Company Registration No. SC539603 (Scotland)
PREMIER PROPERTY HOLDINGS AND LETTING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
PAGES FOR FILING WITH REGISTRAR
PREMIER PROPERTY HOLDINGS AND LETTING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
PREMIER PROPERTY HOLDINGS AND LETTING LIMITED
BALANCE SHEET
AS AT
30 JUNE 2021
30 June 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
360
Tangible assets
4
4,001
24,248
Investment properties
5
3,700,000
3,700,000
3,704,001
3,724,608
Current assets
Debtors
6
357,864
289,078
Cash at bank and in hand
1,345
256
359,209
289,334
Creditors: amounts falling due within one year
7
(3,792,363)
(3,797,821)
Net current liabilities
(3,433,154)
(3,508,487)
Total assets less current liabilities
270,847
216,121
Provisions for liabilities
(13,198)
(13,198)
Net assets
257,649
202,923
Capital and reserves
Called up share capital
9
20
20
Investment property fair value reserve
123,959
123,959
Profit and loss reserves
133,670
78,944
Total equity
257,649
202,923
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PREMIER PROPERTY HOLDINGS AND LETTING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2021
30 June 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 September 2022 and are signed on its behalf by:
N J Chisholm
Director
Company Registration No. SC539603
PREMIER PROPERTY HOLDINGS AND LETTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
- 3 -
1
Accounting policies
Company information
Premier Property Holdings and Letting Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
C/O Turcan Connell, Princes Exchange, 1 Earl Grey Street, Edinburgh, EH3 9EE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
5 years
PREMIER PROPERTY HOLDINGS AND LETTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 4 -
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
PREMIER PROPERTY HOLDINGS AND LETTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 5 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
PREMIER PROPERTY HOLDINGS AND LETTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
2
3
Intangible fixed assets
Website
£
Cost
At 1 July 2020 and 30 June 2021
1,800
Amortisation and impairment
At 1 July 2020
1,440
Amortisation charged for the year
360
At 30 June 2021
1,800
Carrying amount
At 30 June 2021
At 30 June 2020
360
PREMIER PROPERTY HOLDINGS AND LETTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 7 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 July 2020 and 30 June 2021
462
158,920
159,382
Depreciation and impairment
At 1 July 2020
367
134,767
135,134
Depreciation charged in the year
74
20,173
20,247
At 30 June 2021
441
154,940
155,381
Carrying amount
At 30 June 2021
21
3,980
4,001
At 30 June 2020
95
24,153
24,248
5
Investment property
2021
£
Fair value
At 1 July 2020 and 30 June 2021
3,700,000
In the directors' opinion the carrying value of investment properties at 30 June 2021 is not considered materially different from the above value.
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
339,000
244,500
Other debtors
16,880
42,961
Prepayments and accrued income
1,984
1,617
357,864
289,078
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
4
4,005
Amounts owed to group undertakings
5,883
5,883
Corporation tax
24,884
23,763
Other creditors
3,753,162
3,760,480
Accruals and deferred income
8,430
3,690
3,792,363
3,797,821
PREMIER PROPERTY HOLDINGS AND LETTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 8 -
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
13,198
13,198
There were no deferred tax movements in the year.
PREMIER PROPERTY HOLDINGS AND LETTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 9 -
9
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
2 A Ordinary shares of £1 each of £1 each
2
2
2
2
2 B Ordianry shares of £1 each of £1 each
2
2
2
2
16 C Ordinary shares of £1 each of £1 each
16
16
16
16
20
20
20
20
The A Ordinary, B Ordinary, C Ordinary shares constitute different classes of shares and the Directors' may declare dividends at different rates in respect of the different classes. The A Ordinary, B Ordinary and C Ordinary shares all have attached to them full voting rights and capital distribution rights: they do not confer any rights of redemption.
10
Related party transactions
Included within debtors as at 30 June 2021 is an amount due from Bensons Estate Agents Limited, a company in which N J Chisholm is also a director, of £316,000 (2020 - £244,500).
Included within debtors as at 30 June 2021 is an amount due from Taylor William Estate Agents Limited, a company in which N J Chisholm is a director, of £23,000 (2020 - £Nil).
Included within creditors as at 30 June 2021 is an amount due to Premier Family Investment Limited, it's parent undertaking, of £5,883 (2020 - £5,883).
Included within creditors/(debtors) as at 30 June 2021 is an amount due to A & M Chisholm, close family members of the director, of £3,537,635 (2020 - (£300) and (£600)).
The above amounts are unsecured, interest free and repayable upon demand.
11
Parent company
The ultimate parent undertaking is Premier Family Investments Limited, a company registered in Scotland, SC549410. Its registered office address is C/O Turcan Connell Princes Exchange, 1 Early Grey Street, Edinburgh, EH3 9EE.
2021-06-30
2020-07-01
false
15 September 2022
CCH Software
CCH Accounts Production 2022.200
No description of principal activity
N J Chisholm
W A Chisholm
SC539603
2020-07-01
2021-06-30
SC539603
2021-06-30
SC539603
2020-06-30
SC539603
core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill
2021-06-30
SC539603
core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill
2020-06-30
SC539603
core:PlantMachinery
2021-06-30
SC539603
core:FurnitureFittings
2021-06-30
SC539603
core:PlantMachinery
2020-06-30
SC539603
core:FurnitureFittings
2020-06-30
SC539603
core:CurrentFinancialInstruments
core:WithinOneYear
2021-06-30
SC539603
core:CurrentFinancialInstruments
core:WithinOneYear
2020-06-30
SC539603
core:CurrentFinancialInstruments
2021-06-30
SC539603
core:CurrentFinancialInstruments
2020-06-30
SC539603
core:ShareCapital
2021-06-30
SC539603
core:ShareCapital
2020-06-30
SC539603
core:RevaluationReserve
2021-06-30
SC539603
core:RevaluationReserve
2020-06-30
SC539603
core:RetainedEarningsAccumulatedLosses
2021-06-30
SC539603
core:RetainedEarningsAccumulatedLosses
2020-06-30
SC539603
core:ShareCapitalOrdinaryShares
2021-06-30
SC539603
core:ShareCapitalOrdinaryShares
2020-06-30
SC539603
bus:Director1
2020-07-01
2021-06-30
SC539603
core:IntangibleAssetsOtherThanGoodwill
2020-07-01
2021-06-30
SC539603
core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill
2020-07-01
2021-06-30
SC539603
core:PlantMachinery
2020-07-01
2021-06-30
SC539603
core:FurnitureFittings
2020-07-01
2021-06-30
SC539603
2019-07-01
2020-06-30
SC539603
core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill
2020-06-30
SC539603
core:PlantMachinery
2020-06-30
SC539603
core:FurnitureFittings
2020-06-30
SC539603
2020-06-30
SC539603
bus:PrivateLimitedCompanyLtd
2020-07-01
2021-06-30
SC539603
bus:SmallCompaniesRegimeForAccounts
2020-07-01
2021-06-30
SC539603
bus:FRS102
2020-07-01
2021-06-30
SC539603
bus:AuditExemptWithAccountantsReport
2020-07-01
2021-06-30
SC539603
bus:Director2
2020-07-01
2021-06-30
SC539603
bus:FullAccounts
2020-07-01
2021-06-30
xbrli:pure
xbrli:shares
iso4217:GBP