Registration number: 03740636

Premier Properties (1942) Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 5

Premier Properties (1942) Limited

(Registration number: 03740636)
Balance Sheet as at 30 June 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	-	2,121,000
Current assets
Debtors	5	203,822	4,514
Cash at bank and in hand		1,931,937	192,622
		2,135,759	197,136
Creditors: Amounts falling due within one year	6	(122,763)	(92,345)
Net current assets		2,012,996	104,791
Total assets less current liabilities		2,012,996	2,225,791
Provisions for liabilities		-	(130,252)
Net assets		2,012,996	2,095,539
Capital and reserves
Called up share capital		100	100
Retained earnings		2,012,896	2,095,439
Shareholders' funds		2,012,996	2,095,539

For the financial period ending 30 June 2025 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 period 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 November 2025 and signed on its behalf by:
 

Mr D Rounce Director

Mrs W Rounce Director

Premier Properties (1942) Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 30 June 2025

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:
Winchester House
Deane Gate Avenue
Taunton
Somerset
TA1 2UH

These financial statements were authorised for issue by the Board on 26 November 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 - '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.

The financial statements are prepared in sterling, which is the functional and presentational currency of the company, and rounded to the nearest £.

Going concern

During the period, the company ceased trading and sold its entire portfolio of investment properties. It is the intention of the directors to put the company into a solvent liquidation and distribute its reserves to the shareholders. The directors expect the assets and liabilities will be realised at their values as stated in the balance sheet.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

Premier Properties (1942) Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 30 June 2025

Tax

The tax expense for the period comprises current and deferred 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.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Investment property

In accordance with the requirements of Financial Reporting Standard 102 (effective January 2015), investment properties owned by the company are stated at fair value at each reporting date with changes in fair value resulting from revaluations recognised in profit or loss.

The investment properties are not subjected to periodic charges for depreciation. The Companies Act 2006 would normally require such assets to be depreciated over their useful economic life. However, in the opinion of the directors this would not show a true and fair view of the value of the assets at the balance sheet date.

Creditors

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

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Premier Properties (1942) Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 30 June 2025

Debtors

Trade debtors are amounts due from customers for 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.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the period was 3 (2024 - 3).

4	Tangible assets

	Freehold land and buildings £	Total £
Cost or valuation
At 1 April 2024	2,121,000	2,121,000
Disposals	(2,121,000)	(2,121,000)
At 30 June 2025	-	-
Carrying amount
At 30 June 2025	-	-
At 31 March 2024	2,121,000	2,121,000

5

Debtors

	2025 £	2024 £
Other debtors	203,822	-
Prepayments	-	3,364
Accrued income	-	1,150
	203,822	4,514

Premier Properties (1942) Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 30 June 2025

6

Creditors

Due within one year	Note	2025 £	2024 £
Amounts due to related parties	7	-	73,721
Other creditors		-	1,383
Accruals		4,720	4,039
Corporation tax liability		118,043	13,202
		122,763	92,345