Prestige Estates Limited - Accounts to registrar (filleted) - small 22.3

Prestige Estates Limited - Accounts to registrar (filleted) - small 22.3

PRESTIGE ESTATES LIMITED - Company Information

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REGISTERED NUMBER: 03214895 (England and Wales)



















PRESTIGE ESTATES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022






PRESTIGE ESTATES LIMITED (REGISTERED NUMBER: 03214895)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5


PRESTIGE ESTATES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2022







DIRECTOR: J Lipschitz





SECRETARY: Mrs J Lipschitz





REGISTERED OFFICE: 46 Olinda Road
London
N16 6TL





REGISTERED NUMBER: 03214895 (England and Wales)





ACCOUNTANTS: Sugarwhite Meyer Accountants Ltd
First Floor
94 Stamford Hill
London
N16 6XS
Page 1
PRESTIGE ESTATES LIMITED (REGISTERED NUMBER: 03214895)

BALANCE SHEET
30 JUNE 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Investment property 5 152,360 152,360

CURRENT ASSETS
Debtors 6 316,665 366,743
Cash at bank 9,239 892
325,904 367,635
CREDITORS
Amounts falling due within one year 7 382,327 421,597
NET CURRENT LIABILITIES (56,423 ) (53,962 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
95,937
98,398

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 95,935 98,396
95,937 98,398

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 March 2023 and were signed by:





J Lipschitz - Director


The notes on pages 3 to 5 form part of these financial statements

Page 2
PRESTIGE ESTATES LIMITED (REGISTERED NUMBER: 03214895)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

1. STATUTORY INFORMATION

Prestige Estates 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.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis, as modified to include investment properties measured at fair value through profit or loss.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis.

Turnover
Turnover is recognised at the fair value of the consideration receivable in respect of services provided in the normal course of business. The turnover of the company is represented by rents and charges receivable in respect of the company's investment portfolio. Rental income is accounted for on an accruals basis.

Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


Page 3
PRESTIGE ESTATES LIMITED (REGISTERED NUMBER: 03214895)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2022

3. ACCOUNTING POLICIES - continued
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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2021
and 30 June 2022 152,360
NET BOOK VALUE
At 30 June 2022 152,360
At 30 June 2021 152,360

The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the company's director who has the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same location.

The historical cost of investment properties at 30 June 2022 is £152,360.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 1,281 1,359
Other debtors 315,384 365,384
316,665 366,743

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Amounts owed to group undertakings 326,993 366,939
Other creditors 55,334 54,658
382,327 421,597

Page 4
PRESTIGE ESTATES LIMITED (REGISTERED NUMBER: 03214895)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2022

8. RELATED PARTY DISCLOSURES

Other debtors represent amounts due from a related company under common control.

Other creditors include amounts aggregating £4,389 (2021: £4,389) due to a related company under common control.

9. PARENT UNDERTAKING

The company is a wholly owned subsidiary of Mondale Tower Trust Limited, a charitable company limited by guarantee and incorporated in the United Kingdom.

Page 5