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Registered number: 01578956














PRIORY LONDON LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 
PRIORY LONDON LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 7


 
PRIORY LONDON LIMITED
REGISTERED NUMBER:01578956

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
234
313

Investments
 5 
2
2

  
236
315

Current assets
  

Stocks
 6 
12,762,577
12,762,577

Debtors: amounts falling due within one year
 7 
6,041,253
6,617,671

Cash at bank and in hand
  
32,210
75,555

  
18,836,040
19,455,803

Current liabilities
  

Creditors: amounts falling due within one year
 8 
(221,470)
(208,175)

Net current assets
  
 
 
18,614,570
 
 
19,247,628

Total assets less current liabilities
  
18,614,806
19,247,943

Creditors: amounts falling due after more than one year
 9 
(16,000,000)
(16,000,000)

  

Net assets
  
2,614,806
3,247,943


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
  
2,614,706
3,247,843

  
2,614,806
3,247,943


Page 1

 
PRIORY LONDON LIMITED
REGISTERED NUMBER:01578956
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 August 2025.



C G Rifkind
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
PRIORY LONDON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Priory London Limited is a private limited liability company and incorporated in England and Wales, with the principal place of business and registered office address at The Tea House, 17 Hall Road, London, NW8 9RF.
The principal activities of the company during the period continued to be those of property development and investment.
The Company's functional and presentational currency is £ Sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Borrowing costs

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

 
2.3

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 3

 
PRIORY LONDON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Stocks

Properties acquired with a view to resale are classified as stock and valued at the lower of cost and net realisable value. Cost comprises the cost of acquisition including directly attributable fees and expenses, excluding finance costs which are written off to the Statement of Comprehensive Income.

 
2.7

Debtors

Short term debtors are measured at the transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by deposits with financial institutions.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The serving director was the only employee of the company during the current and preceding period.

Page 4

 
PRIORY LONDON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Fixtures and fittings

£



Cost


At 1 January 2024
6,951



At 31 December 2024

6,951



Depreciation


At 1 January 2024
6,639


Charge for the year on owned assets
78



At 31 December 2024

6,717



Net book value



At 31 December 2024
234



At 31 December 2023
313


5.


Fixed asset investments





Unlisted investments

£



Cost 


At 1 January 2024
2



At 31 December 2024
2





6.


Stocks

2024
2023
£
£

Properties held for resale
12,762,577
12,762,577


Page 5

 
PRIORY LONDON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Debtors

2024
2023
£
£


Trade debtors
6,569
66

Amounts owed by group undertakings
5,963,776
6,556,054

Other debtors
312
1,992

Prepayments and accrued income
70,596
59,559

6,041,253
6,617,671



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Accruals and deferred income
221,470
208,175



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
16,000,000
16,000,000


The bank loan is secured by fixed and floating charges on properties held for resale. 


10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£


Amounts falling due after more than 5 years

Bank loans
16,000,000
16,000,000


Page 6

 
PRIORY LONDON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100



12.Director's personal guarantees

The director has provided a personal guarantee as security for the bank loan of £16,000,000 (2023 - £16,000,000).


13.


Controlling party

The company is a wholly owned subsidiary of Teahouse Associates Ltd, a company registered in England and Wales which the director regards as the ultimate parent company. C G Rifkind, the director of the company, is the ultimate controlling party.

 
Page 7