Company No: 06573138 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	A C Ford
	B M Ford
	E K Ford

REGISTERED OFFICE	Stonecross
	Trumpington High Street
	Cambridge
	CB2 9SU
	United Kingdom

COMPANY NUMBER

06573138 (England and Wales)

ACCOUNTANT	S&W Partners (East) LLP
	Stonecross
	Trumpington High Street
	Cambridge
	CB2 9SU

	Note	2025		2024
		£		£
				Restated
Fixed assets
Investment property	5	821,272		809,739
		821,272		809,739
Current assets
Debtors	6	3,832		2,831
Cash at bank and in hand		23,442		2,463
		27,274		5,294
Creditors: amounts falling due within one year	7	( 264,602)		( 548,911)
Net current liabilities		(237,328)		(543,617)
Total assets less current liabilities		583,944		266,122
Creditors: amounts falling due after more than one year	8	( 320,046)		0
Net assets		263,898		266,122
Capital and reserves
Called-up share capital		1,000		1,000
Profit and loss account		262,898		265,122
Total shareholder's funds		263,898		266,122

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Principal Residential Properties Limited (registered number: 06573138) were approved and authorised for issue by the Board of Directors on 23 December 2025. They were signed on its behalf by:

E K Ford Director

1. Accounting policies

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.

General information and basis of accounting

Principal Residential 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 Stonecross, Trumpington High Street, Cambridge, CB2 9SU, 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 Principal Residential 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.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings	20 % reducing balance
Office equipment	20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

2.Transition to FRS102

The Company has adopted FRS 102 for the year ended 31 March 2025 and has restated the comparative year amounts.

Reconciliation of equity

		01.04.2023		31.03.2024
		£		£
Capital and reserves (as previously stated)		(43,557)		(73,607)
Add back Depreciation on property		40,101		43,826
Revaluation of properties		301,074		309,769
Deferred tax provision		0		(13,866)
Capital and reserves (as restated)		297,618		266,122

Reconciliation of profit or loss

				31.03.2024
				£
Result for the year (as previously stated)				(30,050)
Add back depreciation charge				3,725
Revaluation of investment properties				8,695
Deferred tax provision				(13,866)
Loss for the year (as restated)				(31,496)

Prior year adjustments have been made in respect of the investment property held in the Company. This is due do the transition from FRS105 (Micro entity accounts) to FRS102 Section 1a accounts, where FRS 102 Section 1a requires all investment properties to be revalued through profit and loss, rather than being held at historic cost.

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		3

4. Tangible assets

	Fixtures and fittings		Office equipment		Total
	£		£		£
Cost
At 01 April 2024	5,886		870		6,756
At 31 March 2025	5,886		870		6,756
Accumulated depreciation
At 01 April 2024	5,886		870		6,756
At 31 March 2025	5,886		870		6,756
Net book value
At 31 March 2025	0		0		0
At 31 March 2024	0		0		0

5. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	809,739
Fair value movement	11,533
As at 31 March 2025	821,272

Valuation

The fair value of the Company’s investment property has been arrived at on the basis of valuations carried out on that date by the directors of the business. In carrying out their review, the directors have made assumptions in relation to rental yields and estimated future achievable rents.

6. Debtors

	2025		2024
	£		£
Corporation tax	0		84
Other debtors	3,832		2,747
	3,832		2,831

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	13,431		118,361
Other creditors	251,171		430,550
	264,602		548,911

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans (secured)	320,046		0

The bank loan of £320,046 is secured against the investment properties held by the Company.

9. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 13,866)		0
Credited/(charged) to the Profit and Loss Account	751		( 13,866)
At the end of financial year	( 13,115)		( 13,866)