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Registration number: 12949692

Prelon Estates Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Prelon Estates Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Prelon Estates Limited

Company Information

Directors

Mr R Hoy

Mr J P Boyce

Registered office

Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

Accountants

Ross & Partners (Bristol) Limited
Accountants and Tax Consultants
Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

 

Prelon Estates Limited

(Registration number: 12949692)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

3

3,550,000

3,500,000

Current assets

 

Debtors

4

741,915

25,765

Cash at bank and in hand

 

7,782

216

 

749,697

25,981

Creditors: Amounts falling due within one year

5

(1,093,703)

(795,074)

Net current liabilities

 

(344,006)

(769,093)

Total assets less current liabilities

 

3,205,994

2,730,907

Creditors: Amounts falling due after more than one year

5

(2,691,864)

(2,391,594)

Provisions for liabilities

(100,000)

(66,500)

Net assets

 

414,130

272,813

Capital and reserves

 

Called up share capital

6

600

600

Revaluation reserve

300,000

283,500

Retained earnings

113,530

(11,287)

Shareholders' funds

 

414,130

272,813

For the financial year ending 31 October 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Prelon Estates Limited

(Registration number: 12949692)
Balance Sheet as at 31 October 2024

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 June 2025 and signed on its behalf by:
 

.........................................
Mr R Hoy
Director

 

Prelon Estates Limited

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

1

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises current 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.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

Prelon Estates Limited

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

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Prelon Estates Limited

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

3

Investment properties

2024
£

At 1 November

3,500,000

Fair value adjustments

50,000

At 31 October

3,550,000


During the year, an independent valuation of the company’s property portfolio was commissioned by the Directors' for the purposes of supporting financing arrangements with the bank. The valuation was undertaken by Carter Jonas, a firm of professionally qualified valuers, and was completed in June 2024.

4

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

8

621,403

400

Prepayments

 

-

1,179

Other debtors

 

120,512

24,186

   

741,915

25,765

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

-

300,000

Trade creditors

 

2,554

6,497

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

807,676

475,910

Taxation and social security

 

41,600

915

Accruals and deferred income

 

142,245

1,400

Other creditors

 

99,628

10,352

 

1,093,703

795,074

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

2,691,864

2,391,594

 

Prelon Estates Limited

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

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

10

10

10

10

Ordinary "B" shares of £1 each

400

400

400

400

Ordinary "C" shares of £1 each

190

190

190

190

600

600

600

600

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

2,691,864

2,391,594

Current loans and borrowings

2024
£

2023
£

Other borrowings

-

300,000

8

Related party transactions

Loans to related parties

2024

Parent
£

Associates
£

Total
£

At start of period

400

-

400

Advanced

-

621,403

621,403

Repaid

(400)

-

(400)

At end of period

-

621,403

621,403

2023

Parent
£

Total
£

Advanced

400

400

At end of period

400

400

 

Prelon Estates Limited

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

Loans from related parties

2024

Parent
£

Associates
£

Key management
£

Total
£

At start of period

-

475,910

1,564

477,474

Advanced

808,276

-

335

808,611

Repaid

(600)

(475,910)

(1,886)

(478,396)

At end of period

807,676

-

13

807,689

2023

Associates
£

Key management
£

Total
£

Advanced

475,910

1,564

477,474

At end of period

475,910

1,564

477,474

9

Parent and ultimate parent undertaking

The company's immediate parent is Grounded Property Trading Limited, incorporated in England & Wales.