Company registration number SC539603 (Scotland)
PREMIER PROPERTY HOLDINGS AND LETTING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
PREMIER PROPERTY HOLDINGS AND LETTING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
PREMIER PROPERTY HOLDINGS AND LETTING LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
5
3,999,973
3,999,973
Current assets
Debtors
6
389,740
394,123
Cash at bank and in hand
81,392
89,880
471,132
484,003
Creditors: amounts falling due within one year
7
(137,764)
(251,299)
Net current assets
333,368
232,704
Total assets less current liabilities
4,333,341
4,232,677
Creditors: amounts falling due after more than one year
8
(3,537,635)
(3,537,635)
Provisions for liabilities
(92,359)
(70,193)
Net assets
703,347
624,849
Capital and reserves
Called up share capital
10
20
20
Investment property reserve
344,771
366,937
Distributable profit and loss reserves
358,556
257,892
Total equity
703,347
624,849
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The 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 2023
30 June 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 March 2024 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 2023
- 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 amounts 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.
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
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:
Computer 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.
PREMIER PROPERTY HOLDINGS AND LETTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
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 at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
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.
1.7
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 payments 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. Amounts 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.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PREMIER PROPERTY HOLDINGS AND LETTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
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.
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:
2023
2022
Number
Number
Total
2
2
3
Intangible fixed assets
Website
£
Cost
At 1 July 2022 and 30 June 2023
1,800
Amortisation and impairment
At 1 July 2022 and 30 June 2023
1,800
Carrying amount
At 30 June 2023
At 30 June 2022
PREMIER PROPERTY HOLDINGS AND LETTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
4
Tangible fixed assets
Computer equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 July 2022 and 30 June 2023
462
158,920
159,382
Depreciation and impairment
At 1 July 2022 and 30 June 2023
462
158,920
159,382
Carrying amount
At 30 June 2023
At 30 June 2022
5
Investment property
2023
£
Fair value
At 1 July 2022 and 30 June 2023
3,999,973
In the directors' opinion the carrying value of investment properties at 30 June 2023 is not considered materially different from the above value.
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
369,117
369,117
Other debtors
14,708
16,643
Prepayments and accrued income
5,915
8,363
389,740
394,123
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,736
Corporation tax
26,439
24,248
Other creditors
105,446
215,527
Accruals and deferred income
5,879
6,788
137,764
251,299
PREMIER PROPERTY HOLDINGS AND LETTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
3,537,635
3,537,635
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Investment property revaluations
92,359
70,193
2023
Movements in the year:
£
Liability at 1 July 2022
70,193
Charge to profit or loss
22,166
Liability at 30 June 2023
92,359
10
Called up share capital
2023
2022
2023
2022
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.
PREMIER PROPERTY HOLDINGS AND LETTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
11
Related party transactions
The company has chosen to take advantage of the exemption available under FRS 102 not to disclose related party transactions that are between two or more members of a wholly owned group.
Included within debtors as at 30 June 2023 is an amount due from Bensons Estate Agents Limited, a company in which N J Chisholm is also a director, of £333,000 (2022 - £333,000).
Included within debtors as at 30 June 2023 is an amount due from Taylor William Estate Agents Limited, a company in which N J Chisholm is a director, of £27,000 (2022 - £27,000).
The above amounts are unsecured, interest free and repayable upon demand.
Included within creditors as at 30 June 2023 is an amount due to A & M Chisholm, close family members of the director, of £3,537,635 (2022 - £3,537,635).
12
Parent company
In the directors opinion, there is no ultimate controlling party.
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.