| PRIME PROPERTY MANAGEMENT (UK) LIMITED |
| Registered number: |
03989154 |
| Abbreviated Balance Sheet |
| as at 31 May 2014 |
|
| Notes |
|
|
2014 |
|
|
2013 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
2,812,310 |
|
|
2,815,140 |
| Investments |
3 |
|
|
332,260 |
|
|
351,803 |
|
|
|
|
3,144,570 |
|
|
3,166,943 |
|
| Current assets |
| Debtors |
|
|
- |
|
|
33,895 |
| Cash at bank and in hand |
|
|
30,795 |
|
|
26,591 |
|
|
|
30,795 |
|
|
60,486 |
|
| Creditors: amounts falling due within one year |
|
|
(356,442) |
|
|
(426,184) |
|
| Net current liabilities |
|
|
|
(325,647) |
|
|
(365,698) |
|
| Total assets less current liabilities |
|
|
|
2,818,923 |
|
|
2,801,245 |
|
| Creditors: amounts falling due after more than one year |
|
|
|
(1,521,041) |
|
|
(1,586,415) |
|
|
|
| Net assets |
|
|
|
1,297,882 |
|
|
1,214,830 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
4 |
|
|
2 |
|
|
2 |
| Revaluation reserve |
|
|
|
1,515,426 |
|
|
1,515,426 |
| Profit and loss account |
|
|
|
(217,546) |
|
|
(300,598) |
|
| Shareholders' funds |
|
|
|
1,297,882 |
|
|
1,214,830 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
|
| Mr M S Sehgal |
| Director |
| Approved by the board on 25 February 2015 |
|
| PRIME PROPERTY MANAGEMENT (UK) LIMITED |
| Notes to the Abbreviated Accounts |
| for the year ended 31 May 2014 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
|
|
Turnover |
|
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
|
|
Investment properties |
|
Land and buidlings held are now held as investment properties which are stated at their market values in accordance with the provisions of Statement of Standard Accounting Practice No.19. |
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Plant and machinery |
25% reducing balance basis |
|
|
Deferred taxation |
|
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
|
|
| 2 |
Tangible fixed assets |
£ |
|
|
Cost |
|
At 1 June 2013 |
2,825,808 |
|
Additions |
1,274 |
|
At 31 May 2014 |
2,827,082 |
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 June 2013 |
10,668 |
|
Charge for the year |
4,104 |
|
At 31 May 2014 |
14,772 |
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2014 |
2,812,310 |
|
At 31 May 2013 |
2,815,140 |
|
|
|
|
|
|
|
|
The freehold investment properties included above were re-valued at an open market valuation by |
|
the director Mr M S Sehgal in 2010. He based the valuation on his knowledge of the local market |
|
and in consultation with the local agents. |
|
|
The historic cost of these properties is £ 984,574. |
|
|
Deferred Taxation |
|
|
Potential liability to taxation based on the revalued amount would be £ 375,000. This would only |
|
arise if the company were to sell the properties at the value in the accounts. At present there is |
|
no intention to sell these investment properties and no provision has therefore been made in |
|
these accounts. |
|
| 3 |
Investments |
£ |
|
|
Cost |
|
At 1 June 2013 |
351,803 |
|
Disposals |
(19,543) |
|
|
At 31 May 2014 |
332,260 |
|
|
|
|
|
|
|
|
| 4 |
Share capital |
Nominal |
|
2014 |
|
2014 |
|
2013 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
2 |
|
2 |
|
2 |
|
|
|
|
|
|
|
|
|
