PRIORY COURT LIMITED 03600010 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the management and the supply of services to the owners of leasehold properties situated at Priory Court, Ellison Grove, Huyton, Merseyside. Digita Accounts Production Advanced 6.30.9574.0 true true 03600010 2023-04-01 2024-03-31 03600010 2024-03-31 03600010 bus:OrdinaryShareClass1 bus:OtherShareType 2024-03-31 03600010 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-03-31 03600010 core:CurrentFinancialInstruments 2024-03-31 03600010 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 03600010 bus:SmallEntities 2023-04-01 2024-03-31 03600010 bus:Audited 2023-04-01 2024-03-31 03600010 bus:FullAccounts 2023-04-01 2024-03-31 03600010 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 03600010 bus:RegisteredOffice 2023-04-01 2024-03-31 03600010 bus:CompanySecretary1 2023-04-01 2024-03-31 03600010 bus:Director1 2023-04-01 2024-03-31 03600010 bus:Director15 2023-04-01 2024-03-31 03600010 bus:Director2 2023-04-01 2024-03-31 03600010 bus:Director3 2023-04-01 2024-03-31 03600010 bus:Director6 2023-04-01 2024-03-31 03600010 bus:OrdinaryShareClass1 bus:OtherShareType 2023-04-01 2024-03-31 03600010 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03600010 countries:EnglandWales 2023-04-01 2024-03-31 03600010 2022-04-01 2023-03-31 03600010 2023-03-31 03600010 bus:OrdinaryShareClass1 bus:OtherShareType 2023-03-31 03600010 core:CurrentFinancialInstruments 2023-03-31 03600010 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03600010

PRIORY COURT LIMITED

Filleted Financial Statements

for the Year Ended 31 March 2024

 

PRIORY COURT LIMITED

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

PRIORY COURT LIMITED

Company Information


 

Directors

Mr K J Duke

Mr G M Parkin

Mrs J C Tildsley

Mrs O Irving

Mrs D W Harbour

Company secretary

Retirement Security Limited

Registered office

Unit 3
Wellesbourne Distribution Park
Loxley Road
Wellesbourne
Warwick
CV35 9JY

Auditors

Pennington Williams Limited
Chartered Certified Accountants and Statutory Auditors
Stanhope House
Mark Rake
Wirral
Merseyside
CH62 2DN

 

PRIORY COURT LIMITED

(Registration number: 03600010)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed Assets

 

Other financial assets

4

5,505

5,505

Current assets

 

Stocks

5

712

337

Debtors

6

51,078

7,777

Investments

7

172,473

86,862

Cash at bank and in hand

 

83,330

238,161

 

307,593

333,137

Creditors: Amounts falling due within one year

8

(313,054)

(338,598)

Net current liabilities

 

(5,461)

(5,461)

Net assets

 

44

44

Capital and Reserves

 

Called up share capital

9

44

44

Shareholders' funds

 

44

44

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income and Expenditure.

Approved and authorised by the Board on 8 August 2024 and signed on its behalf by:
 

.........................................
Mr K J Duke
Director

.........................................
Mrs J C Tildsley
Director

 

PRIORY COURT LIMITED

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 3
Wellesbourne Distribution Park
Loxley Road
Wellesbourne
Warwick
CV35 9JY

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency is £ sterling.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 12 September 2024 was Mrs Lisa Jane Bean FCCA, who signed for and on behalf of Pennington Williams Limited.

Revenue recognition

Turnover comprises amounts receivable in respect of services provided. Income is recognised when the service is provided and must agree to the budgeted Fund for Future Maintenance contribution in the year (as set by an external surveyor and agreed with board). Any surplus will be due back to the owners and deficit must be made good by the owners and is recognised in the period it relates to.

Tax

The tax expense for the period comprises current tax. Tax is recognised in the income and expenditure account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

PRIORY COURT LIMITED

Notes to the Financial Statements for the Year Ended 31 March 2024

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investments

Investments in shares are included at cost less inpairment. Interest receivable on short term bonds is included in the income and expenditure account on an accruals basis.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade debtors are amounts due from owners for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

PRIORY COURT LIMITED

Notes to the Financial Statements for the Year Ended 31 March 2024

Fund for Future Maintenance

The company has an obligation to the owners to set aside such sums of money as the Company shall reasonably require to meet such future costs as it shall reasonably expect to incur in replacing, maintaining and renewing those items which it has covenanted to replace, maintain or renew as required by the lease agreement in place with the owners. The result of income over expenditure in the period is transferred to the fund for future maintenance for these future costs to be expended from.

Employee Benefits

Short-term employee benefits, including holiday pay, are recognised as an expense in the Income & Expenditure Account in the period in which they are incurred.

The company operates a defined benefits contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable for the period by the company to the fund.

3

Staff numbers

The average number of persons employed by the company during the year, was 17 (2023 - 19).

4

Other financial assets (current and non-current)

Financial assets at cost
£

Total
£

Non-current financial assets

Cost

At 1 April 2023

5,505

5,505

At 31 March 2024

5,505

5,505

Carrying amount

At 31 March 2024

5,505

5,505

The investment consists of 4,000 Ordinary 10 pence shares in Retirement Security Limited at a cost of £5,505 and 250 Ordinary 10 pence shares gifted to the court at nil cost.

5

Stocks

2024
£

2023
£

Stock

712

337

 

PRIORY COURT LIMITED

Notes to the Financial Statements for the Year Ended 31 March 2024

6

Debtors

Current

2024
£

2023
£

Trade Debtors

48,133

6,310

Prepayments

2,945

941

Other debtors

-

526

 

51,078

7,777

7

Current asset investments

2024
£

2023
£

Other investments

172,473

86,862

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade Creditors

3,865

10,234

Taxation and social security

3,218

1,895

Accruals and deferred income

15,126

21,321

Other Creditors

31,663

7,205

Fund for Future Maintenance

259,182

297,943

313,054

338,598

2024
 £

2023
 £

Fund for Future Maintenance

Opening Balance

297,943

317,270

Surplus

66,344

66,813

Direct Expenditure / Received

(95,636)

(86,140)

Transfer of prior year surplus

(9,469)

-

259,182

297,943

 

PRIORY COURT LIMITED

Notes to the Financial Statements for the Year Ended 31 March 2024

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

44

44

44

44