Registered number
NI703218
Prithi Property Limited
Filleted Accounts
31 October 2024
Prithi Property Limited
Registered number: NI703218
Balance Sheet
as at 31 October 2024
Notes 2024
£
Fixed assets
Investments 3 482,704
Current assets
Cash at bank and in hand 562
Creditors: amounts falling due within one year 4 (187,460)
Net current liabilities (186,898)
Total assets less current liabilities 295,806
Creditors: amounts falling due after more than one year 5 (316,735)
Net liabilities (20,929)
Capital and reserves
Called up share capital 100
Profit and loss account (21,029)
Shareholders' funds (20,929)
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 Loganathan Sankar
Director
Approved by the board on 22 May 2025
Prithi Property Limited
Notes to the Accounts
for the period from 16 October 2023 to 31 October 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 for rent receivable, net of discounts and value added taxes. The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
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.
2 Employees 2024
Number
Average number of persons employed by the company 0
3 Investments
Investment
property
£
Cost
Additions 482,704
At 31 October 2024 482,704
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director. The director having suitable knowledge and experience considered the above valuation to be a fair reflection of the value of the investment property as at 31 October 2024.
4 Creditors: amounts falling due within one year 2024
£
Trade creditors 90
Other creditors 187,370
187,460
5 Creditors: amounts falling due after one year 2024
£
Other creditors 316,735
6 Loans 2024
£
Creditors include:
Secured bank loans 316,735
The aggregate amount of creditors for which security has been given amounted to £316,735. These amounts have been secured against the investment property of the company.
7 Other information
Prithi Property Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
17 Flush Park
Belfast
BT6 0GD
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