Prime Properties & Investments Limited
Unaudited Financial Statements
For the year ended 30 September 2024
Pages for Filing with Registrar
Company Registration No. 07785796 (England and Wales)
Prime Properties & Investments Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
Prime Properties & Investments Limited
Balance Sheet
As at 30 September 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
257
412
Investment properties
5
780,000
740,000
Investments
6
161,219
131,404
941,476
871,816
Current assets
Cash at bank and in hand
5,535
4,873
Creditors: amounts falling due within one year
7
(350,796)
(340,749)
Net current liabilities
(345,261)
(335,876)
Total assets less current liabilities
596,215
535,940
Provisions for liabilities
8
(51,569)
(41,569)
Net assets
544,646
494,371
Capital and reserves
Called up share capital
10
400,000
400,000
Revaluation reserve
265,079
235,079
Profit and loss reserves
(120,433)
(140,708)
Total equity
544,646
494,371

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Prime Properties & Investments Limited
Balance Sheet (Continued)
As at 30 September 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 16 June 2025 and are signed on its behalf by:
N A Baird
Director
Company Registration No. 07785796
Prime Properties & Investments Limited
Statement of Changes in Equity
For the year ended 30 September 2024
Page 3
Share Capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 October 2022
400,000
235,079
(134,868)
500,211
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
(5,840)
(5,840)
Deferred tax transferred to reserve
-
-
0
3,876
3,876
Balance at 30 September 2023
400,000
235,079
(140,708)
494,371
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
50,275
50,275
Deferred tax transferred to reserve
11
-
0
(10,000)
10,000
-
0
Fair value revaluation transferred to reserve
-
40,000
(40,000)
-
Balance at 30 September 2024
400,000
265,079
(120,433)
544,646
Prime Properties & Investments Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Page 4
1
Accounting policies
Company information

Prime Properties & Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents dividends, interest and rent receivable from the company's investments. Turnover is attributable to the principle activity of the company which arose wholly in the United Kingdom.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
25% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.5
Fixed asset investments

Investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

Prime Properties & Investments Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
Page 5
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2023: 1).

Prime Properties & Investments Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 6
3
Director's remuneration
2024
2023
£
£
Remuneration paid to directors
35,000
35,000
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023 and 30 September 2024
619
Depreciation and impairment
At 1 October 2023
207
Depreciation charged in the year
155
At 30 September 2024
362
Carrying amount
At 30 September 2024
257
At 30 September 2023
412
5
Investment property
2024
£
Fair value
At 1 October 2023
740,000
Revaluations
40,000
At 30 September 2024
780,000

Investment property comprises long leasehold flats. The investment properties were revalued post year end. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The historic cost of the properties is £463,352 (2023: £463,352).

6
Fixed asset investments
2024
2023
£
£
Other investments other than loans
161,219
131,404
Prime Properties & Investments Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
6
Fixed asset investments
(Continued)
Page 7
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 October 2023
131,404
Valuation changes
34,763
Disposals
(4,948)
At 30 September 2024
161,219
Carrying amount
At 30 September 2024
161,219
At 30 September 2023
131,404
7
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
320
395
Other creditors
350,476
340,354
350,796
340,749
Other creditors include £347,000 (2023: £337,000) due to a director of the company. The loan is interest free and repayable on demand.
8
Provisions for liabilities
2024
2023
Note
£
£
Deferred tax liabilities
9
51,569
41,569
51,569
41,569
Prime Properties & Investments Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 8
9
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Deferred tax
51,569
41,569
2024
Movements in the year:
£
Liability at 1 October 2023
41,569
Charge to profit or loss
10,000
Liability at 30 September 2024
51,569
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
400,000
400,000
400,000
400,000
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