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Registration number: 03985560

Prestbury Investment Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Prestbury Investment Holdings Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Prestbury Investment Holdings Limited

Company Information

Directors

S L Gumm

N M Leslau

Company secretary

S L Gumm

Registered office

Cavendish House
18 Cavendish Square
London
W1G 0PJ

 

Prestbury Investment Holdings Limited

(Registration number: 03985560)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

26,906

31,339

Investment in subsidiaries and associate

5

6,723,294

8,357,729

Other investments

6

43,880,700

50,149,372

 

50,630,900

58,538,440

Current assets

 

Debtors

7

112,988

830,941

Cash at bank and in hand

 

2,075,559

4,903,819

 

2,188,547

5,734,760

Creditors: Amounts falling due within one year

8

(362,513)

(2,224,662)

Net current assets

 

1,826,034

3,510,098

Total assets less current liabilities

 

52,456,934

62,048,538

Provisions for liabilities

9

(9,508,869)

(11,391,781)

Net assets

 

42,948,065

50,656,757

Capital and reserves

 

Called up share capital

10

115

115

Capital redemption reserve

34,367

34,367

Profit and loss account

42,913,583

50,622,275

Shareholders' funds

 

42,948,065

50,656,757

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.

 

Prestbury Investment Holdings Limited

(Registration number: 03985560)
Balance Sheet as at 29 February 2024

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 Investment 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 except where otherwise disclosed in these accounting policies certain items are measured at fair value.

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:

- Determination of 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, local market conditions and risk associated with repatriation of cash from overseas entities.

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, unless otherwise stated.

 

Prestbury Investment Holdings Limited

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

2

Accounting policies (continued)

Turnover

Turnover in the prior year consisted of fees receivable in the UK for management services at invoiced amounts excluding any value added tax. Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.

Foreign currency transactions and balances

Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to profit or loss. Any non-monetary items that are initially measured at historic cost in a foreign currency are not re-translated at each reporting date.

Tax

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the end of the reporting date and that are expected to apply to the reversal of the timing difference.

Current and deferred tax assets and liabilities are not discounted.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost of assets to their residual values on a straight line basis over their estimated useful lives, as follows:

Asset class

Asset life

Leasehold improvements

5 years

Fixtures, fittings and equipment

10 years

Computer hardware and software

3 years

 

Prestbury Investment Holdings Limited

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

2

Accounting policies (continued)

Investment in subsidiaries and associates

Investments in subsidiary and associated undertakings are 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.

An entity is treated as an associated undertaking where the company has a participating interest and has the power to exercise significant influence over its operating and financial policy decisions.

Income from subsidiaries, associates and other fixed asset investments

Income from investments in subsidiaries, associates and other fixed asset investments 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

Cash is represented by cash in hand and deposits held with financial institutions repayable without penalty on notice of not more than 24 hours.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial instruments including other fixed asset investments

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

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

Investments in equity shares which are publicly traded are remeasured to their market value at each balance sheet date, with changes in fair value recognised in profit or loss.

Investments are classified as fixed asset investments in the circumstances where the company's intention was to hold them on a continuing basis.

Provisions

The company has recognised provisions in respect of its incentive arrangements for certain individuals. The provisions are measured as the best estimate of the expenditure required to settle the obligations at the reporting date and are not discounted for the time value of money.

 

Prestbury Investment Holdings Limited

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

2

Accounting policies (continued)

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.

Pensions

Contributions to the company's defined contribution pension scheme, being the Workplace Pension contributions, are charged to profit or loss in the year they are payable. The assets of the scheme are held separately from those of the company in an independently administered fund.

3

Employee information

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 10).

4

Tangible assets

Leasehold improvements
£

Fixtures, fittings and equipment
 £

Computer hardware and software
£

Total
£

Cost

At 1 March 2023

169,901

62,158

52,489

284,548

Additions in the year

-

6,583

1,088

7,671

Disposals

-

-

(4,250)

(4,250)

At 29 February 2024

169,901

68,741

49,327

287,969

Depreciation

At 1 March 2023

163,815

46,607

42,787

253,209

Charge for the year

1,902

3,352

6,850

12,104

Eliminated on disposal

-

-

(4,250)

(4,250)

