Prime Estates Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01823607 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2017

for

Prime Estates Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Ms R E L Bandet

Mrs I A M F Boyer

J B Boyer

S B Benaim

SECRETARY:

Rive Accountancy Limited

REGISTERED OFFICE:

64 Wilbury Way

Hitchin

Hertfordshire

SG4 0TP

REGISTERED NUMBER:

01823607 (England and Wales)

ACCOUNTANTS:

Chancellers LLP

64 Wilbury Way

Hitchin

Hertfordshire

SG4 0TP

FIXED ASSETS

Tangible assets

4

6,814

7,571

Investments

5

142,754

142,754

Investment property

6

7,545,000

7,915,000

7,694,568

8,065,325

CURRENT ASSETS

Debtors

7

864,417

1,198,221

Cash at bank and in hand

1,305,119

1,833,067

2,169,536

3,031,288

CREDITORS

Amounts falling due within one year

8

312,828

481,429

NET CURRENT ASSETS

1,856,708

2,549,859

TOTAL ASSETS LESS CURRENT LIABILITIES

9,551,276

10,615,184

CAPITAL AND RESERVES

Called up share capital

3,500

3,500

Non-distributable reserves

9

674,429

825,540

Retained earnings

8,873,347

9,786,144

SHAREHOLDERS' FUNDS

9,551,276

10,615,184

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 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 Board of Directors on 6 September 2018 and were signed on its behalf by:

S B Benaim - Director

1.	STATUTORY INFORMATION

Prime Estates Limited 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.

Gross rental income

This includes rents pertaining to the period under review, excluding Value Added Tax.

Rent increases arising from rent reviews due during a period are taken into account only to the extent that such

reviews have been agreed with the tenants at the accounting date.

Turnover is wholly attributable to the principal activity of the group and arises solely within the United

Kingdom.

Tangible fixed assets

Depreciation is calculated to write off the cost of tangible fixed assets over their expected useful lives at the

following rates:

Fixtures and fittings - 10% to 25% on written down value

Gains and losses on disposal of fixed assets

The profit or loss on the disposal of a tangible fixed asset is accounted for in the profit and loss account of the

period in which the disposal occurs as the difference between the net sale proceeds and the net book value.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at the lower of cost or net realisable value.

Investment property

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

changes in fair value is recognised in the 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 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of

the transaction. Profit and loss accounts of group undertakings which are prepared in foreign currencies are

translated into sterling at the closing rate of exchange.

Pension costs and other post-retirement benefits

The company chooses to contribute to employees personal pension schemes. Contributions payable to the

scheme are charged to the profit and loss account in the period to which they relate.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised

when paid. Final equity dividends are recognised when approved by shareholders at an annual general meeting.

Receivable equity dividends are recognised when they become legally receivable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2017

and 31 December 2017

9,344

DEPRECIATION

At 1 January 2017

1,773

Charge for year

757

At 31 December 2017

2,530

NET BOOK VALUE

At 31 December 2017

6,814

At 31 December 2016

7,571

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2017

and 31 December 2017

142,754

NET BOOK VALUE

At 31 December 2017

142,754

At 31 December 2016

142,754

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2017

7,915,000

Additions

70,185

Disposals

(370,000

)

Revaluations

(70,185

)

At 31 December 2017

7,545,000

NET BOOK VALUE

At 31 December 2017

7,545,000

At 31 December 2016

7,915,000

An open market valuation was carried out on 31 December 2017 by the directors. The valuations were

undertaken in accordance with the Royal Institution of Chartered Surveyors' Appraisal and Valuation Manual.

The historical cost of the investment properties were £7,727,339 (2016 - £7,937,303).

The amount of tax that would be payable if the company's revalued investment properties were sold at their

open market value is £Nil (2016 - £Nil).

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

176,318

204,988

Amounts owed by group undertakings

682,535

673,445

Other debtors

5,564

319,788

864,417

1,198,221

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade creditors

44,052

41,429

Amounts owed to group undertakings

-

227,821

Taxation and social security

46,757

20,730

Other creditors

222,019

191,449

312,828

481,429

9.

RESERVES

Non-distributable

reserves

£

At 1 January 2017

825,540

Revaluation of investment

properties

(61,261

)

Recycle reserve on disposal

(89,850

)

At 31 December 2017

674,429

10.	RELATED PARTY DISCLOSURES

At the year end, the company was owed £9,642 (2016 - owed £227,821) from Prime Estates (Northumbria)

Limited, a wholly owned subsidiary. The company received dividends of £234,421 (2016 - £8,630,000) from

Prime Estates (Northumbria) Limited during the year.

At the year end, the company was owed £10,107 (2016 - £10,611) from Wilbury Management Limited, a wholly

owned subsidiary.

At the year end, the company was owed £662,786 (2016 - £662,834) from Prime Estates Services Limited, a

wholly owned subsidiary.

At the year end, the company was owed £5,473 (2016 - £Nil) from Mrs I A M Boyer, a director. This was

repaid to the company in January 2018.

During the year the company declared and paid the following dividends:-

- £269,008 (2016 - £4,049,095) to H J H Bandet for his shareholding in the company.

- £267,696 (2016 - £4,029,349) to R E L Bandet for her shareholding in the company.

- £190,946 (2016 - £2,874,106) to Boyer Investments Ltd for its shareholding in the company.