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Registered number: 11378911
ALLPRIME LTD
Unaudited
Financial statements
Information for filing with the registrar
For the Year Ended 31 May 2022
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ALLPRIME LTD
Registered number: 11378911
Balance sheet
As at 31 May 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 July 2022.
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ALLPRIME LTD
Registered number: 11378911
Balance sheet (continued)
As at 31 May 2022
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ALLPRIME LTD
Notes to the financial statements
For the Year Ended 31 May 2022
Allprime Ltd is a company incorporated in England and Wales under the Companies Act. The principal activity of the company is that of property investment.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Revenue represents gross rental income from the letting of property and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
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ALLPRIME LTD
Notes to the financial statements
For the Year Ended 31 May 2022
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, except that a charge attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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.
Deferred balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met..
The company's reserves are as follows:
• Called up share capital represents the nominal value of the shares issued
• Profit and Loss Account represents cummulative profits or losses, net of dividends and other adjustments.
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The Company has no employees other than the directors, who did not receive any remuneration (2021 - £NIL).
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Investments in subsidiary companies
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ALLPRIME LTD
Notes to the financial statements
For the Year Ended 31 May 2022
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Freehold investment property
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The 2022 valuations were made by the directors, on an open market value for existing use basis.
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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ALLPRIME LTD
Notes to the financial statements
For the Year Ended 31 May 2022
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Creditors: Amounts falling due after more than one year
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The following liabilities were secured:
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Details of security provided:
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Some of the bank loans are secured on the company's properties.
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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