REGISTERED NUMBER: 01104331 (England and Wales)

A. & B. PRIEST LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2018

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

Mrs B M Priest

Mrs C A Thompson

SECRETARY:

Mrs C A Thompson

REGISTERED OFFICE:

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

REGISTERED NUMBER:

01104331 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

BANKERS:

HSBC Bank plc

88 Westgate

Grantham

Lincolnshire

NG31 6LF

SOLICITORS:

Chattertons

30 Avenue Road

Grantham

Lincolnshire

NG31 6TH

FIXED ASSETS

Investment property

4

1,007,000

1,093,099

CURRENT ASSETS

Debtors

5

2,263

2,699

Cash at bank

155,811

128,156

158,074

130,855

CREDITORS

Amounts falling due within one year

6

18,574

17,437

NET CURRENT ASSETS

139,500

113,418

TOTAL ASSETS LESS CURRENT LIABILITIES

1,146,500

1,206,517

PROVISIONS FOR LIABILITIES

31,469

81,246

NET ASSETS

1,115,031

1,125,271

CAPITAL AND RESERVES

Called up share capital

7

100

100

Revaluation reserve

8

366,632

402,920

Retained earnings

748,299

722,251

SHAREHOLDERS' FUNDS

1,115,031

1,125,271

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 4 September 2018 and were signed on its behalf by:

Mrs B M Priest - Director

1.	STATUTORY INFORMATION

A. & B. Priest Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Income from investments

Investment income comprises the fair value of rents received from the company's investment properties which

is recognised in the period receivable.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes

in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 6 April 2017

1,093,099

Revaluations

(86,099

)

At 5 April 2018

1,007,000

NET BOOK VALUE

At 5 April 2018

1,007,000

At 5 April 2017

1,093,099

Fair value at 5 April 2018 is represented by:

£

Valuation in 2018

398,101

Cost

608,899

1,007,000

The investment properties were valued by the directors as at 5 April 2018 by considering the fair values of

recent, comparable property sales in the local area.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

1,610

2,085

Prepayments and accrued income

653

614

2,263

2,699

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Taxation

8,464

7,606

Directors' current accounts

2,030

1,174

Accruals and deferred income

8,080

8,657

18,574

17,437

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

£1

100

100

8.

RESERVES

Revaluation

reserve

£

At 6 April 2017

402,920

Transfer between reserves

(36,288

)

At 5 April 2018

366,632

The aggregate surplus on re-measurement of investment properties , net of associated deferred tax, is

transferred to a separate non-distributable revaluation reserve in order to assist with the identification of

profits available for distribution.