Prime Central Properties (Management) Li - Accounts to registrar (filleted) - small 18.2

ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

PRIME CENTRAL PROPERTIES (MANAGEMENT)

LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Martin

A Beare

Mrs A Beare

Mrs G Martin

SECRETARY:

S Martin

REGISTERED OFFICE:

1st Floor

12 - 16 Portsdown Mews

London

NW11 7HD

REGISTERED NUMBER:

04607615 (England and Wales)

ACCOUNTANTS:

Martin Tiano & Co.

Chartered Accountants

Chartwell House

292-294 Hale Lane

Edgware

Middlesex

HA8 8NP

FIXED ASSETS

Tangible assets

4

4,123,000

4,123,000

Investments

5

4

4

4,123,004

4,123,004

CURRENT ASSETS

Debtors

68,635

100,508

Cash at bank

6,142

12,533

74,777

113,041

CREDITORS

Amounts falling due within one year

2,718,902

265,132

NET CURRENT LIABILITIES

(2,644,125

)

(152,091

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,478,879

3,970,913

CREDITORS

Amounts falling due after more than one year

-

(2,500,000

)

PROVISIONS FOR LIABILITIES

(235,209

)

(232,965

)

NET ASSETS

1,243,670

1,237,948

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

8

1,243,668

1,237,946

SHAREHOLDERS' FUNDS

1,243,670

1,237,948

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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 and authorised for issue on 26 November 2020 and were signed on its behalf by:

A Beare - Director

S Martin - Director

1.	STATUTORY INFORMATION

Prime Central Properties (Management) 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. There were no material departures from that standard.

Revenue recognition

Revenue is measured at the fair value of the consideration receivable and represents amounts receivable for rent and services rendered net of discounts and value added tax. Revenue is recognised to the extent that it is probable that future economic benefits will flow to the company and can be reliably measured.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and bank and other loans. Basic financial instruments are recognised at amortised cost.

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.

Investment property

Investment property is measured at fair value. Changes in fair value are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the investments are sold.

Depreciation

No depreciation is provided in respect of freehold investment properties. This departure from the requirements of the Companies Act 2006, for all properties to be depreciated, is necessary, as the directors consider that this accounting policy results in the accounts giving a true and fair view.

Value added tax

The company having registered for value added tax, all income and expenditure is stated net of value added tax.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 January 2019

and 31 December 2019

4,123,000

NET BOOK VALUE

At 31 December 2019

4,123,000

At 31 December 2018

4,123,000

Cost or valuation at 31 December 2019 is represented by:

Totals

£

Valuation in 2019

4,123,000

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2019

2018

£

£

Cost

2,666,888

2,666,888

Freehold land and buildings were valued on an open market basis on 31 December 2019 by the directors .

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 January 2019

and 31 December 2019

4

NET BOOK VALUE

At 31 December 2019

4

At 31 December 2018

4

6.

LOANS

Included in creditors due within one year is a bank loan of £2,500,000. Since the year end this has been refinanced and now falls due for payment within five years.

7.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

2,500,000

2,500,000

8.

RESERVES

£1,220,901 (2018 - £1,223,147) of reserves are not distributable.

9.	CONTINGENT LIABILITIES

The company has given joint and several cross guarantees with four other companies under common control to secure loans against the respective companies investment properties. At 31 December 2019, the aggregate of loans outstanding by the other three companies was £3,747,000 (2018 - £3,747,000).

10.	RELATED PARTY DISCLOSURES

Included in debtors due from connected undertakings is Nil (2018 - £14,000) in which Alexander Beare and Steven Martin are directors and together with their families control the entire issued share capital of that company. The amount is interest free and repayable on demand.

Included in debtors as amounts due from parent undertakings is Nil (2018 - £2,100) due from a company in which Steven Martin is a director and with his family controls the entire issued share capital in that company. The amount is interest free and repayable on demand.

Included in creditors as amounts due to parent undertakings is £75,000 (2018 - £82,900) due to a company in which Steven Martin is a director and with his family controls the entire issued share capital in that company. The amount is interest free and repayable on demand.

Included in creditors as amounts due to parent undertakings is £25,000 (2018 - Nil) due to a company in which Alexander Beare is a director and with his family controls the entire issued share capital in that company. The amount is interest free and repayable on demand.

Included in creditors as amounts due to connected undertakings is £50,000 (2018 - £85,000) due to a company in which Alexander Beare is a director and with his family controls the entire issued share capital in that company. The amount is interest free and repayable on demand.