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Company Registration No. 04607615 (England and Wales)
Prime Central Properties (Management) Limited Unaudited accounts for the year ended 31 December 2024
Prime Central Properties (Management) Limited Unaudited accounts Contents
Page
Company information
3
Statement of financial position
4
Notes to the accounts
5
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Prime Central Properties (Management) Limited Company Information for the year ended 31 December 2024
Directors
Alex Beare Steven Martin Adrianne Beare Gillian Martin
Secretary
Steven Martin
Company Number
04607615 (England and Wales)
Registered Office
1st Floor 12 Portsdown Mews London NW11 7HD England
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Prime Central Properties (Management) Limited Statement of financial position as at 31 December 2024
2024
2023
Notes
£
£
Fixed assets
Investment property
3,800,000
3,800,000
Investments
4
4
3,800,004
3,800,004
Current assets
Debtors
149,838
172,264
Cash at bank and in hand
47,990
103,794
197,828
276,058
Creditors: amounts falling due within one year
(75,736)
(156,968)
Net current assets
122,092
119,090
Total assets less current liabilities
3,922,096
3,919,094
Creditors: amounts falling due after more than one year
(2,782,497)
(2,788,698)
Provisions for liabilities
Deferred tax
(219,018)
(220,323)
Net assets
920,581
910,073
Capital and reserves
Called up share capital
2
2
Revaluation reserve
864,094
862,789
Profit and loss account
56,485
47,282
Shareholders' funds
920,581
910,073
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 August 2025 and were signed on its behalf by
Alex Beare Director Company Registration No. 04607615
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Prime Central Properties (Management) Limited Notes to the Accounts for the year ended 31 December 2024
1
Statutory information
Prime Central Properties (Management) Limited is a private company, limited by shares, registered in England and Wales, registration number 04607615. The registered office is 1st Floor, 12 Portsdown Mews, London, NW11 7HD, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
These accounts have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The accounts have been prepared under the historical cost convention as modified by the revaluation of certain assets.
Presentation currency
The accounts are presented in £ sterling.
Revenue recognition
Revenue is measured at the fair value of the consideration receivable and represents amounts receivable for rent and services rendered net of discounts and value added tax. Revenue is recognised to the extent that it is probable that future economic benefits will flow to the company and can be reliably measured.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and bank and other loans. Basic financial instruments are recognised at amortised cost.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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Prime Central Properties (Management) Limited Notes to the Accounts for the year ended 31 December 2024
Investment property
Investment property is measured at fair value. Changes in fair value are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the investments are sold.
Depreciation
No depreciation is provided in respect of freehold investment properties. This departure from the requirements of the Companies Act 2006, for all properties to be depreciated, is necessary, as the directors consider that this accounting policy results in the accounts giving a true and fair view.
Value added tax
The company having registered for value added tax all income is stated net of value added tax; all expenditure, where recoverable, is stated excluding value added tax, otherwise is stated including value added tax.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie) liabilities of uncertain timing or amount are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying value of assets assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates, The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revisions affects both current and future periods.
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Prime Central Properties (Management) Limited Notes to the Accounts for the year ended 31 December 2024
4
Transactions with related parties
Included in debtors as amounts due by group undertakings is £10 (2023 - £NIL) due to a company in which Alex Beare and Steven Martin are directors and together with their respective spouses indirectly control the entire issued share capital of the company. The amount is interest free and repayable on demand. Included in creditors as amounts due to group undertakings is £108 (2023 - £NIL) due to a company in which Alex Beare and Steven Martin are directors and together with their respective spouses control directly and indirectly the entire issued share capital of the company. The amount is interest free and repayable on demand. The company has taken advantage of the exemptions provided for in FRS 102-1A and has not disclosed the details of transactions with group member undertakings.
5
Average number of employees
During the year the average number of employees was 4 (2023: 4).
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