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COMPANY REGISTRATION NUMBER: 05129631
Priory Rooms (Bull Street) Limited
Filleted Financial Statements
31 December 2024
Priory Rooms (Bull Street) Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
21,901
14,486
Current assets
Debtors
6
113,086
83,950
Cash at bank and in hand
318,528
301,801
---------
---------
431,614
385,751
Creditors: amounts falling due within one year
7
144,853
122,148
---------
---------
Net current assets
286,761
263,603
---------
---------
Total assets less current liabilities
308,662
278,089
Provisions
3,631
2,179
---------
---------
Net assets
305,031
275,910
---------
---------
Capital and reserves
Called up share capital
8
1
1
Profit and loss account
305,030
275,909
---------
---------
Shareholders funds
305,031
275,910
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
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 were approved by the board of directors and authorised for issue on 3 June 2025 , and are signed on behalf of the board by:
Wendy Burnett
Director
Company registration number: 05129631
Priory Rooms (Bull Street) Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Bull Street, Birmingham, B4 6AF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisifes the criteria of being a small entity as defined by FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no significant areas of judgement or estimate included in these accounts. Accounting estimates include depreciation, prepayments and accruals.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The company donates its profits to the parent charity Central England Quakers to the fullest extent possible to reduce its trading profits. Any such donations are treated as a distribution as required under guidance from ICAEW in Tech 02/10 from 1 January 2019. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
Equipment
-
25% straight line
Prior to the 2024 financial year, it was estimated that all fixed assets had a residual value of £10 each. From 2024 onwards this has been amended to £nil and all assets previously written down to £10 have been subsequently written down to £nil.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2023: 13 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 January 2024
250,640
38,923
289,563
Additions
11,609
2,494
14,103
Disposals
( 115,190)
( 14,665)
( 129,855)
---------
--------
---------
At 31 December 2024
147,059
26,752
173,811
---------
--------
---------
Depreciation
At 1 January 2024
239,650
35,427
275,077
Charge for the year
4,976
1,712
6,688
Disposals
( 115,190)
( 14,665)
( 129,855)
---------
--------
---------
At 31 December 2024
129,436
22,474
151,910
---------
--------
---------
Carrying amount
At 31 December 2024
17,623
4,278
21,901
---------
--------
---------
At 31 December 2023
10,990
3,496
14,486
---------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
93,164
56,917
Prepayments and accrued income
19,921
26,580
Other debtors
1
453
---------
--------
113,086
83,950
---------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
8,365
4,242
Amounts owed to group undertakings
70,000
60,000
Accruals and deferred income
15,271
7,467
Corporation tax
5,410
7,404
Social security and other taxes
31,800
28,150
Other creditors
14,007
14,885
---------
---------
144,853
122,148
---------
---------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
9. Parent charity
The company is a wholly owned subsidiary of Central England Area Quaker Meeting of The Religious Society of Friends. The issued share capital of one ordinary share was held jointly on trust and as nominee shareholder for Central England Area Quaker Meeting as follows:
- Up until November 2024: Gill Smith & Patricia Bradbury,
- November 2024 until May 2025: Gill Smith & Huw Davies,
- From May 2025: Anne Ullathorne & Huw Davies.
The address for Central England Area Quaker Meeting is 40 Bull Street, Birmingham B4 6AE.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
1,320
Later than 1 year and not later than 5 years
990
----
-------
2,310
----
-------
11. Summary audit opinion
The auditor's report dated 3 June 2025 was unqualified .
The senior statutory auditor was Philippa Miller-Hawkes BA CA , for and on behalf of BSN Associates Limited .
12. Related party transactions
Under FRS102 the company is exempt from disclosing transactions with fellow group companies on the basis that consolidated accounts are prepared which are publicly available.