Prakal_Properties_Limited_31_Aug_2023_companies_house_set_of_accounts.html
Prakal_Properties_Limited_31_Aug_2023_companies_house_set_of_accounts.html
Company registration number:
Report to the board of directors on the preparation of the unaudited statutory financial statements of Prakal Properties Limited
Year ended 31 August 2023
As described on the statement of financial position, the Board of Directors of Prakal Properties Limited are responsible for the preparation of the financial statements for the year ended 31 August 2023 , which comprise the income statement, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
Date:
23 May 2024
Statement of Financial Position
2023 | 2022 | ||||
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Note | £ | £ | |||
Fixed assets | |||||
Investments | 5 |
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Current assets | |||||
Cash at bank and in hand |
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Creditors: amounts falling due within one year | 6 |
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Net current liabilities |
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Total assets less current liabilities | 423,607 | 459,497 | |||
Creditors: amounts falling due after more than one year | 7 |
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Net assets |
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Capital and reserves | |||||
Called up share capital |
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Profit and loss account |
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Shareholders funds |
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For the year ending 31 August 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.
These 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.
These financial statements were approved by the board of directors and authorised for issue on 23 May 2024 , and are signed on behalf of the board by:
Director |
Company registration number:
12180723
Notes to the Financial Statements
Year ended 31 August 2023
1 General information
The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 15 Artisan Place , Wealdstone , Harrow , Middlesex , HA3 5DS , United Kingdom.
2 Statement of compliance
3 Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The financial statements are prepared in sterling, which is the functional currency of the company.
Current tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Fixed asset investments
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures 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 or 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.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.
Impairment
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity 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.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
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.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or 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.
INVESTMENT PROPERTIES
Investment property is measured initially at cost, which includes the 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.
4 Average number of employees
The average number of persons employed by the company during the year was Nil (2022: Nil).
5 Investments
Other investments other than loans | ||
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Cost | ||
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Impairment | ||
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Carrying amount | ||
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At 31 August 2022 |
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Investments held at valuation
In the opinion of directors, the market value of the investment property at the balance sheet date is not materially different to that stated in the financial statements.
6 Creditors: amounts falling due within one year
2023 | 2022 | |||
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£ | £ | |||
Taxation and social security |
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Other creditors |
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Other creditors include £263,400 (2021: £263,400) the amount due to related parties and are repayable on demand.
7 Creditors: amounts falling due after more than one year
2023 | 2022 | |||
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£ | £ | |||
Bank loans and overdrafts |
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The bank loans are secured by a fixed charge over the investment property.
8 Controlling party
The company was under the control of directors throughout the current and previous years.