Premier Medical Properties Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04413846 (England and Wales)

Financial Statements for the Year Ended 30 April 2017

for

Premier Medical Properties Limited

Page

Company Information

1

Chartered Certified Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

K S Krishan

P Krishan

SECRETARY:

K S Krishan

REGISTERED OFFICE:

Meriden House

6 Great Cornbow

Halesowen

B63 3AB

BUSINESS ADDRESS:

Greenlawns

95 Wrottesley Road

Tettenhall

Wolverhampton

West Midlands

WV6 8SQ

REGISTERED NUMBER:

04413846 (England and Wales)

ACCOUNTANTS:

Hamiltons Group Limited

Chartered Certified Accountants

Meriden House

6 Great Cornbow

Halesowen

West Midlands

B63 3AB

The following reproduces the text of the report prepared for the directors and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and

certain other primary statements and the Report of the Directors are not required to be filed with the Registrar

of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Premier Medical Properties Limited for the year ended 30 April 2017 which comprise the Income

Statement, Statement of Financial Position, and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Premier Medical Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Premier Medical Properties Limited and state those matters that we have agreed to state to the Board of Directors of Premier Medical Properties Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Premier Medical Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Premier Medical Properties Limited. You consider that Premier Medical Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Premier Medical Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Hamiltons Group Limited

Chartered Certified Accountants

Meriden House

6 Great Cornbow

Halesowen

West Midlands

B63 3AB

11 October 2017

FIXED ASSETS

Property, plant and equipment

3

2,296,489

2,299,742

CURRENT ASSETS

Debtors

4

137,109

135,780

Cash at bank and in hand

887

1,792

137,996

137,572

CREDITORS

Amounts falling due within one year

5

304,255

308,119

NET CURRENT LIABILITIES

(166,259

)

(170,547

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,130,230

2,129,195

CREDITORS

Amounts falling due after more than one year

6

(1,053,054

)

(1,150,616

)

PROVISIONS FOR LIABILITIES

8

(127,017

)

(128,003

)

NET ASSETS

950,159

850,576

CAPITAL AND RESERVES

Called up share capital

9

100

100

Revaluation reserve

10

489,863

489,863

Retained earnings

460,196

360,613

SHAREHOLDERS' FUNDS

950,159

850,576

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 11 October 2017 and were signed on its behalf by:

K S Krishan - Director

1.	STATUTORY INFORMATION

Premier Medical Properties 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has adopted FRS 102 (Section 1A) for the first time in the year ended 30 April 2017.

The financial statements are presented in sterling which is the functional currency of the company and rounded to

the nearest £.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

0%

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

10% on reducing balance

Depreciation has been provided at 0% on freehold land and buildings as in the opinion of the directors, their

lives are long and residual values are such that depreciation is not material.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

3.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST

At 1 May 2016

and 30 April 2017

2,267,210

37,942

62,307

2,367,459

DEPRECIATION

At 1 May 2016

-

22,041

45,676

67,717

Charge for year

-

1,590

1,663

3,253

At 30 April 2017

-

23,631

47,339

70,970

NET BOOK VALUE

At 30 April 2017

2,267,210

14,311

14,968

2,296,489

At 30 April 2016

2,267,210

15,901

16,631

2,299,742

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

135,780

135,780

Prepayments

1,329

-

137,109

135,780

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

110,000

110,000

Trade creditors

631

2,883

Corporation tax

32,299

32,829

Social security and other taxes

38,392

51,411

Directors' accounts

86,906

76,392

Accruals and deferred income

36,027

34,604

304,255

308,119

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 2-5 years

935,000

1,045,000

Amounts owed to related parties

118,054

105,616

1,053,054

1,150,616

Amounts owed to participating interests do not bear interest, are unsecured and are repayable on demand.

7.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

1,045,000

1,155,000

The bank overdraft and loans are secured by way of a legal charge and debenture dated 27 October 2011 in

favour of Santander UK Plc.

8.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

127,017

128,003

Deferred

tax

£

Balance at 1 May 2016

As previously reported

5,537

Prior year adjustment

122,466

As restated

128,003

Movement in the year

(986

)

Balance at 30 April 2017

127,017

A deferred tax provision has arisen as a result of accelerated capital allowances. The prior period adjustment

relates to deferred tax on revalued property.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

10.

RESERVES

Revaluation

reserve

£

At 1 May 2016

and 30 April 2017

489,863

11.	TRANSITION TO FRS 102

This is the first year that the company has presented its results under FRS 102 (Section 1A). The last financial

statements under the UK GAAP were for the year ended 30 April 2016. The date of transition to FRS 102

(Section 1A) was 1 May 2015.