REGISTERED NUMBER: 05076462 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

PRIME CREST HOMES LIMITED

Page

Statement of Financial Position

1

Notes to the Financial Statements

2

FIXED ASSETS

Property, plant and equipment

4

20,964

27,956

CURRENT ASSETS

Inventories

166,535

212,385

Debtors

5

149,420

206,670

Cash at bank and in hand

80,072

162,413

396,027

581,468

CREDITORS

Amounts falling due within one year

6

740,824

729,836

NET CURRENT LIABILITIES

(344,797

)

(148,368

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(323,833

)

(120,412

)

CREDITORS

Amounts falling due after more than one year

7

(20,000

)

(50,000

)

PROVISIONS FOR LIABILITIES

9

(5,127

)

(6,850

)

NET LIABILITIES

(348,960

)

(177,262

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(348,962

)

(177,264

)

(348,960

)

(177,262

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 September 2025 and were signed by:

Mr J A M Crawford - Director

1.	STATUTORY INFORMATION

Prime Crest Homes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

05076462

Registered office:

1 Kings Avenue

London

N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies.

The financial statements have been prepared on a going concern basis as the directors are satisfied that the company will have adequate resources to meet its liabilities to third parties as they fall due.

Preparation of consolidated financial statements

The financial statements contain information about Prime Crest Homes Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of 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 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 revision affects both current and future periods.

There are significant judgements and estimates involved in the preparation of the financial statements.

Revenue

Revenue comprises amounts recognised by the company in respect of property development, excluding value added tax. Where the company has incomplete developments at the reporting period, income and expenditure for these developments are recognised so that it reflects the partial performance of the company's obligations. For such developments the amount of revenue reflects the value of work performed. Revenue due but not received is included in debtors and payments on account in excess of the relevant amount of revenue due are included in creditors.

Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery - 25% on reducing balance

Fixtures and fittings - 25% on reducing balance

The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.

Inventories

Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. The carrying amount of inventory sold is recognised as an expense in the period in which the related revenue is recognised.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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.

Cash and cash equivalents

Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changesrecognised in profit and loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

103,335

4,496

107,831

DEPRECIATION

At 1 January 2024

77,107

2,768

79,875

Charge for year

6,559

433

6,992

At 31 December 2024

83,666

3,201

86,867

NET BOOK VALUE

At 31 December 2024

19,669

1,295

20,964

At 31 December 2023

26,228

1,728

27,956

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

149,420

206,670

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

30,000

30,000

Trade creditors

55,900

43,546

Amounts owed to group undertakings

542,012

542,156

Taxation and social security

2,397

8,009

Other creditors

110,515

106,125

740,824

729,836

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

20,000

50,000

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

50,000

80,000

Bank loan is secured by way of fixed and floating charge on company's assets.

9.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

Accelerated capital allowances

5,127

6,850

Deferred

tax

£

Balance at 1 January 2024

6,850

Credit to Income Statement during year

(1,723

)

Balance at 31 December 2024

5,127

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Included in other debtors due within one year is an amount of £132,854 (2023: 50,000) due from a connected company under common control. The loan remains interest free and recoverable on demand.

Included in other creditors due within one year is an amount of £10,000 (2023: £10,000) due to the connected companies under common control. The loan remains interest free and repayable on demand.