Primeregal Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 04257917 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

FOR

PRIMEREGAL LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Y Lock

SECRETARY:

Y Lock

REGISTERED OFFICE:

115 Craven Park Road

Stamford Hill

London

N15 6BL

REGISTERED NUMBER:

04257917 (England and Wales)

ACCOUNTANTS:

Venitt and Greaves

Chartered Accountants

115 Craven Park Road

South Tottenham

London

N15 6BL

FIXED ASSETS

Tangible assets

3

3,197

3,761

Investment property

4

10,500,000

7,775,139

10,503,197

7,778,900

CURRENT ASSETS

Debtors

5

1,605,048

1,306,146

Cash at bank and in hand

42,987

173,370

1,648,035

1,479,516

CREDITORS

Amounts falling due within one year

6

2,760,299

2,612,060

NET CURRENT LIABILITIES

(1,112,264

)

(1,132,544

)

TOTAL ASSETS LESS CURRENT LIABILITIES

9,390,933

6,646,356

CREDITORS

Amounts falling due after more than one year

7

4,580,857

4,835,349

NET ASSETS

4,810,076

1,811,007

CAPITAL AND RESERVES

Called up share capital

9

1

1

Revaluation reserve

10

2,549,964

-

Retained earnings

10

2,260,111

1,811,006

SHAREHOLDERS' FUNDS

4,810,076

1,811,007

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 8 May 2018 and were signed by:

Y Lock - Director

1.	STATUTORY INFORMATION

Primeregal 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Transition to financial reporting standards 102

The company has adopted FRS 102 Section 1A for the first time in the preparation of these accounts.

Accordingly the date of transition to FRS 102 was 1 August 2015 (beginning of the accounting period of

comparative financial year).

There are no material differences in determining the company's profit and loss under FRS 102 Section 1A and

the previous framework the company adopted (the Financial Reporting Standard for Smaller Entities (effective

January 2015)).

Turnover

Turnover represents net rent receivable, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Investment properties

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

3.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 August 2016

and 31 July 2017

22,450

DEPRECIATION

At 1 August 2016

18,689

Charge for year

564

At 31 July 2017

19,253

NET BOOK VALUE

At 31 July 2017

3,197

At 31 July 2016

3,761

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2016

7,775,139

Additions

174,897

Revaluations

2,549,964

At 31 July 2017

10,500,000

NET BOOK VALUE

At 31 July 2017

10,500,000

At 31 July 2016

7,775,139

Fair value at 31 July 2017 is represented by:

£

Valuation in 2017

2,549,964

Cost

7,950,036

10,500,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.17

31.7.16

£

£

Trade debtors

-

16,952

Other debtors

1,605,048

1,289,194

1,605,048

1,306,146

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.17

31.7.16

£

£

Trade creditors

90,050

258,864

Taxation and social security

301,886

210,697

Other creditors

2,368,363

2,142,499

2,760,299

2,612,060

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.17

31.7.16

£

£

Bank loans

4,580,857

4,835,349

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

4,580,857

4,835,349

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.7.17

31.7.16

£

£

Bank loans

4,580,857

4,835,349

The mortgage loans and bank overdrafts are secured by a first charge over the company's properties and a

floating charge over the assets of the company, and bear interest at variable rate

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.17

31.7.16

value:

£

£

1

Ordinary

£1

1

1

10.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 August 2016

1,811,006

-

1,811,006

Profit for the year

2,999,069

2,999,069

Revaluation reserve

(2,549,964

)

2,549,964

-

At 31 July 2017

2,260,111

2,549,964

4,810,075