Registered number
08760127
Prime Property Management (Essex) Limited
Filleted Accounts
31 December 2024
Prime Property Management (Essex) Limited
Registered number: 08760127
Balance Sheet
as at 31 December 2024
Notes 31/12/24 31/3/24
£ £
Fixed assets
Intangible assets 3 - 225,000
Tangible assets 4 - 7,805
- 232,805
Current assets
Debtors 5 782 1,566
Cash at bank and in hand 1,056 17,711
1,838 19,277
Creditors: amounts falling due within one year 6 (41,939) (43,795)
Net current liabilities (40,101) (24,518)
Total assets less current liabilities (40,101) 208,287
Provisions for liabilities - (1,483)
Net (liabilities)/assets (40,101) 206,804
Capital and reserves
Called up share capital 100 100
Profit and loss account (40,201) 206,704
Shareholders' funds (40,101) 206,804
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P Rose
Director
Approved by the board on 4 March 2025
Prime Property Management (Essex) Limited
Notes to the Accounts
for the period from 1 April 2024 to 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 31/12/24 31/3/24
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2024 450,000
Disposals (450,000)
At 31 December 2024 -
Amortisation
At 1 April 2024 225,000
Provided during the period 9,375
On disposals (234,375)
At 31 December 2024 -
Net book value
At 31 December 2024 -
At 31 March 2024 225,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024 26,976
Disposals (26,976)
At 31 December 2024 -
Depreciation
At 1 April 2024 19,171
Charge for the period 650
On disposals (19,821)
At 31 December 2024 -
Net book value
At 31 December 2024 -
At 31 March 2024 7,805
5 Debtors 31/12/24 31/3/24
£ £
Other debtors 782 1,566
6 Creditors: amounts falling due within one year 31/12/24 31/3/24
£ £
Corporation tax 6,009 21,490
Other taxes and social security costs - 11,551
Director's account - 1,258
Other creditors 35,930 9,496
41,939 43,795
7 Other financial commitments 31/12/24 31/3/24
£ £
Total future minimum payments under non-cancellable operating leases - 18,750
8 Related party transactions
As at the balance sheet date the company owed £34,730 to Gilbert and Rose Limited, the company's parent company. All transactions made during the year were undertaken at arms length.
9 Going concern
As at the balance sheet date the company had a net deficiency of assets. The company has been supported by its parent company, Gilbert and Rose Limited, but ceased trading on 31 December 2024 and the financial statements have therefore been prepared on the break up basis.
10 Other information
Prime Property Management (Essex) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Cumberland House
24 - 28 Baxter Avenue
Southend-on-Sea
Essex
SS2 6HZ
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