PRIORITY INVESTMENT LIMITED Filleted accounts for Companies House (small and micro)

PRIORITY INVESTMENT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08334844

PRIORITY INVESTMENT LIMITED

Filleted Unaudited Financial Statements

25 December 2021

PRIORITY INVESTMENT LIMITED

Statement of Financial Position

25 December 2021

	25 Dec 21	31 Dec 20
Note	€	€

Fixed assets

Intangible assets	5	83,418	108,149
Tangible assets	6	7,173,307	6,763,681
Investments	7	1,500	–
		------------	------------
		7,258,225	6,871,830

Current assets

Debtors	8	332,946	389,039
Cash at bank and in hand		51,386	78,630
		---------	---------
		384,332	467,669

Creditors: amounts falling due within one year	9	7,200,804	6,875,451
		------------	------------
Net current liabilities		6,816,472	6,407,782
		------------	------------
Total assets less current liabilities		441,753	464,048

Creditors: amounts falling due after more than one year	10	65,514	–
		---------	---------
Net assets		376,239	464,048
		---------	---------

Capital and reserves

Called up share capital	2,001,173	2,001,173
Profit and loss account	( 1,624,934)	( 1,537,125)
	------------	------------
Shareholders funds	376,239	464,048
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the period ending 25 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

PRIORITY INVESTMENT LIMITED

Statement of Financial Position (continued)

25 December 2021

These financial statements were approved by the board of directors and authorised for issue on 12 June 2023 , and are signed on behalf of the board by:

Mr M Farace
Director

Company registration number: 08334844

PRIORITY INVESTMENT LIMITED

Notes to the Financial Statements

Period from 1 January 2021 to 25 December 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 Portman House, C/O Fidcorp, 2 Portman Street, London, W1H 6DU.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

	Motor vehicles	-	Over the lease period

Land and buildings Freehold2% on a straight line method Plant and machiner 10 % on a straight line method Fixtures, fittings & equipment 20 % on a straight line method Computer equipment 10 % on a straight line method Motor vehicles Over the lease period

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 3 (2020: 1 ).

5. Intangible assets

	Intangible asset user defined 1
	€
Cost
At 1 January 2021	164,644
Additions	–
Additions from internal developments	10,000
	---------
At 25 December 2021	174,644
	---------
Amortisation
At 1 January 2021	55,830
Charge for the period	35,396
	---------
At 25 December 2021	91,226
	---------
Carrying amount
At 25 December 2021	83,418
	---------
At 31 December 2020	108,814
	---------

6. Tangible assets

	Freehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	€	€	€	€	€
Cost
At 1 January 2021	7,034,069	113,418	63,216	61,113	7,271,816
Additions	131,211	12,439	2,220	34,361	180,231
	------------	---------	--------	--------	------------
At 25 December 2021	7,165,280	125,857	65,436	95,474	7,452,047
	------------	---------	--------	--------	------------
Depreciation
At 1 January 2021	208,839	–	–	–	208,839
Charge for the period	69,901	–	–	–	69,901
	------------	---------	--------	--------	------------
At 25 December 2021	278,740	–	–	–	278,740
	------------	---------	--------	--------	------------
Carrying amount
At 25 December 2021	6,886,540	125,857	65,436	95,474	7,173,307
	------------	---------	--------	--------	------------
At 31 December 2020	6,825,230	113,418	63,216	61,113	7,062,977
	------------	---------	--------	--------	------------

7. Investments

	Shares in participating interests
	€
Cost
At 1 January 2021	–
Additions	1,500
	-------
At 25 December 2021	1,500
	-------
Impairment
At 1 January 2021 and 25 December 2021	–
	-------

Carrying amount
At 25 December 2021	1,500
	-------
At 31 December 2020	–
	-------

8. Debtors

	25 Dec 21	31 Dec 20
	€	€
Trade debtors	16,236	43,105
Other debtors	316,710	345,934
	---------	---------
	332,946	389,039
	---------	---------

9. Creditors: amounts falling due within one year

	25 Dec 21	31 Dec 20
	€	€
Amounts owed to group undertakings and undertakings in which the company has a participating interest	7,003,406	6,523,794
Corporation tax	5,162	239
Social security and other taxes	11,173	44,081
Other creditors	181,063	307,337
	------------	------------
	7,200,804	6,875,451
	------------	------------

10. Creditors: amounts falling due after more than one year

	25 Dec 21	31 Dec 20
	€	€
Other creditors	65,514	–
	--------	----