PRL PROPERTY 3 LTD


Director	LOCKEY, Peter


Registered Address	20 Wenlock Road
	London
	N1 7GU


Registered Number	15391789 (England and Wales)

Balance Sheet as at
31 January 2026

	Notes	2026		2025
		£	£	£	£
Fixed assets
Tangible assets	3		828		1,210
Investment property	4		486,576		486,576
			487,404		487,786
Current assets
Debtors	5	2,014		-
Cash at bank and on hand		3,866		7,525
		5,880		7,525
Creditors amounts falling due within one year	6	(227,580)		(225,030)
Net current assets (liabilities)			(221,700)		(217,505)
Total assets less current liabilities			265,704		270,281
Creditors amounts falling due after one year	7		(275,025)		(275,025)
Net assets			(9,321)		(4,744)
Capital and reserves
Called up share capital			1		1
Profit and loss account			(9,322)		(4,745)
Shareholders' funds			(9,321)		(4,744)

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Director on 29 October 2026, and are signed on its behalf by:

LOCKEY, Peter
Director
Registered Company No. 15391789

PRL PROPERTY 3 LTD

Notes to the Financial Statements
for the year ended 31 January 2026

1.	Accounting policies

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

	Statement of compliance
	These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

	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.

	Going concern
	After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

	Judgements and key sources of estimation uncertainty
	In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below. Valuation of investment property There are a number of estimates involved in assessing the fair value of the company's investment property. The directors have determined the fair value on similar properties at the same location. The carrying amount is £486,576.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.

Valuation of investment property
There are a number of estimates involved in assessing the fair value of the company's investment property. The directors have determined the fair value on similar properties at the same location. The carrying amount is £486,576.

	Turnover policy
	Turnover comprises the fair value of the consideration received or receivable from the rental of investment properties 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.

Turnover policy

Turnover comprises the fair value of the consideration received or receivable from the rental of investment properties 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.

	Current taxation
	Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

Current taxation

Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income.

Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible assets are stated in the statement of financial position 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.

	Investment property
	The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss.

2.	Average number of employees


		2026		2025
	Average number of employees during the year	0		0

3.	Tangible fixed assets

	Fixtures & fittings	Total
	£	£
Cost or valuation
At 01 February 25	1,529	1,529
At 31 January 26	1,529	1,529
Depreciation and impairment
At 01 February 25	319	319
Charge for year	382	382
At 31 January 26	701	701
Net book value
At 31 January 26	828	828
At 31 January 25	1,210	1,210

4.	Investment property


		£
	Fair value at 01 February 25	486,576
	At 31 January 26	486,576

5.	Debtors: amounts due within one year

	2026	2025
	£	£
Other debtors	1,208	-
Prepayments and accrued income	806	-
Total	2,014	-

6.	Creditors: amounts due within one year

	2026	2025
	£	£
Other creditors	219,180	218,580
Accrued liabilities and deferred income	8,400	6,450
Total	227,580	225,030


	Deferred income of £8,400 (2025: £6,450) has been recognised, representing rent received in advance relating to periods after the year-end.

7.	Creditors: amounts due after one year

	2026	2025
	£	£
Bank borrowings and overdrafts	275,025	275,025
Total	275,025	275,025

8.	Related party transactions
	P Lockey (director and shareholder) has advanced funds to the company to enable the purchase of investment property. During the year the director introduced £3,100 and was repaid £2,500. At the year end, the balance owed to the director was £219,179 (2025: £218,579). The loan is interest-free, unsecured, and repayable on demand.

9.	Change in reporting period and impact on comparability
	The comparative figures are for the first accounting period from incorporation on 6 January 2024 to 31 January 2025, a period of more than twelve months. The amounts presented in the financial statements are therefore not entirely comparable.