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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2021 |
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PROPERTY WEALTH CREATION LTD |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2021 |
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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 2021 |
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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 2021 |
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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 2021 |
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2021 | 2020 |
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 2021 |
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2021 | 2020 |
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 2021 |
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1. | STATUTORY INFORMATION |
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Property Wealth Creation Ltd is a
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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 3LJ. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured as the fair value of the consideration received or receivable, excluding value added tax. The following criteria must also be met before turnover is recognised: |
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- the amount of turnover can be measured reliably; |
- it is probable that the company will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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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. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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. |
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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 2021 |
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2. | ACCOUNTING POLICIES - continued |
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 2020 |
and 31st May 2021 |
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DEPRECIATION |
At 1st June 2020 |
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Charge for year |
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At 31st May 2021 |
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NET BOOK VALUE |
At 31st May 2021 |
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At 31st May 2020 |
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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 2021 |
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5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st June 2020 |
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Additions |
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Disposals | ( |
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At 31st May 2021 |
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NET BOOK VALUE |
At 31st May 2021 |
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At 31st May 2020 |
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The valuation of investment properties were made on the 31 May 2020 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 £316,348 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Other debtors |
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LFS Property Development Ltd | 164,236 | - |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Tax |
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Other creditors |
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Directors' current accounts | 526,224 | 549,894 |
Accrued expenses |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
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 2021 |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2021 | 2020 |
£ | £ |
Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 885 | - |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | 1 | 1 | 1 |
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10. | RESERVES |
Non- |
distributable |
reserve |
£ |
At 1st June 2020 |
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Transfer to reserve | (19,472 | ) |
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At 31st May 2021 |
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