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Registered number: 11070963
Prime Property Partnership Limited
Financial Statements
For the Period 1 December 2022 to 31 October 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11070963
31 October 2023 30 November 2022
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 5,444,932 5,444,932
Investments 5 847,335 834,117
6,292,267 6,279,049
CURRENT ASSETS
Debtors 6 3,344 -
Cash at bank and in hand 96,286 18,129
99,630 18,129
Creditors: Amounts Falling Due Within One Year 7 (711,989 ) (529,619 )
NET CURRENT ASSETS (LIABILITIES) (612,359 ) (511,490 )
TOTAL ASSETS LESS CURRENT LIABILITIES 5,679,908 5,767,559
Creditors: Amounts Falling Due After More Than One Year 8 (2,896,641 ) (3,020,606 )
NET ASSETS 2,783,267 2,746,953
CAPITAL AND RESERVES
Called up share capital 10 102 102
Share premium account 2,665,567 2,665,567
Profit and Loss Account 117,598 81,284
SHAREHOLDERS' FUNDS 2,783,267 2,746,953
Page 1
Page 2
For the period ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
M A Sheikh
Director
16th November 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Prime Property Partnership Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11070963 . The registered office is 242 Milby Drive, Nuneaton, Warwickshire, CV11 6UH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises of rental income from tenants of the company's investment properties. Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the lease.
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 2 (2022: 1)
2 1
4. Investment Property
31 October 2023
£
Fair Value
As at 1 December 2022 and 31 October 2023 5,444,932
5. Investments
Other
£
Cost
As at 1 December 2022 834,117
Additions 13,218
As at 31 October 2023 847,335
Provision
As at 1 December 2022 -
As at 31 October 2023 -
...CONTINUED
Page 3
Page 4
Net Book Value
As at 31 October 2023 847,335
As at 1 December 2022 834,117
6. Debtors
31 October 2023 30 November 2022
£ £
Due within one year
Prepayments and accrued income 1,442 -
Other debtors 1,902 -
3,344 -
7. Creditors: Amounts Falling Due Within One Year
31 October 2023 30 November 2022
£ £
Trade creditors 1,353 12,761
Corporation tax 7,806 8,971
Other taxes and social security 123 -
Other creditors 209,402 7,823
Accruals and deferred income 2,400 2,400
Directors' loan accounts 490,905 497,664
711,989 529,619
8. Creditors: Amounts Falling Due After More Than One Year
31 October 2023 30 November 2022
£ £
Bank loans 2,896,641 3,020,606
9. Secured Creditors
Of the creditors the following amounts are secured. The debt is secured against all the investment properties of the company.
31 October 2023 30 November 2022
£ £
Bank loans and overdrafts 2,896,641 3,020,606
10. Share Capital
31 October 2023 30 November 2022
£ £
Allotted, Called up and fully paid 102 102
Page 4
Page 5
11. Directors Advances, Credits and Guarantees
The following advances and credits to directors subsisted during the current and prior periods:
As at 1 December 2022 Amounts advanced Amounts repaid Amounts written off As at 31 October 2023
£ £ £ £ £
Mr Mohammed Sheikh (248,833 ) - 3,380 - (245,453 )
Mrs Nicola Sheikh (248,833 ) - 3,380 - (245,453 )
The above loans from the directors are unsecured, interest free and repayable on demand.
Page 5