REGISTERED NUMBER: 03778390 (England and Wales)

PRIORY STUDIO LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

U L Patel

L D Patel

SECRETARY:

U L Patel

REGISTERED OFFICE:

2nd Floor, 2 Old Court Mews

311a Chase Road

London

N14 6JS

REGISTERED NUMBER:

03778390 (England and Wales)

ACCOUNTANTS:

KHI Albury Limited

2nd Floor, One Hobbs House,

Harrovian Business Village

Bessborough Road

Harrow

Middlesex

HA1 3EX

FIXED ASSETS

Tangible assets

4

10,862

6,833

CURRENT ASSETS

Debtors

5

428,468

408,376

Cash at bank and in hand

77

35,261

428,545

443,637

CREDITORS

Amounts falling due within one year

6

243,772

245,012

NET CURRENT ASSETS

184,773

198,625

TOTAL ASSETS LESS CURRENT LIABILITIES

195,635

205,458

CREDITORS

Amounts falling due after more than one year

7

86,279

111,812

NET ASSETS

109,356

93,646

CAPITAL AND RESERVES

Called up share capital

9

53,000

53,000

Retained earnings

10

56,356

40,646

SHAREHOLDERS' FUNDS

109,356

93,646

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

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

The directors acknowledge their 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 Board of Directors and authorised for issue on 5 January 2026 and were signed on its behalf by:

U L Patel - Director

1.	STATUTORY INFORMATION

Priory Studio Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover

Turnover represents the net amount invoiced for services provided, excluding VAT. Revenue is recognised when the landlords provide properties for rental purposes or when tenants occupy the rental properties, depending on the type of property management services provided.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost and 25% on reducing balance

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 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 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 at bank and in hand

Cash at bank and in hand is represented by cash in hand and deposits held with financial institutions repayable without penalty or a notice of not less than 24 hour's.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2023

38,405

Additions

7,650

At 31 May 2024

46,055

DEPRECIATION

At 1 June 2023

31,572

Charge for year

3,621

At 31 May 2024

35,193

NET BOOK VALUE

At 31 May 2024

10,862

At 31 May 2023

6,833

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

26,186

19,223

Amounts owed by associates

303,351

299,129

Other debtors

98,931

90,024

428,468

408,376

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

41,502

59,499

Hire purchase contracts

2,604

2,468

Trade creditors

49,620

33,723

Amounts owed to associates

5,000

1,979

Taxation and social security

39,509

11,535

Other creditors

105,537

135,808

243,772

245,012

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

76,402

106,215

Hire purchase contracts

9,877

5,597

86,279

111,812

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

116,579

165,714

Hire purchase

12,482

8,064

129,061

173,778

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

53,000

Ordinary Shares

£1

53,000

53,000

10.

RESERVES

Retained

earnings

£

At 1 June 2023

40,646

Profit for the year

15,710

At 31 May 2024

56,356

11.	RELATED PARTY DISCLOSURES

At the year-end date, included in other debtors is an amount of £10,000 (2023: £4,000) owed from Golding Street Limited. A company in which Mr U Patel is a director. This amount is interest free, unsecured and repayable on demand.

At the year-end date in other debtors is an amount of £4,000 (2023: £4,000) owed from Glass Brick Homes Limited. A company in which Mr U Patel is a director. This amount is interest free, unsecured and repayable on demand.

At the year-end date in other debtors is an amount of £104,368 (2023: £104,838) owed from Riverside N11 Limited. A company in which Mr U Patel is a director. This amount is interest free, unsecured and repayable on demand.

At the year-end date in other creditors is an amount of £3,500 (2023: Debtor £4,000) owed from Zev Tree Homes Limited. This amount is interest free, unsecured and repayable on demand.

At the year-end date in other debtors is an amount of £4,000 (2023: £4,000) owed from Ferraritastic Limited. A company in which Mr U Patel is a director. This amount is interest free, unsecured and repayable on demand.

At the year-end date in other creditors is an amount of £1,500 (2023: £1,979) owed to Raycourt Properties Limited. A company in which Mr U Patel is a director. This amount is interest free, unsecured and repayable on demand.

At the year-end date in other debtors is an amount of £159,505 (2023: £159,105) owed from Elmsrose Limited. A company in which Mr U Patel is a director. This amount is interest free, unsecured and repayable on demand.

At the year-end date in other debtors is an amount of £19,136 (2023: £19,136) owed from Buckingham West Limited. A company in which Mr U Patel is a director. This amount is interest free, unsecured and repayable on demand.

At the year-end date in other debtors is an amount of £2,342 (2023: £50) owed from Zev Properties Limited. A company in which Mr U Patel is a director. This amount is interest free, unsecured and repayable on demand.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr U L Patel by virtue of owning more than 50% of the issued share capital.