At 29 February 2024

165,717

49,959

45,387

261,063

Carrying amount

At 29 February 2024

4,184

18,782

3,940

26,906

At 28 February 2023

6,086

15,551

9,702

31,339

 

Prestbury Investment Holdings Limited

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

5

Investment in subsidiaries and associates

2024
£

2023
£

Investment in subsidiaries

5,247,694

5,693,386

Investment in associate

1,475,600

2,664,343

6,723,294

8,357,729

Subsidiaries

£

At 1 March 2023

5,693,386

Additions in the year

1,320,000

Impairment during the year

(1,765,692)

At 29 February 2024

5,247,694

Associate

£

At 1 March 2023

2,664,343

Impairment during the year

(1,188,743)

At 29 February 2024

1,475,600

Details of undertakings

Name

Nature of business

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Prestbury SIR 1 Limited

In voluntary liquidation

Ordinary shares

100%

100%

Prestbury SIR 2 Limited

In voluntary liquidation

Ordinary shares

100%

100%

Prestbury SIR 3 Limited

In voluntary liquidation

Ordinary shares

100%

100%

PIHL Equity Administration Limited

In voluntary liquidation

Ordinary shares

100%

100%

PIHL Services Limited

Property letting and management

Ordinary shares

100%

100%

 

Prestbury Investment Holdings Limited

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

5

Investment in subsidiaries and associates (continued)

Name

Nature of business

Holding

Proportion of voting rights and shares held

New Prestbury Limited

In voluntary liquidation

Ordinary shares

100%

100%

Sale & Leaseback Limited

Dormant

Ordinary shares

100%

100%

Prestbury (Stukeley Road) Limited

Dormant

Ordinary shares

100%

100%

PIHL One Limited

Real estate investment

Ordinary shares

100%

100%

Each of the company's subsidiaries is incorporated in the UK, with the registered office of those not in voluntary liquidation being the same as that of the company.

Associate

The company's associate is Burford Beta Holdings Limited with its registered office at Richmond House, Avonmouth Way, Avonmouth, Bristol, BS11 8DE. Its principal activities are property trading and development. The company holds a 14.45% interest, via a 43.0% holding in the ordinary A shares of Burford Beta Holdings Limited, one of three share classes in that company. The investment value reflects the directors' assessment of the recoverable amount.

6

Other investments

Listed investments
£

Cost or valuation

At 1 March 2023

50,149,372

Fair value adjustment in the year

(6,268,672)

At 29 February 2024

43,880,700

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

 

Prestbury Investment Holdings Limited

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

7

Debtors

2024
£

2023
£

Amounts owed by subsidiaries

26,118

682,609

Prepayments

76,942

85,890

Other debtors

9,928

62,442

 

112,988

830,941

8

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

6,745

8,609

Amounts owed to subsidiaries

44,249

44,249

Expense reimbursement due to director

11,085

-

Taxation and social security

6,126

19,606

Corporation tax

176,037

1,653,052

Accruals

81,273

54,050

Other creditors

36,998

445,096

362,513

2,224,662

9

Provisions for liabilities

Deferred tax
£

Amounts payable under incentive arrangements
£

Total
£

At 1 March 2023

8,910,048

2,481,733

11,391,781

Decrease in existing provisions

(1,567,168)

(211,258)

(1,778,426)

Payments under incentive arrangements

-

(104,486)

(104,486)

At 29 February 2024

7,342,880

2,165,989

9,508,869

 

Prestbury Investment Holdings Limited

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

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Irredeemable ordinary shares of £0.000001 each

114,604,968

115

114,893,724

115

         

During the year, the company bought 288,756 of its own shares for £95,867. These shares were then cancelled.

11

Related party transactions

The company has taken advantage of exemption available in FRS 102 Section 1A not to disclose transactions with its wholly owned subsidiaries other than those disclosed elsewhere in the notes.
 

12

Parent undertaking and ultimate controlling party

At 29 February 2024, the company's immediate parent undertaking was Lesray Holdings Limited, incorporated in England, with registered office at Belfry House, Champions Way, Hendon, London, NW4 1PX. The ultimate parent undertaking is Yoginvest Limited, incorporated in England with registered office at Belfry House, Champions Way, Hendon, London, NW4 1PX. Neither company prepares consolidated financial statements on the basis that each is the parent undertaking of a small group.

N M Leslau is the ultimate controlling party of Yoginvest Limited and the company.