Prime Property Partnership Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11070963 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH NOVEMBER 2020

FOR

PRIME PROPERTY PARTNERSHIP LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs N J Sheikh

Mr M A Sheikh

REGISTERED OFFICE:

242 Milby Drive

Nuneaton

CV11 6UH

REGISTERED NUMBER:

11070963 (England and Wales)

ACCOUNTANTS:

Watergates Ltd

109 Coleman Road

Leicester

LE5 4LE

FIXED ASSETS

Investment property

4

4,072,772

5,332,676

CURRENT ASSETS

Cash at bank and in hand

850,495

133,748

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5

(309,471

)

(319,639

)

NET CURRENT ASSETS/(LIABILITIES)

541,024

(185,891

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,613,796

5,146,785

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

6

(1,902,263

)

(2,463,409

)

NET ASSETS

2,711,533

2,683,376

CAPITAL AND RESERVES

Called up share capital

8

102

102

Share premium

2,665,567

2,665,567

Retained earnings

45,864

17,707

SHAREHOLDERS' FUNDS

2,711,533

2,683,376

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2020.

The members have not required the Company to obtain an audit of its financial statements for the year ended 30th November 2020 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31st August 2021 and were signed on its behalf by:

Mr M A Sheikh - Director

1.	STATUTORY INFORMATION

Prime Property Partnership Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

TURNOVER

Turnover comprises of rental income from tenants of the company's investment properties. Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the lease.

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. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. Deferred taxation is provided on surplus at the rate expected to apply when the property is sold.

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 statement of financial position date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - NIL ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st December 2019

5,332,676

Additions

140,096

Disposals

(1,400,000

)

At 30th November 2020

4,072,772

NET BOOK VALUE

At 30th November 2020

4,072,772

At 30th November 2019

5,332,676

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/11/20

30/11/19

£

£

Taxation and social security

9,441

12,440

Other creditors

300,030

307,199

309,471

319,639

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30/11/20

30/11/19

£

£

Bank loans

1,902,263

2,463,409

7.	SECURED DEBTS

The following secured debts are included within creditors:

30/11/20

30/11/19

£

£

Bank loans

1,902,263

2,463,409

The debt is secured against all the investment properties of the company.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30/11/20

30/11/19

value:

£

£

102

Ordinary

£1

102

102

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30th November 2020 and 30th November 2019:

30/11/20

30/11/19

£

£

Mr M A Sheikh and Mrs N J Sheikh

Balance outstanding at start of year

(86,011

)

(75,318

)

Amounts advanced

82,120

169,567

Amounts repaid

(81,249

)

(180,260

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(85,140

)

(86,011

)