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Registered number: 02221787









PRIOR GROUP HOLDINGS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
PRIOR GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 02221787

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
                                                                     Note
£
£

Fixed assets
  

Tangible assets
 5 
133,228
139,908

Investments
 6 
45,165
45,165

  
178,393
185,073

Current assets
  

Debtors: amounts falling due within one year
 7 
1,056,889
849,433

Cash at bank and in hand
 8 
660,155
776,655

  
1,717,044
1,626,088

Creditors: amounts falling due within one year
 9 
(97,007)
(126,730)

Net current assets
  
 
 
1,620,037
 
 
1,499,358

Total assets less current liabilities
  
1,798,430
1,684,431

  

Net assets
  
1,798,430
1,684,431


Capital and reserves
  

Called up share capital 
 10 
162,500
162,500

Revaluation reserve
  
60,715
60,715

Capital redemption reserve
  
57,501
57,501

Profit and loss account
  
1,517,714
1,403,715

  
1,798,430
1,684,431


Page 1

 
PRIOR GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 02221787
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C A Prior Esq
A E Collins Esq
Director
Director


Date: 22 November 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
PRIOR GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Prior Group Holdings Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is 129-131 Nathan Way, West Thamesmead Business Park, London, SE28 0AB. The principal activity of the company during the year has been that of a holding company and the provision of management services to the Prior Group of companies.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
PRIOR GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and 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 current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases:


Long-term leasehold property
-
over the period of lease
Plant and machinery
-
8% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
PRIOR GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

a) Critical judgements in applying the company's accounting policies:
There were no significant judgments exercised by management in the preparation of the financial statements.
b) Key accounting estimates and assumptions:
The company made key assumptions regarding the useful economic life of tangible fixed assets and this is further described in note 2.7 of accounting policies 
The company made key assumptions regarding accruals and prepayments however these are not material to these accounts 


4.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 5).

Page 5

 
PRIOR GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 April 2023
300,140
114,733
33,598
448,471



At 31 March 2024

300,140
114,733
33,598
448,471



Depreciation


At 1 April 2023
165,319
109,646
33,598
308,563


Charge for the year on owned assets
5,824
856
-
6,680



At 31 March 2024

171,143
110,502
33,598
315,243



Net book value



At 31 March 2024
128,997
4,231
-
133,228



At 31 March 2023
134,821
5,087
-
139,908


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
45,165



At 31 March 2024
45,165




Page 6

 
PRIOR GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
1,010,247
789,982

Other debtors
34
35,983

Prepayments and accrued income
46,608
23,468

1,056,889
849,433



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
660,155
776,655

660,155
776,655



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
25,784
22,330

Corporation tax
-
45,127

Other taxation and social security
33,555
32,189

Other creditors
29,400
5,667

Accruals and deferred income
8,268
21,417

97,007
126,730


Page 7

 
PRIOR GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



127,500 Ordinary "A" shares shares of £1.00 each
127,500
127,500
12,500 Ordinary "B" shares shares of £1.00 each
12,500
12,500
10,000 Ordinary "C" shares shares of £1.00 each
10,000
10,000
12,500 Ordinary "D" shares shares of £1.00 each
12,500
12,500

162,500

162,500



11.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. Contributions totalling £15,224 (2023: £3,133) were payable to the fund at the balance sheet date and are included in other creditors.


12.


Related party transactions

At the year end an aggregate balance of £1,298 (2023: £35,968 - debtor) was due to the directors which is included in creditors due within one year.  The loans are interest free and repayable upon demand. 
The directors have an interest in dividends paid of £262,563 (
2023: £140,925).


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 3 December 2024 by Mario Cientanni (Senior Statutory Auditor) on behalf of Barnes Roffe LLP.

 
Page 8