Registration number:
Prestbury Investment Holdings Limited
for the Year Ended 29 February 2024
Prestbury Investment Holdings Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Prestbury Investment Holdings Limited
Company Information
Directors |
S L Gumm N M Leslau |
Company secretary |
S L Gumm |
Registered office |
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Prestbury Investment Holdings Limited
(Registration number: 03985560)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment in subsidiaries and associate |
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Other investments |
43,880,700 |
50,149,372 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
115 |
115 |
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Capital redemption reserve |
34,367 |
34,367 |
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Profit and loss account |
42,913,583 |
50,622,275 |
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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.
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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
......................................... |
Prestbury Investment Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England. The registered office address is shown on page 1.
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
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
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
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.
Employee information |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Leasehold improvements |
Fixtures, fittings and equipment |
Computer hardware and software |
Total |
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Cost |
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At 1 March 2023 |
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Additions in the year |
- |
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Disposals |
- |
- |
( |
( |
At 29 February 2024 |
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Depreciation |
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At 1 March 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
( |
At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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At 28 February 2023 |
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Prestbury Investment Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Investment in subsidiaries and associates |
2024 |
2023 |
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Investment in subsidiaries |
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Investment in associate |
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Subsidiaries |
£ |
At 1 March 2023 |
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Additions in the year |
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Impairment during the year |
( |
At 29 February 2024 |
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Associate |
£ |
At 1 March 2023 |
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Impairment during the year |
( |
At 29 February 2024 |
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Details of undertakings
Name |
Nature of business |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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Subsidiary undertakings |
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In voluntary liquidation |
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In voluntary liquidation |
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In voluntary liquidation |
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In voluntary liquidation |
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Property letting and management |
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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 |
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In voluntary liquidation |
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Dormant |
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Dormant |
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Real estate investment |
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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.
Other investments |
Listed investments |
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Cost or valuation |
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At 1 March 2023 |
50,149,372 |
Fair value adjustment in the year |
(6,268,672) |
At 29 February 2024 |
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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
Debtors |
2024 |
2023 |
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Amounts owed by subsidiaries |
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Prepayments |
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Other debtors |
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Creditors: amounts falling due within one year |
2024 |
2023 |
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Trade creditors |
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Amounts owed to subsidiaries |
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Expense reimbursement due to director |
11,085 |
- |
Taxation and social security |
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Corporation tax |
176,037 |
1,653,052 |
Accruals |
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Other creditors |
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Provisions for liabilities |
Deferred tax |
Amounts payable under incentive arrangements |
Total |
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At 1 March 2023 |
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Decrease in existing provisions |
( |
( |
( |
Payments under incentive arrangements |
- |
( |
( |
At 29 February 2024 |
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Prestbury Investment Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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|
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115 |
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115 |
During the year, the company bought 288,756 of its own shares for £95,867. These shares were then cancelled.
Related party transactions |
Parent undertaking and ultimate controlling party |
At 29 February 2024, the company's immediate parent undertaking was