Registration number:
PRIORY COURT LIMITED
for the Year Ended 31 March 2023
PRIORY COURT LIMITED
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
PRIORY COURT LIMITED
Company Information
Directors |
Mr K J Duke Mrs O Irving Mr G M Parkin Mr S Sefton Mrs J C Tildsley |
Company secretary |
Retirement Security Limited |
Registered office |
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Auditors |
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PRIORY COURT LIMITED
(Registration number: 03600010)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Other financial assets |
5,505 |
5,505 |
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Current assets |
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Stocks |
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Debtors |
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Investments |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
44 |
44 |
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Shareholders' funds |
44 |
44 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income and Expenditure has been taken.
Approved and authorised by the
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PRIORY COURT LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency is £ sterling.
Audit report
Revenue recognition
Turnover comprises amounts receivable in respect of services provided. Income is recognised when the service is provided.
Tax
The tax expense for the period comprises current tax. Tax is recognised in the income and expenditure account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Investments
Investments in shares are included at cost less inpairment. Interest receivable on short term bonds is included in the income and expenditure account on an accruals basis.
PRIORY COURT LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2023
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from owners for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Fund for Future Maintenance
The company has an obligation to the owners to set aside such sums of money as the Company shall reasonably require to meet such future costs as it shall reasonably expect to incur in replacing, maintaining and renewing those items which it has covenanted to replace, maintain or renew as required by the lease agreement in place with the owners. The result of income over expenditure in the period is transferred to the fund for future maintenance for these future costs to be expended from.
Employee Benefits
PRIORY COURT LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2023
Short-term employee benefits, including holiday pay, are recognised as an expense in the Income & Expenditure Account in the period in which they are incurred.
The company operates a defined benefits contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable for the period by the company to the fund.
Staff numbers |
The average number of persons employed by the company during the year, was
Other financial assets (current and non-current) |
Financial assets at cost |
Total |
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Non-current financial assets |
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Cost |
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At 1 April 2022 |
5,505 |
5,505 |
At 31 March 2023 |
5,505 |
5,505 |
Carrying amount |
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At 31 March 2023 |
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5,505 |
The investment consists of 4,000 Ordinary 10 pence shares in Retirement Security Limited at a cost of £5,505 and 250 Ordinary 10 pence shares gifted to the court at nil cost.
Stocks |
2023 |
2022 |
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Stock |
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PRIORY COURT LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2023
Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Current asset investments |
2023 |
2022 |
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Other investments |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Social security and other taxation |
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Accruals and deferred income |
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Other creditors |
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Fund for Future Maintenance |
297,943 |
317,270 |
Corporation Tax |
161 |
86 |
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2023 |
2022 |
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Fund for Future Maintenance |
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Opening Balance |
317,270 |
312,234 |
Surplus |
66,813 |
67,385 |
Direct Expenditure / Received |
(86,140) |
(62,349) |
297,943 |
317,270 |
PRIORY COURT LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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44 |
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44 |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £Nil (2022 - £