Registration number:
Prestbury Incentives Limited
for the Period Ended 31 August 2024
Prestbury Incentives Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Prestbury Incentives Limited
Company Information
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Directors |
T J Evans N M Leslau P M Brown S L Gumm B Walford |
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Registered office |
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Prestbury Incentives Limited
(Registration number: 09033962)
Balance Sheet as at 31 August 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Investments |
- |
54,293,534 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
- |
(4,003,363) |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,002 |
1,002 |
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Share premium reserve |
- |
47,998 |
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Profit and loss account |
4,097 |
50,253,753 |
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Shareholders' funds |
5,099 |
50,302,753 |
For the financial period ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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The directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The statement of comprehensive income and the directors' report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.
Approved and authorised by the
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Prestbury Incentives Limited
Notes to the Unaudited Financial Statements for the Period Ended 31 August 2024
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General information |
The company is a private company limited by share capital, incorporated in England. The registered office address is shown on page 1.
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Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Disclosure of long or short period
Summary of significant accounting policies
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 periods presented, unless otherwise stated.
Tax
The tax expense for the year comprises current tax and deferred tax, where applicable. Tax is recognised on profit or loss except that a charge attributable to an item of income or 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 company's liability to current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that the recognition of a deferred tax asset is limited to the extent that it is probable that they will be recovered against suitable future taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the end of the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
Prestbury Incentives Limited
Notes to the Unaudited Financial Statements for the Period Ended 31 August 2024
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2 |
Accounting policies (continued) |
Listed investments
Investments in listed company shares are remeasured to fair value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Income from fixed asset investments
Income from fixed asset investments is recognised when the amounts have been received or otherwise where there is certainty as to the receipt of the income receivable at the relevant balance sheet date.
Cash at bank and in hand
Cash comprises cash at bank.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.
Dividends
Equity dividends are recognised when they become legally payable: interim dividends when paid and final dividends when approved by the shareholders at an annual general meeting.
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Employees and directors information |
The company had no employees (2023 - none) and
Prestbury Incentives Limited
Notes to the Unaudited Financial Statements for the Period Ended 31 August 2024
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Investments |
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Listed investments |
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Valuation |
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At 1 March 2023 |
54,293,534 |
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Fair value gain |
206,238 |
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In-specie distribution |
(54,499,772) |
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At 31 August 2024 |
- |
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Carrying amount |
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At 31 August 2024 |
- |
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At 28 February 2023 |
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On 5 March 2024, following an all share merger of LXi REIT Plc and LondonMetric Property Plc, all LXi REIT Plc shares held by the company were exchanged for shares in LondonMetric Property Plc, a UK real estate investment trust listed on the main market of the London Stock Exchange and a FTSE 100 constituent company.
On 5 June 2024, the company made an in-specie distribution of its entire holding of LondonMetric Property Plc shares to its parent undertaking.
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Debtors |
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2024 |
2023 |
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Amounts owed by parent undertaking |
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Prestbury Incentives Limited
Notes to the Unaudited Financial Statements for the Period Ended 31 August 2024
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Creditors: Amounts falling due within one year |
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2024 |
2023 |
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Corporation tax payable |
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Accruals |
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Other creditors |
- |
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Provisions for liabilities |
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Deferred tax |
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At 1 March 2023 |
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Released on in-specie distribution of listed investments |
( |
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At 31 August 2024 |
- |
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Prestbury Incentives Limited
Notes to the Unaudited Financial Statements for the Period Ended 31 August 2024
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
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2 |
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2 |
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The A ordinary shares have full voting and dividend rights. The Z ordinary shares do not have voting rights and are only entitled to distributions from proceeds of any sale of the listed investments shown in note 4.
On 11 April 2024, a capital reduction became effective, pursuant to section 641 (1)(a) of the Companies Act 2006, which reduced the share premium reserve of the company by £47,998 with an equal and opposite credit to retained earnings.
On 5 June 2024, the company issued bonus shares of 17,577,049 A ordinary shares of £1 each by capitalising its non-distributable reserves of £17,577,049. The company then reduced its share capital and increased its distributable reserves by £17,577,049 by cancelling the bonus shares.
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Related party transactions |
The company has taken advantage of exemption available in FRS 102 Section 1A not to disclose transactions with its parent undertaking which wholly owns the company.
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Parent undertaking and ultimate controlling party |
At 31 August 2024, the company's parent undertaking was
N M Leslau is the ultimate controlling party of Prestbury Management Holdings Limited and indirectly the company.