Prime One Developments 2 Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 11545907 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

FOR

PRIME ONE DEVELOPMENTS 2 LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Y Orlinski

REGISTERED OFFICE:

Flat 26 Weissmandel Court

76 Clapton Common

London

E5 9FA

REGISTERED NUMBER:

11545907 (England and Wales)

ACCOUNTANTS:

Venitt and Greaves

Chartered Accountants

115 Craven Park Road

South Tottenham

London

N15 6BL

FIXED ASSETS

Tangible assets

5

7,508

8,833

Investment property

6

3,917,250

3,917,250

3,924,758

3,926,083

CURRENT ASSETS

Debtors

7

100,887

84,011

Cash at bank

43,825

14,607

144,712

98,618

CREDITORS

Amounts falling due within one year

8

(4,054,293

)

(4,040,364

)

NET CURRENT LIABILITIES

(3,909,581

)

(3,941,746

)

TOTAL ASSETS LESS CURRENT LIABILITIES

15,177

(15,663

)

CREDITORS

Amounts falling due after more than one year

9

(46,091

)

(49,217

)

NET LIABILITIES

(30,914

)

(64,880

)

CAPITAL AND RESERVES

Called up share capital

12

1

1

Retained earnings

13

(30,915

)

(64,881

)

SHAREHOLDERS' FUNDS

(30,914

)

(64,880

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 May 2023 and were signed by:

Y Orlinski - Director

1.	STATUTORY INFORMATION

Prime One Developments 2 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.	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 under the historical cost convention.

Turnover

Turnover represents net rent receivable, excluding value added tax.

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

-

15% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 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.

4.	EMPLOYEES AND DIRECTORS

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

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 September 2021

and 31 August 2022

13,057

DEPRECIATION

At 1 September 2021

4,224

Charge for year

1,325

At 31 August 2022

5,549

NET BOOK VALUE

At 31 August 2022

7,508

At 31 August 2021

8,833

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2021

and 31 August 2022

3,917,250

NET BOOK VALUE

At 31 August 2022

3,917,250

At 31 August 2021

3,917,250

The fair value of investment property was assessed to be unchanged by the director. The fair value was determined using open market valuation method.

The director has confirmed that there is no significant increase or decrease in the property market value.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.22

31.8.21

£

£

Other debtors

100,887

84,011

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.22

31.8.21

£

£

Other creditors

4,054,293

4,040,364

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.22

31.8.21

£

£

Bank loans (see note 10)

46,091

49,217

Other creditors includes £50,000 received under Bounceback Loan Scheme (BBL). The loan is unsecured, interest free for the first year, then capped at 2.5% and guaranteed by HM Government.

10.

LOANS

An analysis of the maturity of loans is given below:

31.8.22

31.8.21

£

£

Amounts falling due within one year or on demand:

Other loans

2,596,613

2,596,613

Amounts falling due between two and five years:

Bank loans - 2-5 years

46,091

49,217

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.22

31.8.21

£

£

Other loans

2,596,613

2,596,613

1. Long term bank loan is secured by first charge over the company's investment property.

2. Under the bank loan, £46,090 was received under Bounce back Loan Scheme (BBL). The loan is unsecured, interest free for the first year, then capped at 2.5% afterwards and backed by HM Government.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.22

31.8.21

value:

£

£

1

Ordinary

£1

1

1

13.

RESERVES

Retained

earnings

£

At 1 September 2021

(64,881

)

Profit for the year

33,966

At 31 August 2022

(30,915

)

14.	RELATED PARTY DISCLOSURES

Other Debtors (Note 9) relates to amounts due from companies connected to the director. The loans are interest free and repayable on demand.

Other Creditors (Note 10) relates to amounts due to companies connected to the director. The loans are interest free and payable on demand.

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Prime One Developments Ltd.