Silverfin false false 31/03/2024 01/04/2023 31/03/2024 T Wimshurst 18/02/2022 S L R Wong 03/03/2022 S V Shah 04/03/2022 27 June 2025 The principal activity of the Company is that of property development. 13925020 2024-03-31 13925020 bus:Director1 2024-03-31 13925020 bus:Director2 2024-03-31 13925020 bus:Director3 2024-03-31 13925020 2023-03-31 13925020 core:CurrentFinancialInstruments 2024-03-31 13925020 core:CurrentFinancialInstruments 2023-03-31 13925020 core:Non-currentFinancialInstruments 2024-03-31 13925020 core:Non-currentFinancialInstruments 2023-03-31 13925020 core:ShareCapital 2024-03-31 13925020 core:ShareCapital 2023-03-31 13925020 core:RetainedEarningsAccumulatedLosses 2024-03-31 13925020 core:RetainedEarningsAccumulatedLosses 2023-03-31 13925020 core:CurrentFinancialInstruments core:Secured 2024-03-31 13925020 bus:OrdinaryShareClass1 2024-03-31 13925020 2023-04-01 2024-03-31 13925020 bus:FilletedAccounts 2023-04-01 2024-03-31 13925020 bus:SmallEntities 2023-04-01 2024-03-31 13925020 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13925020 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13925020 bus:Director1 2023-04-01 2024-03-31 13925020 bus:Director2 2023-04-01 2024-03-31 13925020 bus:Director3 2023-04-01 2024-03-31 13925020 2022-02-18 2023-03-31 13925020 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 13925020 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 13925020 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 13925020 bus:OrdinaryShareClass1 2022-02-18 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13925020 (England and Wales)

PRIESTS BRIDGE LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

PRIESTS BRIDGE LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

PRIESTS BRIDGE LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
PRIESTS BRIDGE LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024 31.03.2023
£ £
Current assets
Stocks 3 3,119,907 2,626,508
Debtors 4 106,612 25,719
Cash at bank and in hand 43,603 121,736
3,270,122 2,773,963
Creditors: amounts falling due within one year 5 ( 2,069,897) ( 2,489,650)
Net current assets 1,200,225 284,313
Total assets less current liabilities 1,200,225 284,313
Creditors: amounts falling due after more than one year 6 ( 1,223,286) ( 300,000)
Net liabilities ( 23,061) ( 15,687)
Capital and reserves
Called-up share capital 7 2,100 2,100
Profit and loss account ( 25,161 ) ( 17,787 )
Total shareholders' deficit ( 23,061) ( 15,687)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Priests Bridge Ltd (registered number: 13925020) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

T Wimshurst
Director

27 June 2025

PRIESTS BRIDGE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
PRIESTS BRIDGE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Priests Bridge Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue its activities for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.

The Company made a loss for the year, and had net liabilities of £23,061.

With the Company's principal activity being property development, until such time that a property sale completes in the future it is expected for costs to be incurred and a loss to arise. The directors have confirmed that the Company has sufficient access to working capital to support the business for the foreseeable future and that the shareholders' loans will not be recalled until such time that the Company can afford to do so. On this basis, they consider it appropriate to adopt the going concern basis of accounting.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost includes all direct costs.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties and third parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

Year ended
31.03.2024
Period from
18.02.2022 to
31.03.2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 3 3

3. Stocks

31.03.2024 31.03.2023
£ £
Work in progress 3,119,907 2,626,508

Included within stock of development property is capitalised loan interest, bank arrangement fees and associated costs totalling £138,945 (2023: £57,156).

4. Debtors

31.03.2024 31.03.2023
£ £
Prepayments 364 106
VAT recoverable 21,248 10,456
Other debtors 85,000 15,157
106,612 25,719

5. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Trade creditors 8,490 23,677
Other loans (secured) 0 519,576
Accruals 4,710 9,347
Other taxation and social security 1,300 0
Other creditors 2,055,397 1,937,050
2,069,897 2,489,650

Other loans were secured by a first legal mortgage of the property, a debenture, and personal guarantees from the directors.

6. Creditors: amounts falling due after more than one year

31.03.2024 31.03.2023
£ £
Other loans (secured) 923,286 0
Accruals 300,000 300,000
1,223,286 300,000

Other loans are secured by a legal charge over the property held within stock of development property.

7. Called-up share capital

31.03.2024 31.03.2023
£ £
Allotted, called-up and fully-paid
2,100 Ordinary shares of £ 1.00 each 2,100 2,100

8. Related party transactions

Included within other debtors are balances of £75,000 (2023: £15,157) due from companies with shared directors. These balances are unsecured and interest free, with no fixed repayment terms.

Included within other creditors are balances of £1,937,050 (2023: £1,937,050) owed to certain shareholders and companies associated with shareholders. These balances are unsecured and interest free, with no fixed repayment terms.

Also included within other creditors is a balance of £118,347 (2023: £nil) owed to a company with shared directors. This balance is unsecured, interest charged at 11.75% per annum and there are no fixed repayment terms.