Primesave Properties Limited - Period Ending 2020-03-31

Primesave Properties Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 9

Primesave Properties Limited

Company Information

Directors

SA Jennings K Negron-Jennings

Company secretary

M A Jennings

Registered office

London House Town Walls Shrewsbury Shropshire SY1 1TX

Accountants

CBSL Accountants Limited Chartered Accountants Rowan House North 1 The Professional Quarter Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG

Primesave Properties Limited

(Registration number: 06741983)
Balance Sheet as at 31 March 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	109,881	114,930
Investments	5	3	3
		109,884	114,933
Current assets
Stocks	6	3,937,797	2,818,617
Debtors	7	249,797	266,021
Cash at bank and in hand		304,048	208,701
		4,491,642	3,293,339
Creditors: Amounts falling due within one year	8	(3,659,744)	(2,758,337)
Net current assets		831,898	535,002
Total assets less current liabilities		941,782	649,935
Creditors: Amounts falling due after more than one year	8	(10,863)	(15,204)
Net assets		930,919	634,731
Capital and reserves
Called up share capital	9	2	2
Profit and loss account		930,917	634,729
Total equity		930,919	634,731

For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Primesave Properties Limited

(Registration number: 06741983)
Balance Sheet as at 31 March 2020

Approved and authorised by the Board on 14 January 2021 and signed on its behalf by:
 

SA Jennings
Director

Primesave Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
London House
Town Walls
Shrewsbury
Shropshire
SY1 1TX

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings and equipment	25% straight line
Motor vehicles	25% straight line

Primesave Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2019 - 3).

Primesave Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2019	92,354	3,883	25,155	121,392
Additions	-	2,245	-	2,245
At 31 March 2020	92,354	6,128	25,155	123,637
Depreciation
At 1 April 2019	-	3,318	3,144	6,462
Charge for the year	-	1,005	6,289	7,294
At 31 March 2020	-	4,323	9,433	13,756
Carrying amount
At 31 March 2020	92,354	1,805	15,722	109,881
At 31 March 2019	92,354	565	22,011	114,930

Included in the carrying value of fixed assets are assets under finance leases with a net book value of £15,722 (2019 - £22,011). The depreciation charge for the year on these assets amounted to £6,289 (2019 - £3,144).

Included within the net book value of land and buildings above is £92,354 (2019 - £92,354) in respect of freehold land and buildings.
 

Primesave Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

5	Investments

	2020 £	2019 £
Investments in subsidiaries	3	3

Subsidiaries	£
Cost or valuation
At 1 April 2019	3
At 31 March 2020	3
Carrying amount
At 31 March 2020	3
At 31 March 2019	3

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2020	2019
Subsidiary undertakings
Portland Investments Limited	London House Town Walls Shrewsbury Shropshire SY1 1TX	Ordinary	100%	100%
	England and Wales
Primesave Homes Ltd	London House Town Walls Shrewsbury Shropshire SY1 1TX	Ordinary	100%	100%
	England and Wales

The principal activity of Portland Investments Limited is property development

The principal activity of Primesave Homes Ltd is property development

Primesave Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

6

Stocks

	2020 £	2019 £
Work in progress	3,937,797	2,818,617

7

Debtors

	2020 £	2019 £
Trade debtors	164,900	177,820
Prepayments	9,125	1,625
Other debtors	75,772	86,576
	249,797	266,021

8

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Bank loans and overdrafts	10	805,479	4,341
Trade creditors		493,536	670,101
Taxation and social security		50,699	16,008
Accruals and deferred income		955,055	485,450
Other creditors		139,333	98,413
Amounts due to related parties		1,115,003	1,322,152
Directors loan accounts		100,639	161,872
		3,659,744	2,758,337

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings	10	10,863	15,204

Primesave Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

9	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary 'A' of £0.01 each	90	0.90	90	0.90
Ordinary 'B' of £0.01 each	100	1.00	100	1.00
Ordinary 'C' of £0.01 each	10	0.10	10	0.10
	200	2	200	2

10	Loans and borrowings

	2020 £	2019 £
Non-current loans and borrowings
Finance lease liabilities	10,863	15,204

	2020 £	2019 £
Current loans and borrowings
Bank overdrafts	801,138	-
Finance lease liabilities	4,341	4,341
	805,479	4,341

The bank borrowings are secured by a charge over the company's assets

The finance lease liabilities are secured

11	Related party transactions

Summary of transactions with other related parties

The directors have an interest in the shares of Sherpa Properties Limited
 
Monies due to Sherpa Properties Limited at the year end £34,579 (2019 - £35,192)

Monies due to the directors at the year end £100,639 (2019 - £161,871)