Prime Property Management (UK) Ltd
Prime Property Management (UK) Ltd
Registered number: 03989154
Unaudited Financial Statements
For The Year Ended 31 May 2017
Prime Property Management (UK) Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2017
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Prime Property Management (UK) Ltd
Balance Sheet
As at
31 May 2017
Balance Sheet
Registered number:
03989154
For the year ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2017 | 2016 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| 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 ASSETS (LIABILITIES) |
( |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| 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 | 9 |
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| Revaluation reserve |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 1,547,631 | 1,472,842 | |||
Page 1
Prime Property Management (UK) Ltd
Balance Sheet (continued)
As at
31 May 2017
Directors' responsibilities:
-
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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
Prime Property Management (UK) Ltd
Notes to the Unaudited Accounts
For The Year Ended 31 May 2017
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
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| Leasehold |
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| Plant & Machinery |
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1.4.
Investment properties
Investment properties shall not be subject to periodic charges for depreciation except for properties held on lease, which shall be depreciated at least over the period when the unexpired term is 20 years or less.
Investment properties shall be included in the balance sheet at their market value.
1.5.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2017 | 2016 | ||
|---|---|---|---|
| Office and administration |
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Page 3
Prime Property Management (UK) Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 May 2017
4.
Tangible Assets
| Land & Property | ||||
|---|---|---|---|---|
| Leasehold | Investment Properties | Plant & Machinery | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| As at |
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| Additions |
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- |
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| As at |
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| Depreciation | ||||
| As at |
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| Provided during the period |
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- |
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| As at |
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| Net Book Value | ||||
| As at |
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| As at |
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The freehold investment properties were re-valued by the director at an open market value basis by the directors in 2015. This was based on their market knowledge and in conslutation with the local estate agents. In their opinion, the current values are higher but these have not been incorporated in these financial statements in the absence of a formal assessment.
The historic cost of these properties is £ 1,834,789 (2016 - £ 1,834,789).
Deferred Taxation
Potential liability to taxation based on the revalued amount would be £375,000. This would only arise if the company were to sell the properties at the value in the accounts. At present there is no intention to sell these investment properties and no provision has therefore been made in these accounts.
Page 4
Prime Property Management (UK) Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 May 2017
5.
Investments
| Unlisted | |
|---|---|
| £ | |
| Cost | |
| As at |
332,260 |
| As at |
332,260 |
| Provision | |
| As at |
- |
| As at |
- |
| Net Book Value | |
| As at |
332,260 |
| As at |
332,260 |
This represents properties in India which are beneficially owned by the company although registered in the directors' own names as trustees. The market value is in excess of the historic cost but has not been recognised in these accounts.
6.
Creditors: Amounts Falling Due Within One Year
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| Other creditors |
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| Accruals and deferred income |
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| Directors' loan accounts | - |
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7.
Creditors: Amounts Falling Due After More Than One Year
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans |
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| Directors loan account |
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Of the creditors falling due within and after more than one year the following amounts are due after more than five years.
Page 5
Prime Property Management (UK) Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 May 2017
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 1,731,971 | 1,812,738 |
8.
Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 1,731,971 | 1,812,738 |
10.
General Information
Prime Property Management (UK) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 03989154 . The registered office is 925 Finchley Road, London, NW11 7PE.
Page 6