PREMIER HOME INVESTMENTS LTD |
Registered number: |
07738117 |
Balance Sheet |
as at 31 March 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
|
|
|
2,290,560 |
|
|
2,290,560 |
|
Current assets |
Cash at bank and in hand |
|
|
26,334 |
|
|
17,500 |
|
Creditors: amounts falling due within one year |
3 |
|
(442,764) |
|
|
(469,436) |
|
Net current liabilities |
|
|
|
(416,430) |
|
|
(451,936) |
|
Total assets less current liabilities |
|
|
|
1,874,130 |
|
|
1,838,624 |
|
Creditors: amounts falling due after more than one year |
4 |
|
|
(1,149,911) |
|
|
(1,149,911) |
|
Provisions for liabilities |
|
|
|
(107,409) |
|
|
(107,409) |
|
|
Net assets |
|
|
|
616,810 |
|
|
581,304 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
1,000 |
|
|
1,000 |
Profit and loss account |
|
|
|
615,810 |
|
|
580,304 |
|
Shareholders' funds |
|
|
|
616,810 |
|
|
581,304 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
M Iqbal |
Director |
Approved by the board on 25 March 2024 |
|
PREMIER HOME INVESTMENTS LTD |
Notes to the Accounts |
for the year ended 31 March 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover represents the fair value of the rent received or receivable measured on accruals basis and in accordance with the relevant tenancy agreements. |
|
|
Investment properties |
|
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are carried at fair value at each reporting date, determined annually by the directors and derived from the current market rents and investment properties yeilds for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss. |
|
|
Deferred tax on investment properties |
|
Deferred tax relating to investment property that is measured at fair value is measured using the tax rates and allowances that apply to sale of the asset, except for investment property that has a limited useful life and is held within a business model whose objective is to consume substantially all of the economic benefits embodied in the property over time. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Freehold buildings |
over 50 years |
|
Leasehold land and buildings |
over the lease term |
|
Plant and machinery |
over 5 years |
|
Fixtures, fittings, tools and equipment |
over 5 years |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
Finance costs |
|
Finance costs are charged to profit and loss account, over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. |
|
|
Financial instruments |
|
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties. |
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
3 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Director's loan |
420,441 |
|
454,192 |
|
Taxation and social security costs |
19,823 |
|
11,494 |
|
Other creditors |
2,500 |
|
3,750 |
|
|
|
|
|
|
442,764 |
|
469,436 |
|
|
|
|
|
|
|
|
|
|
4 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans |
1,149,911 |
|
1,149,911 |
|
|
|
|
|
|
|
|
|
|
5 |
Loans |
2023 |
|
2022 |
£ |
£ |
|
Creditors include: |
|
Amounts payable otherwise than by instalment falling due for payment after more than five years |
|
1,149,911 |
|
1,149,911 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
1,149,911 |
|
1,149,911 |
|
|
|
|
|
|
|
|
|
|
The bank loan is secured by a fixed and floating charge over all of the company's assets. |
|
|
6 |
Related party transactions |
|
|
At the year end, the company owed £420,441 (2022: 454,192) to a member of key management personnel. The loan is repayable on demand and the rate of interest charged is 0%. The loan is presented within creditors: amounts falling due within one year. |
|
|
7 |
Other information |
|
|
PREMIER HOME INVESTMENTS LTD is a private company limited by shares and incorporated in England. Its registered office is: |
|
117 Hoe Street |
|
London |
|
E17 4RX |