ACCOUNTS - Final Accounts

PRINCES GATE COURT RESIDENTS LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-01-01false00truetrue 04095968 2022-01-01 2022-12-31 04095968 2021-04-01 2021-12-31 04095968 2022-12-31 04095968 2021-12-31 04095968 2021-04-01 04095968 c:Director1 2022-01-01 2022-12-31 04095968 d:Buildings 2022-01-01 2022-12-31 04095968 d:Buildings 2022-12-31 04095968 d:Buildings 2021-12-31 04095968 d:Buildings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 04095968 d:CurrentFinancialInstruments 2022-12-31 04095968 d:CurrentFinancialInstruments 2021-12-31 04095968 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04095968 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 04095968 d:ShareCapital 2022-12-31 04095968 d:ShareCapital 2021-12-31 04095968 d:RetainedEarningsAccumulatedLosses 2022-12-31 04095968 d:RetainedEarningsAccumulatedLosses 2021-12-31 04095968 c:OrdinaryShareClass1 2022-01-01 2022-12-31 04095968 c:OrdinaryShareClass1 2022-12-31 04095968 c:OrdinaryShareClass1 2021-12-31 04095968 c:FRS102 2022-01-01 2022-12-31 04095968 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 04095968 c:FullAccounts 2022-01-01 2022-12-31 04095968 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 04095968 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 04095968 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 04095968 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 04095968 d:TaxLossesCarry-forwardsDeferredTax 2021-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04095968

PRINCES GATE COURT RESIDENTS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

PRINCES GATE COURT RESIDENTS LIMITED

REGISTERED NUMBER: 04095968

BALANCE SHEET

AS AT 31 DECEMBER 2022

		2022		2021
Note		£		£

Fixed assets
Tangible assets	4		52,289		61,024
			52,289		61,024
Current assets
Debtors: amounts falling due within one year	5	9,001		4,149
Cash at bank and in hand		3,588		3,428
		12,589		7,577
Creditors: amounts falling due within one year	6	(15,138)		(7,796)
Net current liabilities			(2,549)		(219)
Total assets less current liabilities			49,740		60,805
Provisions for liabilities
Deferred tax	7	(4,161)		(6,263)
			(4,161)		(6,263)
Net assets			45,579		54,542

Capital and reserves
Called up share capital	8	46	46
Profit and loss account		45,533	54,496
		45,579	54,542

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PRINCES GATE COURT RESIDENTS LIMITED

REGISTERED NUMBER: 04095968

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

R D Bond

Director

Date: 18 August 2023

The notes on pages 3 to 6 form part of these financial statements.

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PRINCES GATE COURT RESIDENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1.	GENERAL INFORMATION

Princes Gate Court Residents Limited is a private Company limited by shares incorporated in England within the United Kingdom. The address of the registered office is given in the company information page of these financial statements.
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

TURNOVER

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.3

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property

20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

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PRINCES GATE COURT RESIDENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2.ACCOUNTING POLICIES (CONTINUED)

2.4

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

2.5

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

EMPLOYEES

	The Company has no employees other than the directors, who did not receive any remuneration (2021 - £NIL).
	The average monthly number of employees, including directors, during the year was 0 (2021 - 0).

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PRINCES GATE COURT RESIDENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

4.	TANGIBLE FIXED ASSETS

		Freehold property
		£
	Cost or valuation
	At 1 January 2022	67,575
	At 31 December 2022	67,575
	Depreciation
	At 1 January 2022	6,551
	Charge for the year on owned assets	8,735
	At 31 December 2022	15,286
	Net book value
	At 31 December 2022	52,289
	At 31 December 2021	61,024

DEBTORS

					2022	2021
					£	£


Trade debtors	70	60
Due from service charge	-	3,633
Other service charge debtors	8,900	425
Prepayments and accrued income	31	31
	9,001	4,149

6.	CREDITORS: Amounts falling due within one year
		2022	2021
		£	£

Due to service charge	12,420	-
Corporation tax	-	5,658
Other creditors	900	900
Rents received in advance	1,818	1,238
	15,138	7,796

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PRINCES GATE COURT RESIDENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

7.	DEFERRED TAXATION

	2022	2021
	£	£

At beginning of year	(6,263)	-
Charged to profit or loss	2,102	(6,263)
At end of year	(4,161)	(6,263)

The provision for deferred taxation is made up as follows:
	2022	2021
	£	£

Accelerated capital allowances	(5,098)	(6,738)
Tax losses carried forward	937	475
	(4,161)	(6,263)

8.	SHARE CAPITAL
		2022	2021
		£	£

Allotted, called up and fully paid

46 (2021 - 46) Ordinary shares of £1.00 each	46	46

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