Abbreviated Company Accounts - PRIOR PROPERTIES LIMITED

PRIOR PROPERTIES LIMITED - Company Information

05131857 PRIOR PROPERTIES LIMITED 2014-03-31 false 2013-04-01 2014-03-31 true 05131857 2013-04-01 2014-03-31 05131857 2014-03-31 05131857 2013-03-31 05131857 uk-gaap-cd-bus:Director1 2013-04-01 2014-03-31 05131857 uk-gaap-cd-bus:Director2 2013-04-01 2014-03-31 uk-gaap-cd-bus:OrdinaryShareClass1 2013-04-01 2014-03-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-03-31 uk-gaap-cd-bus:OrdinaryShareClass1 2013-03-31 iso4217:GBP shares

Registered Number 05131857

PRIOR PROPERTIES LIMITED

Abbreviated Accounts

31 March 2014

PRIOR PROPERTIES LIMITED Registered Number 05131857

Abbreviated Balance Sheet as at 31 March 2014

	Notes	2014	2013
		£	£
Fixed assets
Tangible assets	2	633,750	633,750
		633,750	633,750
Current assets
Debtors		4,019	5,689
Cash at bank and in hand		15,030	17,711
		19,049	23,400
Creditors: amounts falling due within one year	3	(132,705)	(136,443)
Net current assets (liabilities)		(113,656)	(113,043)
Total assets less current liabilities		520,094	520,707
Creditors: amounts falling due after more than one year	3	(528,053)	(541,223)
Total net assets (liabilities)		(7,959)	(20,516)
Capital and reserves
Called up share capital	4	1	1
Revaluation reserve		60,656	60,656
Profit and loss account		(68,616)	(81,173)
Shareholders' funds		(7,959)	(20,516)

For the year ending 31 March 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 3 December 2014

And signed on their behalf by:
Ms Amanda Prior, Director

PRIOR PROPERTIES LIMITED Registered Number 05131857

Notes to the Abbreviated Accounts for the period ended 31 March 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements are prepared under the historical cost convention modified to include the
revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The company is reliant on the ongoing financial support of the director. The director therefore considers that it is appropriate to prepare the financial statements on the going concern basis, and is satisfied that the company will be able to meet its liabilities as they fall due for at least the next 12 months.

Turnover policy
Turnover represents amounts receivable for rents.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

Other accounting policies
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting
Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied
consistently (except as otherwise stated).

2Tangible fixed assets

	£
Cost
At 1 April 2013	633,750
Additions	-
Disposals	-
Revaluations	-
Transfers	-
At 31 March 2014	633,750
Depreciation
At 1 April 2013	-
Charge for the year	-
On disposals	-
At 31 March 2014	-
Net book values
At 31 March 2014	633,750
At 31 March 2013	633,750

3Creditors

	2014 £	2013 £
Non-instalment debts due after 5 years	528,053	541,223

4Called Up Share Capital
Allotted, called up and fully paid:

	2014 £	2013 £
1 Ordinary shares of £1 each	1	1