REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 27 February 2024 |
for |
Prestige Properties & Development |
Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 27 February 2024 |
for |
Prestige Properties & Development |
Limited |
Prestige Properties & Development |
Limited (Registered number: 11190172) |
Contents of the Financial Statements |
for the Year Ended 27 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Prestige Properties & Development |
Limited |
Company Information |
for the Year Ended 27 February 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Park House |
37 Clarence Street |
Leicester |
Leicestershire |
LE1 3RW |
Prestige Properties & Development |
Limited (Registered number: 11190172) |
Balance Sheet |
27 February 2024 |
27.2.24 | 27.2.23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve |
Retained earnings |
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. |
Prestige Properties & Development |
Limited (Registered number: 11190172) |
Balance Sheet - continued |
27 February 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Prestige Properties & Development |
Limited (Registered number: 11190172) |
Notes to the Financial Statements |
for the Year Ended 27 February 2024 |
1. | STATUTORY INFORMATION |
Prestige Properties & Development Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, 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 Profit and Loss Account, 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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Prestige Properties & Development |
Limited (Registered number: 11190172) |
Notes to the Financial Statements - continued |
for the Year Ended 27 February 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST OR VALUATION |
At 28 February 2023 |
Additions |
Disposals | ( |
) |
At 27 February 2024 |
DEPRECIATION |
At 28 February 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 27 February 2024 |
NET BOOK VALUE |
At 27 February 2024 |
At 27 February 2023 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 28 February 2023 |
Additions |
Disposals | ( |
) |
At 27 February 2024 |
DEPRECIATION |
At 28 February 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 27 February 2024 |
NET BOOK VALUE |
At 27 February 2024 |
At 27 February 2023 |
Prestige Properties & Development |
Limited (Registered number: 11190172) |
Notes to the Financial Statements - continued |
for the Year Ended 27 February 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 27 February 2024 is represented by: |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
Valuation in 2021 | 685,000 | - | - |
Valuation in 2022 | 559,993 | - | - |
Cost | 292,007 | 11,575 | 133,380 |
1,537,000 | 11,575 | 133,380 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2021 | - | - | 685,000 |
Valuation in 2022 | - | - | 559,993 |
Cost | 55,516 | 5,068 | 497,546 |
55,516 | 5,068 | 1,742,539 |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
27.2.24 | 27.2.23 |
£ | £ |
Cost | 292,007 | 292,007 |
Freehold land and buildings were valued on an open market basis on 27 February 2024 by the directors . |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
27.2.24 | 27.2.23 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
Other debtors includes prepayments of £38,406 (2023: £38,867). |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
27.2.24 | 27.2.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Prestige Properties & Development |
Limited (Registered number: 11190172) |
Notes to the Financial Statements - continued |
for the Year Ended 27 February 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
Other creditors includes accruals of £9,030 (2023: £11,880). |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
27.2.24 | 27.2.23 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more than 5 years |
Repayable by instalments |
Bank loans more than 5 years | 1,410,005 | 1,433,781 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
27.2.24 | 27.2.23 |
£ | £ |
Bank loans | 1,762,737 | 1,928,276 |
Bank loans are secured by a fixed charge over assets of the company. |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 27 February 2024 and 27 February 2023: |
27.2.24 | 27.2.23 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The loan was repayable on demand and interest has been charged at the HMRC Official Rate. |