Priory Properties (Wembley) Limited - Period Ending 2023-03-31
Priory Properties (Wembley) Limited - Period Ending 2023-03-31
Registration number:
Priory Properties (Wembley) Limited
for the Year Ended 31 March 2023
Priory Properties (Wembley) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Priory Properties (Wembley) Limited
Company Information
Directors |
Mr Richard Derrick Bridges Jill Margaret Bridges Mr Bradley Kramer Mrs Susan Lilian Kramer |
Registered office |
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Accountants |
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Priory Properties (Wembley) Limited
(Registration number: 00680924)
Balance Sheet as at 31 March 2023
Note |
31 March |
31 March |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
114 |
114 |
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Revaluation reserve |
2,220,881 |
2,220,881 |
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Other reserves |
38,674 |
38,674 |
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Retained earnings |
142,065 |
173,418 |
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Shareholders' funds |
2,401,734 |
2,433,087 |
For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been 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
Priory Properties (Wembley) Limited
(Registration number: 00680924)
Balance Sheet as at 31 March 2023 (continued)
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Priory Properties (Wembley) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England aand Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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.
Tax
The tax expense for the period comprises current 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.
Priory Properties (Wembley) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)
2 |
Accounting policies (continued) |
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.
Tangible assets
Tangible assets are stated in the balance sheet 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
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.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
Priory Properties (Wembley) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)
2 |
Accounting policies (continued) |
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Total |
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Cost or valuation |
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At 1 April 2022 |
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At 31 March 2023 |
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Depreciation |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Included within the net book value of land and buildings above is £2,398,000 (2022 - £2,398,000) in respect of freehold land and buildings.
Investment properties |
Included in investment property above are freehold and leasehold buildings with original cost of £179,119.
In the opinion of the directors, from taking relevant advice, the valuation of the properties is £2,438,000 as at 31 March 2023. The valuation is on an open market, existing use basis.
Priory Properties (Wembley) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)
Debtors |
Current |
31 March |
31 March |
Other debtors |
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Priory Properties (Wembley) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)
Creditors |
Creditors: amounts falling due within one year
31 March |
31 March |
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Due within one year |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
31 March |
31 March |
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No. |
£ |
No. |
£ |
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19 |
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19 |
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19 |
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19 |
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4 |
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4 |
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4 |
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4 |
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4 |
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4 |
Ordinary F of £1 each |
38 |
38 |
38 |
38 |
Ordinary G of £1 each |
6 |
6 |
6 |
6 |
Ordinary H of £1 each |
6 |
6 |
6 |
6 |
Ordinary I of £1 each |
1 |
1 |
1 |
1 |
Ordinary J of £1 each |
1 |
1 |
1 |
1 |
Ordinary K of £1 each |
1 |
1 |
1 |
1 |
Ordinary L of £1 each |
1 |
1 |
1 |
1 |
Ordinary M of £1 each |
1 |
1 |
1 |
1 |
Ordinary N of £1 each |
1 |
1 |
1 |
1 |
Ordinary O of £1 each |
1 |
1 |
1 |
1 |
Ordinary P of £1 each |
3 |
3 |
3 |
3 |
Priory Properties (Wembley) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)
8 |
Share capital (continued) |
Ordinary Q of £1 each |
1 |
1 |
1 |
1 |
Ordinary R of £1 each |
1 |
1 |
1 |
1 |
Ordinary S of £1 each |
1 |
1 |
1 |
1 |
Ordinary T of £1 each |
1 |
1 |
1 |
1 |
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Related party transactions |
Included within creditors at the year end is £247,827 (2022: £112,519) owed to the directors. The loan is interest free with no fixed date for repayment. The directors confirm that they will not withdraw the loan if the company does not have sufficient reserves to continue without the loan.
Priory Properties (Wembley) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)
9 |
Related party transactions (continued) |
Directors' remuneration
The directors' remuneration for the year was as follows:
2023 |
2022 |
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Remuneration |
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