REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2022 |
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PROPERTY WEALTH CREATION LTD |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2022 |
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FOR |
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PROPERTY WEALTH CREATION LTD |
PROPERTY WEALTH CREATION LTD (REGISTERED NUMBER: 08308713) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31st May 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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PROPERTY WEALTH CREATION LTD |
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COMPANY INFORMATION |
for the Year Ended 31st May 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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1 City Road East |
Manchester |
M15 4PN |
PROPERTY WEALTH CREATION LTD (REGISTERED NUMBER: 08308713) |
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BALANCE SHEET |
31st May 2022 |
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2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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PROPERTY WEALTH CREATION LTD (REGISTERED NUMBER: 08308713) |
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BALANCE SHEET - continued |
31st May 2022 |
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2022 | 2021 |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 9 |
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Non- distributable reserve | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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PROPERTY WEALTH CREATION LTD (REGISTERED NUMBER: 08308713) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31st May 2022 |
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1. | STATUTORY INFORMATION |
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Property Wealth Creation Limited is a private company limited by share capital, incorporated in England and Wales, registration number 08308713. The address of the registered office and principle place of business is 216 Outwood Road, Heald Green, Cheadle, SK8 3JL. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover relates to the sale of properties, recognised at completion, together with income from the management of properties recognised on a time basis and rental income from the company's investment properties which are leased to tenants under operating leases. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
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Depreciation on tangible fixed assets are charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods: |
Fixtures and fittings | - | 25% on reducing balance |
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At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items of tangible fixed assets have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
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If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. |
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Investment property |
Investment properties are carried at fair value determined annually by the company's directors or external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any differences in the nature, location or condition of the specific property. No depreciation is provided. Changes in fair value are recognised in the profit and loss account. |
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Stocks |
The company's property development stock is valued at cost, less any impairment. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 balance sheet date. |
PROPERTY WEALTH CREATION LTD (REGISTERED NUMBER: 08308713) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st May 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
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Cash and cash equivalents |
Cash and cash equivalents are represented by cash at bank. |
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Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they stated at cost. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1st June 2021 |
and 31st May 2022 |
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DEPRECIATION |
At 1st June 2021 |
and 31st May 2022 |
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NET BOOK VALUE |
At 31st May 2022 |
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At 31st May 2021 |
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PROPERTY WEALTH CREATION LTD (REGISTERED NUMBER: 08308713) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st May 2022 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1st June 2021 |
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Additions |
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Revaluations | 242,725 |
At 31st May 2022 |
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NET BOOK VALUE |
At 31st May 2022 |
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At 31st May 2021 |
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The valuation of investment properties were made on the 31 May 2022 by the directors, on an open market basis. |
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On a historical basis, these would have been included at an original cost of £477,522 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other debtors |
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Prepayments |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
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Tax |
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Other creditors |
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Directors' current accounts | 298,515 | 526,224 |
Accrued expenses |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans more 5 yr by instal |
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PROPERTY WEALTH CREATION LTD (REGISTERED NUMBER: 08308713) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st May 2022 |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2022 | 2021 |
£ | £ |
Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 18,269 | 885 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: |
Class |
Nomin
al Value |
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2022 |
2021 |
£ | £ |
100 | Ordinary | £0.01 | - | 1 |
50 | Ordinary A | £1 | 50 | - |
50 | Ordinary B | £1 | 50 | - |
2,122 | 2,022 |
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At 31 May 2021 there were 100 ordinary shares of £0.01 each allotted, issue and fully paid. |
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On 15 October 2021 the 100 issued ordinary shares of £0.01 were consolidated into 1 ordinary "A" share of £1.00 and a further 49 ordinary "A" shares were issued at par. On the same date 50 ordinary "B" shares were issued at par. |
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10. | RESERVES |
Non- |
distributable |
reserve |
£ |
At 1st June 2021 |
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Transfers | 176,577 |
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At 31st May 2022 |
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11. | RELATED PARTY DISCLOSURES |
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During the year the company has provided interest free finance to a company under common control. At the reporting date the company was owed £174,979 (2021: £164,236). |
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During the year the company has been provided with interest free finance from a company under common control. At the reporting date the company owed £75,988 (2021: £988). |