PRG PROPERTY MANAGEMENT LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
30TH NOVEMBER 2024 |
PRG PROPERTY MANAGEMENT LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
30TH NOVEMBER 2024 |
PRG PROPERTY MANAGEMENT LTD (REGISTERED NUMBER: 00728739) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH NOVEMBER 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Accountants' Report | 7 |
PRG PROPERTY MANAGEMENT LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH NOVEMBER 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Trading as Haines Watts |
First Floor, Woburn Court |
2 Railton Road |
Woburn Rd Ind Est |
Kempston |
Bedfordshire |
MK42 7PN |
PRG PROPERTY MANAGEMENT LTD (REGISTERED NUMBER: 00728739) |
BALANCE SHEET |
30TH NOVEMBER 2024 |
30/11/24 | 30/11/23 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non distributable reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
PRG PROPERTY MANAGEMENT LTD (REGISTERED NUMBER: 00728739) |
BALANCE SHEET - continued |
30TH NOVEMBER 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
PRG PROPERTY MANAGEMENT LTD (REGISTERED NUMBER: 00728739) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH NOVEMBER 2024 |
1. | STATUTORY INFORMATION |
PRG Property Management Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Turnover |
Turnover represents rental income and insurance recharges net of any Value Added Tax, rebates and discounts. |
Tangible fixed assets |
Investment property |
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value 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 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
PRG PROPERTY MANAGEMENT LTD (REGISTERED NUMBER: 00728739) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH NOVEMBER 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | and | Computer |
leasehold | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st December 2023 |
and 30th November 2024 |
DEPRECIATION |
At 1st December 2023 |
Charge for year |
At 30th November 2024 |
NET BOOK VALUE |
At 30th November 2024 |
At 30th November 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st December 2023 |
and 30th November 2024 |
NET BOOK VALUE |
At 30th November 2024 |
At 30th November 2023 |
Fair value at 30th November 2024 is represented by: |
£ |
Valuation in 2020 | 1,500,262 |
Cost | 1,279,738 |
2,780,000 |
They were formally valued on 13 December 2022. The directors' considered that there was no significant change in value from the balance sheet date to the valuation performed since the year end. The investment properties original cost is £1,279,738. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/11/24 | 30/11/23 |
£ | £ |
Trade debtors |
Prepayments |
PRG PROPERTY MANAGEMENT LTD (REGISTERED NUMBER: 00728739) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH NOVEMBER 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/11/24 | 30/11/23 |
£ | £ |
Corporation tax |
Social security and other taxes |
Other creditors |
Shareholder loan | - | 70 |
Directors' current accounts | 37,959 | 38,556 |
Accruals and deferred income |
8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30th November 2024 and 30th November 2023: |
30/11/24 | 30/11/23 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
9. | ULTIMATE CONTROLLING PARTY |
The controlling party is R Perkins. |
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
PRG PROPERTY MANAGEMENT LTD |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PRG Property Management Ltd for the year ended 30th November 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of PRG Property Management Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of PRG Property Management Ltd and state those matters that we have agreed to state to the Board of Directors of PRG Property Management Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PRG Property Management Ltd and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that PRG Property Management Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PRG Property Management Ltd. You consider that PRG Property Management Ltd is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of PRG Property Management Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Trading as Haines Watts |
First Floor, Woburn Court |
2 Railton Road |
Woburn Rd Ind Est |
Kempston |
Bedfordshire |
MK42 7PN |