REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 May 2024 |
for |
Prh Quality Homes Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 May 2024 |
for |
Prh Quality Homes Ltd |
Prh Quality Homes Ltd (Registered number: 10749317) |
Contents of the Financial Statements |
for the Year Ended 31 May 2024 |
Page |
Statement of Financial Position | 1 |
Notes to the Financial Statements | 3 |
Prh Quality Homes Ltd (Registered number: 10749317) |
Statement of Financial Position |
31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Fair value reserve | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The director acknowledges her 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. |
Prh Quality Homes Ltd (Registered number: 10749317) |
Statement of Financial Position - continued |
31 May 2024 |
The financial statements were approved by the director and authorised for issue on |
Prh Quality Homes Ltd (Registered number: 10749317) |
Notes to the Financial Statements |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Prh Quality Homes Ltd is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the fair value of rent received or receivable from the investment properties, excluding discounts, rebates, value added tax and other sales taxes. |
Investment property |
Investment properties are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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 statement of financial position date. |
Prh Quality Homes Ltd (Registered number: 10749317) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
The Property at 5 Gordon Street, Coventry CV1 3ES is registered under a charge in the name of Chartercourt Financial Services Limited (Trading as Precise Mortgages) on 17th May 2021. |
The Property at 4 Belmont, Temple Street, Llandrindod Wells LD1 5HF is registered under a charge in the name of Chartercourt Financial Services Limited (Trading as Precise Mortgages) on 04th September 2019. |
The Property at 54 School Lane Wolvehampton WV10 8HU is registered under a charge in the name of Paratus Amc Limited (Trading as Foundation Home Loan) on 25th June 2021. |
Prh Quality Homes Ltd (Registered number: 10749317) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
4. | INVESTMENT PROPERTY - continued |
Fair value at 31 May 2024 is represented by: |
£ |
Valuation in 2020 | 17,254 |
Valuation in 2021 | 3,000 |
Valuation in 2022 | 30,674 |
Cost | 454,072 |
505,000 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Other creditors |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
Prh Quality Homes Ltd (Registered number: 10749317) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans |
The loan amounting to £171,104 is secured by the way of charge on the property situated at 5 Gordon Street, Coventry CV1 3ES (disclosed as investment property). The charge was created in the name of Chartercourt Financial Services Limited (Trading as Precise Mortgages) on 17th May 2021. |
The loan amounting to £44,531 is secured by the way of charge on the property situated at 4 Belmont, Temple Street, Llandrindod Wells LD1 5HF (disclosed as investment property). The charge was created in the name of Chartercourt Financial Services Limited (Trading as Precise Mortgages) on 04th September 2019. |
The loan amounting to £126,225 is secured by the way of charge on the property situated at 54 School Lane Wolvehampton WV10 8HU (disclosed as investment property). The charge was created in the name of Paratus Amc Limited (Trading as Foundation Home Loan) on 25th June 2021. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.24 | 31.5.23 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
9. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 June 2023 |
Transfer to/from reserves | (587 | ) |
At 31 May 2024 |
10. | RELATED PARTY DISCLOSURES |
The company owes £152,698 (2023: £152,386) to its director, Mrs Patricia Ann Mcintosh who is also a sole shareholder of the company as at the accounting year end date. |