayable on demand loan of £20,093 from Integrated Airport Solutions Ltd.

A director is the controlling party of Tessa Property Limited. Other creditors includes a repayable on demand loan of £26,148 from Tessa Property Limited.

14. ULTIMATE CONTROLLING PARTY

The company is jointly controlled by the directors.

15. GOING CONCERN

The company has net current liabilities of £107,729. Included in current liabilities is a balance due to the Directors of £58,074. The Directors have confirmed that they will continue with this financial support to enable the company to meet its commitments to third parties as they fall due, the accounts have therefore been drawn up on a going concern basis.