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Registered number: 01856071










PRISM ESTATES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
PRISM ESTATES LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 7


 
PRISM ESTATES LIMITED
REGISTERED NUMBER: 01856071

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
726
849

Investments
 5 
421,620
406,128

  
422,346
406,977

Current assets
  

Stocks
  
1,250,121
1,250,121

Debtors
  
2,649
4,202

Cash at bank and in hand
  
689,731
682,029

  
1,942,501
1,936,352

Creditors: amounts falling due within one year
 6 
(440,718)
(475,754)

Net current assets
  
 
 
1,501,783
 
 
1,460,598

Total assets less current liabilities
  
1,924,129
1,867,575

Provisions for liabilities
  

Deferred tax
  
(17,905)
(14,032)

Net assets
  
1,906,224
1,853,543


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,906,124
1,853,443

  
1,906,224
1,853,543


Page 1

 
PRISM ESTATES LIMITED
REGISTERED NUMBER: 01856071
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 income and retained earnings 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 on 21 March 2025.



N C Dancer
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
PRISM ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Prism Estates Limited (the Company) is a private company limited by shares, incorporated and domiciled in England. The address of its registered office is Raydale Barn, Sandy Lane, Fittleworth, West Sussex, RH20 1EH, which is also the address of its principal place of business.

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

Turnover related to the sale of property is recognised on completion. 
Rent receivable is the amount receivable from the rental of properties held as work in progress whilst awaiting sale.

 
2.3

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, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
10% 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.

 
2.4

Stocks and work in progress

Stocks and work in progress, which represents costs incurred on properties held for development are valued at the lower of cost and net realisable value. Cost includes all direct costs.

Page 3

 
PRISM ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

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.

  
2.6

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.7

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.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

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. 

Page 4

 
PRISM ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 income 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


Employees

2024
2023
£
£

Wages and salaries
62,091
1,768

Social security costs
7,281
221

69,372
1,989


The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 5

 
PRISM ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets





Office equipment

£



Cost


At 1 July 2023
11,284



At 30 June 2024

11,284



Depreciation


At 1 July 2023
10,435


Charge for the year on owned assets
123



At 30 June 2024

10,558



Net book value



At 30 June 2024
726



At 30 June 2023
848


5.


Fixed asset investments





Investment

£



Valuation


At 1 July 2023
406,128


Revaluations
15,492



At 30 June 2024
421,620




Page 6

 
PRISM ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
622
2,053

Amounts owed to group undertakings
391,215
391,215

Corporation tax
11,783
21,589

Other taxation and social security
5,664
6,333

Other creditors
31,434
54,564

440,718
475,754



7.


Ultimate parent undertaking

The ultimate parent undertaking is Prism Securities Limited.

 
Page 7