Registration number:
Property118 Ltd
for the Year Ended 31 July 2022
Property118 Ltd
(Registration number: 10295964)
Balance Sheet as at 31 July 2022
Note |
2022 |
2021 |
|
Fixed assets |
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Intangible assets |
|
|
|
Tangible assets |
|
|
|
Other financial assets |
52 |
52 |
|
|
|
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Current assets |
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Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
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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 |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
|
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Profit and loss account |
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Total equity |
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For the financial year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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 Profit and Loss Account has been taken.
Approved and authorised by the
Company secretary and director
Property118 Ltd
Notes to the Financial Statements for the Year Ended 31 July 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
30 Harman Close
Hethersett
Norfolk
NR9 3PR
Accounting policies |
Basis of preparation
These financial statements have been prepared using the historical cost convention 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.
The presentation currency is sterling.
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.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax policies
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.
Deferred Tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Goodwill
Purchased goodwill is capitalised and amortised on a straight line basis over its useful economic life of 5 years.
Property118 Ltd
Notes to the Financial Statements for the Year Ended 31 July 2022
Tangible assets
Tangible assets are stated at cost, less any subsequent accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture and equipment |
25% straight line |
Investments
Investments in shares are measured at fair value. Changes in fair value are recognised in the profit and loss account.
Foreign currency transactions and balances
Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.
Defined contribution pension obligation
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Cash
Cash comprises cash on hand and all deposits.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or 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.
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 at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Property118 Ltd
Notes to the Financial Statements for the Year Ended 31 July 2022
Staff numbers |
The average number of persons employed by the company during the year was
Intangible assets |
Goodwill |
Total |
|
Cost |
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At 1 August 2021 |
|
|
At 31 July 2022 |
|
|
Amortisation |
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At 1 August 2021 |
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|
Amortisation charge |
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At 31 July 2022 |
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Net book value |
||
At 31 July 2022 |
|
|
At 31 July 2021 |
|
|
Tangible assets |
Furniture and equipment |
Total |
|
Cost |
||
At 1 August 2021 |
8,489 |
8,489 |
Disposals |
(1,784) |
(1,784) |
At 31 July 2022 |
6,705 |
6,705 |
Depreciation |
||
At 1 August 2021 |
4,796 |
4,796 |
Charge for the year |
1,593 |
1,593 |
Eliminated on disposal |
(1,604) |
(1,604) |
At 31 July 2022 |
4,785 |
4,785 |
Net book value |
||
At 31 July 2022 |
1,920 |
1,920 |
At 31 July 2021 |
3,693 |
3,693 |
Property118 Ltd
Notes to the Financial Statements for the Year Ended 31 July 2022
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
At 1 August 2021 |
52 |
52 |
At 31 July 2022 |
52 |
52 |
Impairment |
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At 1 August 2021 |
- |
- |
At 31 July 2022 |
- |
- |
Net book value |
||
At 31 July 2022 |
|
52 |
The directors have reviewed the market value of the shares using current market data and consider that there is no significant change at the balance sheet date.
Debtors |
2022 |
2021 |
|
Trade debtors |
|
|
Other debtors |
|
- |
Prepayments |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
|
Bank loans |
|
|
Trade creditors |
|
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Taxation and social security |
|
|
Accruals and deferred income |
|
|
Other creditors |
|
|
Directors' loans |
1,519 |
1,307 |
|
|
Creditors include bank loans which are secured by a government backed guarantee of £10,000 (2021 - £10,000).
Property118 Ltd
Notes to the Financial Statements for the Year Ended 31 July 2022
Creditors: amounts falling due after more than one year
2022 |
2021 |
|
Bank loans |
|
|
28,333 |
38,333 |
Creditors include bank loans which are secured by a government backed guarantee of £28,333 (2021 - £38,333).
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Related party transactions |
Directors' Advances
The company provided a director with a current account on which cash advances were made and items of personal expenditure paid for by the company were charged. During the year £1,096 (2021 - £304) was advanced and £852 (2021 - £738) was repaid. Advances were unsecured and no interest has been charged.
Directors' Loan
A director provided the company with a loan on which no interest was charged.