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COMPANY REGISTRATION NUMBER: 10521469
PRIME EALING PROPERTIES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
PRIME EALING PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
Current assets
Stocks
21,074,940
21,074,940
Debtors
4
2,542,595
1,744,614
Cash at bank and in hand
54,072
12,516
---------------
---------------
23,671,607
22,832,070
Creditors: amounts falling due within one year
5
23,664,067
22,729,427
---------------
---------------
Net current assets
7,540
102,643
-------
----------
Total assets less current liabilities
7,540
102,643
-------
----------
Net assets
7,540
102,643
-------
----------
Capital and reserves
Called up share capital
100
100
Profit and loss account
7,440
102,543
-------
----------
Shareholders funds
7,540
102,643
-------
----------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PRIME EALING PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 12 June 2025 , and are signed on behalf of the board by:
C W Mirza
Director
Company registration number: 10521469
PRIME EALING PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 22 Uxbridge Road, London, W5 2RJ, United Kingdom.
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.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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 income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Debtors
2023
2022
£
£
Other debtors
2,542,595
1,744,614
-------------
-------------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
19,205,373
19,210,000
Trade creditors
23,025
11,682
Amounts owed to group undertakings and undertakings in which the company has a participating interest
159,386
29,210
Corporation tax
51,791
48,588
Other creditors
4,224,492
3,429,947
---------------
---------------
23,664,067
22,729,427
---------------
---------------
6. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
C W Mirza
714,715
( 714,715)
Kingmead Limited
( 4,006,191)
( 7,924)
( 4,014,115)
-------------
----------
-------------
( 3,291,476)
( 722,639)
( 4,014,115)
-------------
----------
-------------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
C W Mirza
629,804
84,911
714,715
Kingmead Limited
( 3,653,942)
( 352,249)
( 4,006,191)
-------------
----------
-------------
( 3,024,138)
( 267,338)
( 3,291,476)
-------------
----------
-------------