Prime Property Group Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC546146 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 September 2021

for

Prime Property Group Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J Airnes

Mr G R Gordon

Mr D J Stephenson

REGISTERED OFFICE:

Glebefield House

21 Links Terrace

Peterhead

Aberdeenshire

AB42 2XA

REGISTERED NUMBER:

SC546146 (Scotland)

ACCOUNTANTS:

SBP

Accountants

42 Queens Road

Aberdeen

AB15 4YE

FIXED ASSETS

Tangible assets

4

1,174

1,468

Investment property

5

191,515

191,515

192,689

192,983

CURRENT ASSETS

Debtors

6

640

609

Cash at bank

10,530

6,704

11,170

7,313

CREDITORS

Amounts falling due within one year

7

80,837

79,972

NET CURRENT LIABILITIES

(69,667

)

(72,659

)

TOTAL ASSETS LESS CURRENT LIABILITIES

123,022

120,324

CREDITORS

Amounts falling due after more than one year

8

(124,121

)

(124,120

)

PROVISIONS FOR LIABILITIES

(223

)

-

NET LIABILITIES

(1,322

)

(3,796

)

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

(1,325

)

(3,799

)

(1,322

)

(3,796

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 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.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 June 2022 and were signed on its behalf by:

Mr J Airnes - Director

1.	STATUTORY INFORMATION

Prime Property Group Ltd. is a private company, limited by shares , registered in Scotland. 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

At 30 September 2021 the company's liabilities exceeded its total assets. The financial statements have been prepared on the going concern basis which assumes the company will continue to in operational existence for the foreseeable future. The validity of this assumption is based upon the continued support of the directors and shareholders.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Investment property is carried at fair value determined annually by the directors and derived from current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 October 2020

and 30 September 2021

3,599

DEPRECIATION

At 1 October 2020

2,131

Charge for year

294

At 30 September 2021

2,425

NET BOOK VALUE

At 30 September 2021

1,174

At 30 September 2020

1,468

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2020

and 30 September 2021

191,515

NET BOOK VALUE

At 30 September 2021

191,515

At 30 September 2020

191,515

The directors have assessed the property market and historical cost price of the investment property to determine a fair value. There has been no valuation of the property by an independent valuer.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Other debtors

640

609

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Trade creditors

595

-

Taxation and social security

420

-

Other creditors

79,822

79,972

80,837

79,972

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.21

30.9.20

£

£

Bank loans (see note 9)

124,121

124,120

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

124,121

124,120

9.

LOANS

An analysis of the maturity of loans is given below:

30.9.21

30.9.20

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

124,121

124,120

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.21

30.9.20

£

£

Bank loans

124,121

124,120

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr J Airnes.