Registration number: 11651352

Priory Re Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 8

Priory Re Limited

Company Information

Directors

Mr Elisha Sjemtov Evers Mr Arie Johannes Maarten Van Dam Mr Aren Van Dam Mr Cornelis Maartinus Verkade

Registered office

8 Rodborough Road London London NW11 8RY

Accountants

GILBERT ALLAN & CO 8 Rodborough Road London London NW11 8RY

Priory Re Limited

(Registration number: 11651352)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	778,848	-
Investment property	5	47,600,771	47,600,771
		48,379,619	47,600,771
Current assets
Debtors	6	3,394,219	2,987,423
Cash at bank and in hand		1,213,275	549,692
		4,607,494	3,537,115
Creditors: Amounts falling due within one year	7	(1,000,445)	(1,034,952)
Net current assets		3,607,049	2,502,163
Total assets less current liabilities		51,986,668	50,102,934
Creditors: Amounts falling due after more than one year	7	(47,078,183)	(44,660,504)
Net assets		4,908,485	5,442,430
Capital and reserves
Called up share capital		100	100
Other reserves		7,207,760	7,868,125
Retained earnings		(2,299,375)	(2,425,795)
Shareholders' funds		4,908,485	5,442,430

For the financial 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.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 September 2025 and signed on its behalf by:
 

Priory Re Limited

(Registration number: 11651352)
Balance Sheet as at 31 December 2024

......................................... Mr Elisha Sjemtov Evers Director

......................................... Mr Aren Van Dam Director

Priory Re Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8 Rodborough Road
London
London
NW11 8RY
United Kingdom

These financial statements were authorised for issue by the Board on 26 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Priory Re Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Priory Re Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
Additions	865,387	865,387
At 31 December 2024	865,387	865,387
Depreciation
Charge for the year	86,539	86,539
At 31 December 2024	86,539	86,539
Carrying amount
At 31 December 2024	778,848	778,848

5	Investment properties

	2024 £
At 1 January	47,600,771
At 31 December	47,600,771

The Directors have valued the Investment properties and have confirmed that there has been no change since previous valuations.

Priory Re Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current	2024 £	2023 £
Trade debtors	1,411,113	840,754
Other debtors	1,983,106	2,146,669
	3,394,219	2,987,423

7

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	60,573	57,344
Taxation and social security	3	40,463
Accruals and deferred income	297,366	312,538
Other creditors	642,503	624,607
	1,000,445	1,034,952

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	8	47,078,183	44,660,504

8	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	17,800,000	16,650,606
Other borrowings	29,278,183	28,009,898
	47,078,183	44,660,504

Bank borrowings

Security for bank loans is denominated in Sterling with a nominal interest rate of 2.25%, and the final instalment is due on 30 April 2027. The carrying amount at year end is £Nil. The bank loans are secured on property valued at £47,050,000.

Priory Re Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

9	Related party transactions

At 31 December 2024, the Company owed £36,485,943 (2023: £35,878,023) to group undertakings in respect of intercompany loans The loans are reflected in the financial statements at the discounted net present value £29,278,183 (2023: |28,009,898).. Interest of £1,541,495 (2023: £1,469,764) was charged on these loans during the year.

All transactions were undertaken on normal commercial terms.