Company registration number 12823038 (England and Wales)
PREQUEL PROPERTIES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
PREQUEL PROPERTIES LIMITED
COMPANY INFORMATION
Director
Thomas Hides
Company number
12823038
Registered office
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
England
DN4 5NU
PREQUEL PROPERTIES LIMITED
CONTENTS
Page
Director's report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
PREQUEL PROPERTIES LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -
The director presents his annual report and financial statements for the year ended 31 August 2024.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Thomas Hides
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Thomas Hides
Director
16 May 2025
PREQUEL PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
491,403
305,000
Current assets
Cash at bank and in hand
2,120
705
Creditors: amounts falling due within one year
Other creditors
4
82,436
69,217
Net current liabilities
(80,316)
(68,512)
Total assets less current liabilities
411,087
236,488
Creditors: amounts falling due after more than one year
Loans and overdrafts
304,495
173,072
(304,495)
(173,072)
Provisions for liabilities
(58,935)
(13,935)
Net assets
47,657
49,481
Capital and reserves
Called up share capital
10
10
Equity reserve
(36,450)
Other reserves
59,409
59,409
Profit and loss reserves
24,688
(9,938)
Total equity
47,657
49,481
PREQUEL PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 3 -
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 16 May 2025
Thomas Hides
Director
Company registration number 12823038 (England and Wales)
PREQUEL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
1
Accounting policies
Company information
Prequel Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sidings House, Sidings Court, Lakeside, Doncaster, South Yorkshire, England, DN4 5NU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.
1.3
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.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
PREQUEL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Investment property
2024
£
Fair value
At 1 September 2023
305,000
Additions
141,403
Revaluations
45,000
At 31 August 2024
491,403
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31st August 2024 by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
If the investment properties had not been revalued they would have been included at £373,058 (2023 - £231,656)
4
Other creditors falling due within one year
2024
2023
£
£
Other creditors
82,436
69,217
5
Other creditors falling due after one year
PREQUEL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
5
Other creditors falling due after one year
(Continued)
- 6 -
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
(304,495)
(173,072)
The long-term loans are secured by fixed charges over:
- 40 Carlyle Road, Rotherham S66 7LP
- 56 Clifton Avenue, Rotherham S25 2QA
- 5 Carlyle Road, Rotherham S66 7LP
- 21 Lincoln Street, Rotherham S66 7LW
- 11 Duke Avenue, Rotherham S66 7JL