Prizehill Properties Limited Filleted accounts for Companies House (small and micro)
Prizehill Properties Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
04088464
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Statement of Financial Position |
2021 |
2020 |
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Note |
£ |
£ |
Fixed assets
Tangible assets |
5 |
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Current assets
Debtors |
6 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
7 |
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Net current liabilities |
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Total assets less current liabilities |
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Provisions |
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Net assets |
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Capital and reserves
Called up share capital |
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Profit and loss account |
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Shareholders funds |
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
11 January 2022
, and are signed on behalf of the board by:
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Director |
Company registration number:
04088464
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Notes to the Financial Statements |
Year ended 31 July 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8 Gleneagles Court, Brighton Road, Crawley, West Sussex, RH10 6AD.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
Going concern
Financial support
The company had net current liabilities at 31 July 2021 totalling £23,642 (2020: £24,744). W & R Buxton Holdings Limited, the immediate and ultimate parent company, has committed to providing the company with the necessary financial support in order to ensure the company can continue in operation for a period of not less than one year from the date of approval of these financial statements.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of
W&R Buxton Holdings Limited
which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
Revenue recognition
Taxation
Tangible assets
Impairment of fixed assets
Provisions
Financial instruments
4.
Tax on profit
Major components of tax expense
2021 |
2020 |
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£ |
£ |
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Current tax:
UK current tax expense |
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Deferred tax:
Origination and reversal of timing differences |
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– |
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Tax on profit |
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Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2020: the same as) the
standard rate of corporation tax in the UK
of
19
% (2020:
19
%).
2021 |
2020 |
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£ |
£ |
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Profit on ordinary activities before taxation |
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------- |
------- |
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Profit on ordinary activities by rate of tax |
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Other timing differences |
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– |
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Tax on profit |
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5.
Tangible assets
Freehold property |
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£ |
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Cost |
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At 1 August 2020 and 31 July 2021 |
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Depreciation |
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At 1 August 2020 and 31 July 2021 |
– |
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Carrying amount |
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At 31 July 2021 |
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At 31 July 2020 |
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Tangible assets held at valuation
The investment property is stated at a revalued amount based on the directors assessment of fair value as at
31 July 2021
. No independent valuer was involved in this assessment. The directors have reviewed both rental yields and local sales data in arriving at this figure. No adjustment in the period has been made, as the director believes that the property value has remained constant for the year. On a historical cost basis these would have been included at an original cost of £ 37,250
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6.
Debtors
2021 |
2020 |
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£ |
£ |
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Other debtors |
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7.
Creditors:
amounts falling due within one year
2021 |
2020 |
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£ |
£ |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Corporation tax |
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Other creditors |
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8.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
2021 |
2020 |
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£ |
£ |
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Included in provisions |
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The deferred tax account consists of the tax effect of timing differences in respect of:
2021 |
2020 |
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£ |
£ |
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Fair value adjustment of investment property |
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9.
Contingencies
10.
Related party transactions
The company is a wholly owned subsidiary of W & R Buxton Holdings Limited and has taken advantage of the exemption available in accordance with FRS102 not to disclose transactions with W & R Buxton Holdings Limited or other wholly owned subsidiaries within the group.
11.
Controlling party
The company is a subsidiary of
W & R Buxton Holdings Limited
which is the ultimate parent company incorporated in England and Wales. The largest and smallest group in which the results of the company are consolidated is that headed by W & R Buxton Holdings Limited, incorporated in England and Wales. The consolidated accounts of this company are available to the public and may be obtained from Companies House. No other group accounts include the results of the company. In the opinion of the directors there is no ultimate controlling party.