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Registration number: 06667569

PRH Lettings Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

PRH Lettings Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

PRH Lettings Limited

Company Information

Director

Mrs Theresa Frances James

Registered office

15 Alverton Street
Penzance
Cornwall
TR18 2QP

Accountants

D.J. Reynolds & Co.
Chartered Accountants15 Alverton Street
Penzance
Cornwall
TR18 2QP

 

PRH Lettings Limited

(Registration number: 06667569)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

20,000

24,000

Tangible assets

5

5,822

6,332

 

25,822

30,332

Current assets

 

Stocks

6

7,239

11,157

Debtors

7

43,862

33,102

Cash at bank and in hand

 

36,133

21,674

 

87,234

65,933

Creditors: Amounts falling due within one year

8

(75,435)

(54,772)

Net current assets

 

11,799

11,161

Total assets less current liabilities

 

37,621

41,493

Creditors: Amounts falling due after more than one year

8

(3,240)

(7,444)

Provisions for liabilities

(1,146)

(1,247)

Net assets

 

33,235

32,802

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

33,234

32,801

Shareholders' funds

 

33,235

32,802

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The member has not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 May 2025
 

 

PRH Lettings Limited

(Registration number: 06667569)
Balance Sheet as at 31 August 2024

.........................................
Mrs Theresa Frances James
Director

 

PRH Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
15 Alverton Street
Penzance
Cornwall
TR18 2QP

These financial statements were authorised for issue by the director on 29 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

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.

Government grants

Before a grant (which also includes non-monetary grants) can be recognised in an entity’s financial statements, there must be reasonable assurance that:

The entity will comply with the conditions attaching to them; and
The grants will be received.

Grants will be initially recognised at the fair value of the asset received (or receivable) in order to comply with Section 4, paragragh 24.5 of FRS 102. If any of the grant becomes repayable, the reporting entity must recognise a liability at the point in time the repayment meets the definition of a liability.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

PRH Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

The cost of work in progress comprises direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

 

PRH Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 4).

 

PRH Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

45,511

45,511

At 31 August 2024

45,511

45,511

Amortisation

At 1 September 2023

21,511

21,511

Amortisation charge

4,000

4,000

At 31 August 2024

25,511

25,511

Carrying amount

At 31 August 2024

20,000

20,000

At 31 August 2023

24,000

24,000

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

18,970

18,970

Additions

517

517

At 31 August 2024

19,487

19,487

Depreciation

At 1 September 2023

12,638

12,638

Charge for the year

1,027

1,027

At 31 August 2024

13,665

13,665

Carrying amount

At 31 August 2024

5,822

5,822

At 31 August 2023

6,332

6,332

6

Stocks

2024
£

2023
£

Work in progress

7,239

11,157

 

PRH Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

7

Debtors

2024
£

2023
£

Other debtors

43,416

32,523

Prepayments

446

579

43,862

33,102

 

PRH Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

8,356

10,307

Trade creditors

 

4,508

2,337

Taxation and social security

 

24,056

19,361

Accruals and deferred income

 

4,025

2,255

Other creditors

 

34,490

20,512

 

75,435

54,772

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

3,240

7,444

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

       
 

PRH Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

3,240

7,444

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,005

4,046

Bank overdrafts

-

95

Other borrowings

4,351

6,166

8,356

10,307

11

Related party transactions

Transactions with director

2024

At 1 September 2023
£

Advances to director
£

Repayments by director
£

At 31 August 2024
£

Mrs Theresa Frances James

Interest-free loan, repayable on demand

32,523

(48,285)

59,178

43,416

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Mrs Theresa Frances James

Interest-free loan, repayable on demand

17,559

50,340

(35,376)

32,523

Summary of transactions with other related parties

Mr R. James
(Spouse of Mrs T.F. James)
During the year Mr R. James carried out services for the company and received remuneration - including reimbursements - of £5,078 (2023 - £13,673). At the balance sheet date the amount due to Mr R. James was £Nil (2023 - £Nil).