Priory Property and Investment Company - Accounts to registrar (filleted) - small 18.2
Priory Property and Investment Company - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 30 April 2020 |
| for |
| Priory Property and Investment Company |
| Limited |
| Priory Property and Investment Company |
| Limited (Registered number: 02480046) |
| Contents of the Financial Statements |
| for the Year Ended 30 April 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Priory Property and Investment Company |
| Limited |
| Company Information |
| for the Year Ended 30 April 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 19 Victoria Terrace |
| Hove |
| East Sussex |
| BN3 2WB |
| Priory Property and Investment Company |
| Limited (Registered number: 02480046) |
| Balance Sheet |
| 30 April 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 10 |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS | 14 |
| 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. |
| Priory Property and Investment Company |
| Limited (Registered number: 02480046) |
| Balance Sheet - continued |
| 30 April 2020 |
| 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 |
| Priory Property and Investment Company |
| Limited (Registered number: 02480046) |
| Notes to the Financial Statements |
| for the Year Ended 30 April 2020 |
| 1. | STATUTORY INFORMATION |
| Priory Property and Investment Company Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The company's day to day working capital is met through a loan account with the directors. The directors have given their undertaking not to draw down on the loan to the detriment of the company and the directors therefore considers it appropriate to prepare the financial statements on a going concern basis. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Investment property |
| 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. |
| Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount of this, which might have otherwise been charged, cannot be separately identified or quantified. |
| 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. |
| Priory Property and Investment Company |
| Limited (Registered number: 02480046) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 April 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 May 2019 |
| and 30 April 2020 |
| DEPRECIATION |
| At 1 May 2019 |
| and 30 April 2020 |
| NET BOOK VALUE |
| At 30 April 2020 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 May 2019 |
| and 30 April 2020 |
| NET BOOK VALUE |
| At 30 April 2020 |
| At 30 April 2019 |
| The valuation of the investment properties was made on 30 April 2016 by the directors on an open market basis. The historical cost of the properties is £754,948 (2015: £754,948). |
| Priory Property and Investment Company |
| Limited (Registered number: 02480046) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 April 2020 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans and overdrafts |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans |
| Other creditors |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2020 | 2019 |
| £ | £ |
| Bank loans |
| The bank loans are secured by a fixed and floating charge over the assets of the company. |
| 10. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 May 2019 |
| and 30 April 2020 |
| Priory Property and Investment Company |
| Limited (Registered number: 02480046) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 April 2020 |
| 11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 30 April 2020 and 30 April 2019: |
| 2020 | 2019 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| 12. | RELATED PARTY DISCLOSURES |
| The directors and shareholders of Priory Property and Investment Company Limited are also directors and shareholders of Priory Self Store Limited. During the year the company charged Priory Self Store Limited £25,833 (2019 £61,000) for property rental. At the year end the company owed £82,124 (2019: £82,524) to Priory Self Store Limited. |
| 13. | ULTIMATE CONTROLLING PARTY |
| The company is controlled by N Hensher and Mrs J Hensher who between them own the entire issued share capital of the company. |
| 14. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS |
| 2020 | 2019 |
| £ | £ |
| Profit for the financial year |
| Dividends | ( |
) | ( |
) |
| 5,306 | 32,260 |
| Opening reserves | - | 1,345,303 |
| Net addition to shareholders' funds | 5,306 | 1,377,563 |
| Opening shareholders' funds | 1,377,563 | - |
| Closing shareholders' funds | 1,382,869 | 1,377,563 |