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Registered number: 8545184
PRIMO ESTATES LIMITED
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
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PRIMO ESTATES LIMITED
COMPANY INFORMATION
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PRIMO ESTATES LIMITED
CONTENTS
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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PRIMO ESTATES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2020
The directors present their report and the financial statements for the year ended 30 April 2020.
The principal activity of the company is property dealing.
The directors who served during the year were:
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on 11 December 2020 and signed on its behalf.
William Bennett
Secretary
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Page 1
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PRIMO ESTATES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2020
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Interest payable and expenses
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LOSS FOR THE FINANCIAL YEAR
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TOTAL COMPREHENSIVE LOSS FOR THE YEAR
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The notes on pages 5 to 8 form part of these financial statements.
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Page 2
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PRIMO ESTATES LIMITED
REGISTERED NUMBER: 8545184
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 December 2020.
The notes on pages 5 to 8 form part of these financial statements.
Page 3
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PRIMO ESTATES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2020
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COMPREHENSIVE INCOME FOR THE YEAR
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2019
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COMPREHENSIVE INCOME FOR THE YEAR
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The notes on pages 5 to 8 form part of these financial statements.
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Page 4
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PRIMO ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
Primo Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 30 City Road, London, EC1Y 2AB. The principal place of business is Haskell House, 152 West End, London, NW6 1SD.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 other than where additional disclosure is required to show a true and fair view.
The company's functional and presentational currency is GBP and rounded to the nearest £1.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis even though the company has net liabilities of £236,834 (2019 - £164,533). The validity of the going concern concept is dependent on the continuing support from creditors. The directors believe that the going concern concept is applicable as the company will be able to meet its debts as and when they fall due, as they are confident that the principal creditors will continue to provide support as required for a period of at least 12 months from the date of approval of the financial statements.
Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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CASH AND CASH EQUIVALENTS
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Page 5
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PRIMO ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
2.ACCOUNTING POLICIES (CONTINUED)
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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The average monthly number of employees, including the directors, during the year was as follows:
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Page 6
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PRIMO ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
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INTEREST PAYABLE AND SIMILAR EXPENSES
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Current tax on profits for the year
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FACTORS AFFECTING TAX CHARGE FOR THE YEAR
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The tax assessed for the year is higher than (2019 -higher than) the standard rate of corporation tax in the UK of 19% (2019 -19%). The differences are explained below:
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Loss on ordinary activities before tax
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Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2019 -19%)
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Unrelieved tax losses carried forward
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TOTAL TAX CHARGE FOR THE YEAR
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Page 7
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PRIMO ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
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RELATED PARTY TRANSACTIONS
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Creditors include an amount of £808,511 (2019 - £764,391) owed to WPG Treasury Limited, a company in which Mark Pears, Sir Trevor Pears and David Pears have an interest. The financial statements include a charge for interest of £39,301 (2019 - £36,211) payable to that company.
The financial statements include an accountancy fee of £9,000 (2019 - £6,000) payable to The William Pears Group of Companies Limited, a company in which Mark Pears, Sir Trevor Pears and David Pears have an interest.
The financial statements also includes a charge for management fee of £24,000 (2019 - £Nil) payable to Jansons West London & Thames Valley Limited, a company in which the directors Mark Pears CBE, Sir Trevor Pears CMG, David Pears, Andris Jansons and Tomas Jansons have an interest.
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Page 8
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