Prime Property Management (UK) Ltd
Prime Property Management (UK) Ltd
Registered number: 03989154
Unaudited ABRIDGED Financial Statements
For The Year Ended
31 May 2020
Prime Property Management (UK) Ltd
Unaudited Financial Statements
For The Year Ended
31 May 2020
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Abridged Balance Sheet | 1—2 |
| Notes to the Abridged Financial Statements | 3—7 |
Prime Property Management (UK) Ltd
Abridged Balance Sheet
As at
31 May 2020
Abridged Balance Sheet
Registered number:
03989154
For the year ending 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
|
|
||
| Investments | 5 |
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| CURRENT ASSETS | |||||
| Debtors |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year |
( |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
( |
( |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
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| Creditors: Amounts Falling Due After More Than One Year | 6 | (1,613,874) | (1,630,950) | ||
| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Revaluation reserve | 9 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 1,807,097 | 1,693,581 | |||
Page 1
Prime Property Management (UK) Ltd
Abridged Balance Sheet (continued)
As at
31 May 2020
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
-
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 May 2020 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
|
Director
|
|
|
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Prime Property Management (UK) Ltd
Notes to the Abridged Financial Statements
For The Year Ended
31 May 2020
Notes to the Abridged Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. The directors have particularly considered circumstances around the global pandemic COVID 19 and are of the opinion that this will not have any material impact on the company's ability to operate for the foresseable future.
1.3.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
|
| Leasehold |
|
| Plant & Machinery |
|
1.5.
Investment Properties
Investment properties shall not be subject to periodic charges for depreciation except for properties held on lease, which shall be depreciated at least over the period when the unexpired term is 20 years or less.
Investment properties shall be included in the balance sheet at their market value.
1.6.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Page 3
Prime Property Management (UK) Ltd
Notes to the Abridged Financial Statements (continued)
For The Year Ended
31 May 2020
1.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.8.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2020 | 2019 | ||
|---|---|---|---|
| Office and administration |
|
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Page 4
Prime Property Management (UK) Ltd
Notes to the Abridged Financial Statements (continued)
For The Year Ended
31 May 2020
4.
Tangible Assets
| Total | |
|---|---|
| £ | |
| Cost | |
| As at
|
|
| Additions |
|
| As at
|
|
| Depreciation | |
| As at
|
|
| Provided during the period |
|
| As at
|
|
| Net Book Value | |
| As at
|
|
| As at
|
|
The freehold investment properties were re-valued by the director at an open market value basis by the directors in 2019. This was based on their market knowledge and in conslutation with the local estate agents. In their opinion, the current values are higher but these have not been incorporated in these financial statements in the absence of a formal assessment.
The historic cost of these properties is £ 1,834,789 (2019 - £ 1,834,789).
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.
Page 5
Prime Property Management (UK) Ltd
Notes to the Abridged Financial Statements (continued)
For The Year Ended
31 May 2020
5.
Investments
| Total | |
|---|---|
| £ | |
| Cost | |
| As at
|
332,260 |
| As at
|
332,260 |
| Provision | |
| As at
|
- |
| As at
|
- |
| Net Book Value | |
| As at
|
332,260 |
| As at
|
332,260 |
This represents properties in India which are beneficially owned by the company although registered in the directors' own names as trustees. The market value is in excess of the historic cost but has not been recognised in these accounts.
6.
Creditors: amounts falling due after five years
Of the creditors falling due within and after more than one year the following amounts are due after more than five years.
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 1,613,874 | 1,630,950 |
7.
Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 1,613,874 | 1,630,950 |
Page 6
Prime Property Management (UK) Ltd
Notes to the Abridged Financial Statements (continued)
For The Year Ended
31 May 2020
9.
Reserves
| Revaluation Reserve | |
|---|---|
| £ | |
| As at
|
|
| As at
|
|
10.
General Information
Prime Property Management (UK) Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
03989154
. The registered office is 925 Finchley Road, London, NW11 7PE.
Page 7