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REGISTERED NUMBER: 06281784 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

PRUDENT PROPERTIES (LONDON) LIMITED

PRUDENT PROPERTIES (LONDON) LIMITED (REGISTERED NUMBER: 06281784)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PRUDENT PROPERTIES (LONDON) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: R Sodha
A Sodha





REGISTERED OFFICE: 164-166 Bowes Road
London
N11 2JG





REGISTERED NUMBER: 06281784 (England and Wales)





ACCOUNTANTS: Kothari & Associates Ltd
30 Oakington Avenue
Harrow
Middlesex
HA2 7JJ

PRUDENT PROPERTIES (LONDON) LIMITED (REGISTERED NUMBER: 06281784)

BALANCE SHEET
31 MARCH 2024

31/3/24 31/3/23
Notes £ £
CURRENT ASSETS
Stocks 5 1,160,445 1,791,687
Debtors 6 24,419 134,444
Cash at bank 243,745 28,110
1,428,609 1,954,241
CREDITORS
Amounts falling due within one year 7 73,625 643,126
NET CURRENT ASSETS 1,354,984 1,311,115
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,354,984

1,311,115

CREDITORS
Amounts falling due after more than
one year

8

660,410

699,260
NET ASSETS 694,574 611,855

CAPITAL AND RESERVES
Called up share capital 11 3 3
Retained earnings 12 694,571 611,852
SHAREHOLDERS' FUNDS 694,574 611,855

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PRUDENT PROPERTIES (LONDON) LIMITED (REGISTERED NUMBER: 06281784)

BALANCE SHEET - continued
31 MARCH 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 January 2025 and were signed on its behalf by:




R Sodha - Director



A Sodha - Director


PRUDENT PROPERTIES (LONDON) LIMITED (REGISTERED NUMBER: 06281784)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Prudent Properties (London) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received for receivable.

Revenue Recognition
Revenue from the properties is recognised on a rent receivable basis.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


PRUDENT PROPERTIES (LONDON) LIMITED (REGISTERED NUMBER: 06281784)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

5. STOCKS
31/3/24 31/3/23
£ £
Stocks 1,160,445 1,791,687

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£ £
Other debtors - 134,444
Govin loan 21,000 -
Prepayments and accrued income 2,549 -
Prepayments 870 -
24,419 134,444

PRUDENT PROPERTIES (LONDON) LIMITED (REGISTERED NUMBER: 06281784)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£ £
Bank loans and overdrafts (see note 9)
-

25,874
Other loans (see note 9) - 49,638
Tax 39,277 32,894
Other creditors - 467,893
Directors' current accounts 1,958 35,421
Accrued expenses 32,390 31,406
73,625 643,126

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31/3/24 31/3/23
£ £
Bank loans (see note 9) 660,410 699,260

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 660,410 699,260

9. LOANS

An analysis of the maturity of loans is given below:

31/3/24 31/3/23
£ £
Amounts falling due within one year or on demand:
Bank loans - 25,874
Other loans - 49,638
- 75,512

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 660,410 699,260

PRUDENT PROPERTIES (LONDON) LIMITED (REGISTERED NUMBER: 06281784)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. LOANS - continued

The bank loans are secured by a legal charge over the company's investment properties and by way of personal guarantees of the directors. The loans are interest only, fully repayable between 9 to 10 years period with the rate of interest charged ranging between 3.53% per annum, above the bank base rate.

10. SECURED DEBTS

The following secured debts are included within creditors:

31/3/24 31/3/23
£ £
Bank loans 660,410 725,134

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/24 31/3/23
value: £ £
3 Ordinary 1 3 3

12. RESERVES
Retained
earnings
£

At 1 April 2023 611,852
Profit for the year 114,719
Dividends (32,000 )
At 31 March 2024 694,571

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year ended 31 March 2024, the company owed the directors £1,958 (2023 : £35,421).

During the year, total dividends amounting to £32,000 (2023 - £49,954) were paid to the directors.

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the directors of the company, by virtue of owning majority shareholding in the company.