Prime Commercial Properties (Pudsey) Ltd - Limited company accounts 20.1

REGISTERED NUMBER: 11737581 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2022

FOR

PRIME COMMERCIAL PROPERTIES (PUDSEY) LTD

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Other Comprehensive Income

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Financial Statements

7

DIRECTORS:

Mrs L Khalastchi

P Gubbay

J Gubbay

Mrs E Gubbay

REGISTERED OFFICE:

7 Praed Street

London

W2 1NJ

REGISTERED NUMBER:

11737581 (England and Wales)

The directors present their report with the financial statements of the company for the year ended 31st March 2022.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st April 2021 to the date of this report.

Mrs L Khalastchi

P Gubbay

J Gubbay

Mrs E Gubbay

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

P Gubbay - Director

12th September 2022

TURNOVER

121,800

Administrative expenses

(6,512

)

(5,898

)

OPERATING PROFIT and

PROFIT BEFORE TAXATION

115,288

115,902

Tax on profit

4

(21,905

)

(22,021

)

PROFIT FOR THE FINANCIAL YEAR

93,383

93,881

PROFIT FOR THE YEAR

93,383

93,881

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

93,383

93,881

FIXED ASSETS

Investment property

5

1,700,000

CURRENT ASSETS

Cash at bank and in hand

121,125

110,712

CREDITORS

Amounts falling due within one year

6

(1,621,454

)

(1,704,424

)

NET CURRENT LIABILITIES

(1,500,329

)

(1,593,712

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

199,671

106,288

CAPITAL AND RESERVES

Called up share capital

7

180

Retained earnings

199,491

106,108

SHAREHOLDERS' FUNDS

199,671

106,288

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 12th September 2022 and were signed on its behalf by:

P Gubbay - Director

Called up

share

Retained

Total

capital

earnings

equity

£

Balance at 1st April 2020

180

12,227

12,407

Changes in equity

Total comprehensive income

-

93,881

Balance at 31st March 2021

180

106,108

106,288

Changes in equity

Total comprehensive income

-

93,383

Balance at 31st March 2022

180

199,491

199,671

1.	STATUTORY INFORMATION

Prime Commercial Properties (Pudsey) Ltd 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 as modified by the revaluation of certain assets.

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

Significant judgements and estimates

The preparation of the financial statements requires management to make judgement, estimates and assumptions that may affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgement about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revision 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 judgement and estimates involved in the Company's accounting policies that are considered by the directors to be the most important to the portrayal of the Company's financial condition and that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

- Investment properties

Property held for investment has been valued by management in accordance with the company's valuation policies to determine its fair value. The directors carry out a detailed review of the properties and take into consideration relevant market data.

Turnover

Turnover represents rental income receivable, net of value added tax. Rental income arising from operating levels on investment property is accounted for on a straight line basis over the lease term.

Investment property

Acquisitions and disposals of investment property are recognised upon legal completion of contracts, when the risks and rewards of ownership are transferred. Investment properties cease to be recognised when they have been disposed of or withdrawn permanently from use and no future economic benefit is expected from disposal.

Investment property is measured initially at cost including directly attributable transaction costs. Subsequent to initial recognition, investment property is stated at fair value which is determined annually by the directors with reference to internal and external experts. Values are 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. The aggregate surplus or deficit arising from changes in fair value is recognised in the statement of comprehensive income. No depreciation is provided.

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 and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial assets

Financial assets other than investments and derivatives are initially measured at transaction price (including transaction costs) and subsequently held at cost, less any impairment.

Financial liabilities and equity

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities, excluding derivatives are initially measured at transaction price (including transaction costs) and subsequently held at amortised cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2022

2021

£

Current tax:

UK corporation tax

21,905

22,021

Tax on profit

21,905

22,021

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2021

and 31st March 2022

1,700,000

NET BOOK VALUE

At 31st March 2022

1,700,000

At 31st March 2021

1,700,000

Investment properties have been included in the balance sheet at fair value which was calculated by management in accordance with the company's valuation policies. Values are 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.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

Trade creditors

-

1,754

Tax

21,905

22,021

VAT

5,698

5,798

Other creditors

1,565,820

1,646,820

Accruals and deferred income

28,031

1,621,454

1,704,424

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

180

Ordinary

£1

180

8.	RELATED PARTY DISCLOSURES

At the period end, company owed amounts to its' shareholders totalling £1,565,820 (2021: £1,646,820). One of the shareholders being a company in which P Gubbay is a director and others are family members of the director.

9.	ULTIMATE CONTROLLING PARTY

The company is controlled by Longbell Limited, its immediate parent company. The ultimate parent company is Prime Commercial Properties (Holdings) Limited, a company registered in England. Copies of the consolidated financial statements of Prime Commercial Properties (Holdings) Limited are available from Companies House. The ultimate controlling party is The Robert Gubbay Settlement Trust.