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Registration number: 13089508

Prestbury Management Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Prestbury Management Holdings Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Prestbury Management Holdings Limited

Company Information

Directors

N M Leslau

P M Brown

T J Evans

S L Gumm

B Walford

Registered office

Cavendish House
18 Cavendish Square
London
W1G 0PJ

 

Prestbury Management Holdings Limited

(Registration number: 13089508)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Investment in subsidiary

4

51,828,548

50,310,791

Current assets

 

Cash at bank and in hand

 

821,995

86,583

Creditors: Amounts falling due within one year

5

(812,484)

(73,139)

Net current assets

 

9,511

13,444

Net assets

 

51,838,059

50,324,235

Capital and reserves

 

Called up share capital

6

902

902

Share premium reserve

47,101,206

47,101,206

Capital redemption reserve

2

2

Profit and loss account

4,735,949

3,222,125

Shareholders' funds

 

51,838,059

50,324,235

For the financial year ended 29 February 2024 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 of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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. The statement of comprehensive income and the directors' report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

Approved and authorised by the Board on 25 November 2024 and signed on its behalf by:
 

.........................................
S L Gumm
Director

   
     
 

Prestbury Management Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England. The registered office address is shown on page 1.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Exemption from preparing group accounts

The company is the parent of a small group. The company has taken advantage of the exemption provided by section 398 of the Companies Act 2006 and has not prepared group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.

Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements in compliance with FRS102 Section 1A Small Entities may require the use of certain critical estimates. It may also require the directors to exercise judgement in applying the accounting policies.

In preparing these financial statements, the directors have had to make the following significant judgement:

- Determine whether there are indicators of impairment of the company's investments that are carried at cost. Factors taken into consideration in reaching such a decision include knowledge as to the economic viability and expected future financial performance of the investments, extent to which the distributions received from the investments are linked to a reduction in the scale of operations and balance sheet value of the relevant underlying business.

There were no other significant judgements or areas of critical estimation uncertainty.

Summary of significant accounting policies

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 periods presented.

 

Prestbury Management Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tax

The tax expense for the year comprises current and deferred tax, where applicable. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against suitable future taxable profits.

Current and deferred tax assets and liabilities are not discounted.

Investment in subsidiary

Investment in subsidiary is measured in the company's balance sheet at cost less any accumulated impairment.

An entity is treated as a subsidiary undertaking where the company has the power to govern the financial and operating policies of the investee entity so as to obtain benefits from its activities.

Income from subsidiary

Income from investment in subsidiary is recognised when the amounts have been received or otherwise where there is certainty as to the receipt of the income receivable at the relevant balance sheet date.

Cash at bank and in hand

This comprises cash at bank.

Dividends

Equity dividends are recognised when they become legally payable: interim dividends when paid and final dividends when approved by the shareholders at an annual general meeting.

Financial instruments

Financial liabilities and equity are classified according to the substance of the financial instruments contractual obligations, rather than its legal form.

The company's cash at bank and other creditors are measured initially at transaction price, and subsequently at amortised cost using the effective interest method, where appropriate.

3

Employees and director information

The company had no employees (2023 - none) and 5 directors (2023 - 5) during the year. The directors did not receive any remuneration in the year (2023 - £nil).

 

Prestbury Management Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Investment in subsidiary

£

Cost

At 1 March 2023

51,828,548

At 29 February 2024

51,828,548

Impairment

At 1 March 2023

1,517,757

Reversal of impairment in the year

(1,517,757)

At 29 February 2024

-

Carrying amount

At 29 February 2024

51,828,548

At 28 February 2023

50,310,791

Details of subsidiary

Name

Registered office

Nature of capital

Proportion of voting rights and shares held

     

2024

2023

Prestbury Incentives Limited

Cavendish House
18 Cavendish Square
London
W1G 0PJ

Ordinary shares

100%

100%

Prestbury Incentives Limited is incorporated in England. At 29 February 2024, its principal activity was holding shares in LXi REIT Plc, a UK real estate investment trust listed on the main market of the London Stock Exchange. On 5 March 2024, following an all share merger of LXi REIT Plc and LondonMetric Property Plc, all LXi REIT Plc shares were exchanged for shares in LondonMetric Property Plc, a UK real estate investment trust listed on the main market of the London Stock Exchange and a FTSE 100 constituent company.

 

Prestbury Management Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Creditors: Amounts falling due within one year

2024
£

2023
£

Amounts owed to subsidiary

789,552

1,800

Corporation tax payable

-

54,479

Accruals

19,860

15,060

Other creditors

3,072

1,800

812,484

73,139

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A ordinary shares of £1 each

902

902

902

902

       

7

Related party transactions

The company has taken advantage of exemption available in FRS 102 Section 1A not to disclose transactions with its wholly owned subsidiary.

8

Post balance sheet events

On 11 April 2024, a capital reduction became effective, pursuant to section 641(1)(a) of the Companies Act 2006, which reduced the share premium account by £47,101,206 with an equal and opposite credit to the profit and loss account.

On 5 June 2024, the company received an in-specie distribution of the LondonMetric Property Plc shares worth £54,499,772 from Prestbury Incentives Limited and impaired its investment in subsidiary to £1,002.

9

Controlling party

As at 29 February 2024, N M Leslau, a director of the company, was the controlling party of the company.