Company No:
Contents
| DIRECTOR | N Hajjar |
| SECRETARY | O Hajjar |
| REGISTERED OFFICE | 4 Shrewsbury House |
| 42 Cheyne Walk | |
| London | |
| SW3 5LN | |
| United Kingdom |
| COMPANY NUMBER | 02479645 (England and Wales) |
| ACCOUNTANT | S&W Partners (Manchester) Limited |
| 3rd Floor Northern Assurance | |
| Albert Square | |
| 9/21 Princess Street | |
| Manchester | |
| M2 4DN |
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 4 |
|
|
|
| Investment property | 5 |
|
|
|
| 2,375,002 | 2,175,002 | |||
| Current assets | ||||
| Debtors | 6 |
|
|
|
| Investments | 7 |
|
|
|
| Cash at bank and in hand | 8 |
|
|
|
| 506,421 | 568,469 | |||
| Creditors: amounts falling due within one year | 9 | (
|
(
|
|
| Net current assets | 430,589 | 508,697 | ||
| Total assets less current liabilities | 2,805,591 | 2,683,699 | ||
| Creditors: amounts falling due after more than one year | 10 | (
|
(
|
|
| Provision for liabilities | 11 | (
|
(
|
|
| Net assets |
|
|
||
| Capital and reserves | ||||
| Called-up share capital | 12 |
|
|
|
| Revaluation reserve |
|
|
||
| Capital redemption reserve |
|
|
||
| Profit and loss account |
|
|
||
| Total shareholders' funds |
|
|
Director's responsibilities:
The financial statements of Primary Properties Limited (registered number:
|
N Hajjar
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Primary Properties Limited (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 4 Shrewsbury House, 42 Cheyne Walk, London, SW3 5LN, 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 ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of Primary Properties Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
These financial statements are separate financial statements.
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 Balance Sheet date.
Deferred tax
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 subsequently enacted by the year end and they are expected to apply to the reversal of timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only the the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 50% straight line, 33% straight line and 15% straight line
Tangible assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.
Although this policy is in accordance with FRS 102 it is a departure from the general requirement of the Companies Act for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view.
Properties are included in fixed assets on legal completion of the contract.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If the arrangement constitutes a financing transaction, it is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Other financial assets are initially measured at fair value which is normally the transaction price.
Such assets are subsequently carried at fair value and the changes in fair value are recognised in the profit and loss.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts recognised as distributions to equity holders in the financial year: | |||
| Ordinary shares of £1 each | 50,050 | 50,050 | |
| Fixtures and fittings | Total | ||
| £ | £ | ||
| Cost | |||
| At 25 March 2024 |
|
|
|
| At 24 March 2025 |
|
|
|
| Accumulated depreciation | |||
| At 25 March 2024 |
|
|
|
| At 24 March 2025 |
|
|
|
| Net book value | |||
| At 24 March 2025 | 2 | 2 | |
| At 24 March 2024 | 2 | 2 |
| Investment property | |
| £ | |
| Valuation | |
| As at 25 March 2024 |
|
| Fair value movement | 200,000 |
| As at 24 March 2025 |
|
Valuation
The investment properties were valued on an open market basis on 24 March 2025 by the director. This class of assets has a current value of £2,375,000 (2024: £2,175,000)
Historic cost
If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| Historic cost | 995,664 | 995,664 |
The depreciation on this historical cost if £nil (2024: £nil.)
| 2025 | 2024 | ||
| £ | £ | ||
| Trade debtors |
|
|
|
| Other debtors |
|
|
|
|
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Other investments – at cost less impairment |
|
|
The investment is a 20% share in a property owned by N Hajjar. The director valued the property at the balance sheet date at £1,195,000 (2024: £1,300,000). The company has a charge over the property.
| 2025 | 2024 | ||
| £ | £ | ||
| Cash at bank and in hand |
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans |
|
|
|
| Trade creditors |
|
|
|
| Taxation and social security |
|
|
|
| Other creditors |
|
|
|
|
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans (secured £
|
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| At the beginning of financial year | (
|
(
|
|
| Charged to the Profit and Loss Account | (
|
|
|
| At the end of financial year | (
|
(
|
| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
|
|
|
|
Transactions with owners holding a participating interest in the entity
| 2025 | 2024 | ||
| £ | £ | ||
| Shareholders | 163,764 | 134,356 |
As at 24 March 2025, the shareholders owed the company £163,764 (2024: £134,356). Advances of £100,003 (2024: £68,097) and credits of £70,595 (2024: 60,790) were made during the year. No interest is payable on the loan.