Prayosha Properties Limited Filleted accounts for Companies House (small and micro)

PRAYOSHA PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05061235

Prayosha Properties Limited

Filleted Unaudited Financial Statements

31 March 2023

Prayosha Properties Limited

Balance Sheet

31 March 2023

	2023	2022
Note	£	£

Fixed assets

Investments	4	13,614,173	13,614,173

Current assets

Debtors	5	47,341	42,071
Cash at bank and in hand		327,591	178,327
		---------	---------
		374,932	220,398

Creditors: amounts falling due within one year	6	391,391	345,102
		---------	---------
Net current liabilities		16,459	124,704
		-------------	-------------
Total assets less current liabilities		13,597,714	13,489,469

Creditors: amounts falling due after more than one year	7	8,837,284	8,986,972
		-------------	-------------
Net assets		4,760,430	4,502,497
		-------------	-------------

Capital and reserves

Called up share capital		1,100	1,100
Share premium account	8	4,621,442	4,621,442
Profit and loss account	8	137,888	( 120,045)
		------------	------------
Shareholders funds		4,760,430	4,502,497
		------------	------------

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 year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

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

Prayosha Properties Limited

Balance Sheet (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 19 December 2023 , and are signed on behalf of the board by:

Mr Ashok Patel

Director

Company registration number: 05061235

Prayosha Properties Limited

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Jakes View, Park Street, St. Albans, AL2 2RH.

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 and represents amounts receivable for goods supplied and services rendered and is stated net of discounts.

Deferred tax

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Investments

Investment properties are revalued annually to their fair value and any surplus or deficit is dealt with through profit and loss. No provision for depreciation or amortisation is made on investment properties.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Investments

	Investment properties
	£
Cost
At 1 April 2022 and 31 March 2023	13,614,173
	-------------
Impairment
At 1 April 2022 and 31 March 2023	–
	-------------

Carrying amount
At 31 March 2023	13,614,173
	-------------
At 31 March 2022	13,614,173
	-------------

The investment property portfolio in Prayosha Properties Limited was transferred from Ashila Limited on 26 June 2020 together with the bank loan of £5,855,000.

The company's investment properties were valued by Cushman & Wakefield, property valuers on 13 June 2018 and on 22 November 2021 for 38a Bell Lane. In the opinion of the directors, the values of the properties at the reporting date are the same as the valuations carried out in June 2018 and November 2021. No amortisation or depreciation is provided in respect of investment properties.

5. Debtors

	2023	2022
	£	£
Other debtors	47,341	42,071
	--------	--------

6. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	150,001	150,001
Corporation tax	60,477	14,146
Other creditors	180,913	180,955
	---------	---------
	391,391	345,102
	---------	---------

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

	2023	2022
	£	£
Bank loans and overdrafts	6,110,000	6,260,000
Other creditors	2,727,284	2,726,972
	------------	------------
	8,837,284	8,986,972
	------------	------------

8. Reserves

	2023	2022
	£	£
Distributable reserves	331,009	73,076
Fair value loss on investment properties	(193,121)	(193,121)
	---------	---------
	137,888	(120,045)
	---------	---------

9. Related party transactions

The company has taken advantage of the exemption from disclosing related party transactions with other companies that are wholly owned within the group.

10. Parent undertaking

The company's ultimate parent company is Prayosha Holdings Limited , incorporated in England and Wales. The address of its registered office is 4 Jakes View, Park Street, St. Albans, AL2 2RH.