Registration number:
The Property Block Ltd
for the Period from 29 August 2018 to 31 August 2019
Chartered Accountants
3 Manor Courtyard
Hughenden Avenue
High Wycombe
Buckinghamshire
HP13 5RE
The Property Block Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
The Property Block Ltd
Company Information
Directors |
Mr G Williams Mr JL Moorcroft |
Registered office |
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Accountants |
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Page 1 |
The Property Block Ltd
(Registration number: 11542436)
Balance Sheet as at 31 August 2019
Note |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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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 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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Net assets |
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Capital and reserves |
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Called up share capital |
9,100 |
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Share premium reserve |
24,796 |
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Profit and loss account |
21,837 |
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Total equity |
55,733 |
For the financial period ending 31 August 2019 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
Page 2 |
The Property Block Ltd
(Registration number: 11542436)
Balance Sheet as at 31 August 2019
.........................................
Director
Page 3 |
The Property Block Ltd
Notes to the Unaudited Financial Statements for the Period from 29 August 2018 to 31 August 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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 income 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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent 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, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
20% on reducing balance |
Page 4 |
The Property Block Ltd
Notes to the Unaudited Financial Statements for the Period from 29 August 2018 to 31 August 2019
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.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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.
Page 5 |
The Property Block Ltd
Notes to the Unaudited Financial Statements for the Period from 29 August 2018 to 31 August 2019
Tangible assets |
Motor vehicles |
Total |
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Cost or valuation |
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Additions |
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At 31 August 2019 |
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Depreciation |
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Charge for the period |
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At 31 August 2019 |
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Carrying amount |
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At 31 August 2019 |
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Stocks |
2019 |
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Work in progress |
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Debtors |
2019 |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
2019 |
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Due within one year |
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Corporation tax |
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Accruals and deferred income |
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Other creditors |
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Page 6 |
The Property Block Ltd
Notes to the Unaudited Financial Statements for the Period from 29 August 2018 to 31 August 2019
Creditors: amounts falling due after more than one year
Note |
2019 |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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65,604 |
Share capital |
Allotted, called up and fully paid shares
2019 |
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No. |
£ |
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1,335.81 |
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2,263.73 |
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5,500 |
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Loans and borrowings |
2019 |
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Non-current loans and borrowings |
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Other borrowings |
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Related party transactions |
J Moorcroft resigned as Director on 7 February 2020.
Other transactions with directors |
Included in other creditors due within one year is £1,500 owed to Mr JL Moorcroft, director. This loan is unsecured, interest free and has no fixed repayment terms.
Included in loans and borrowings falling due after more than year is £42,368 owed to the directors; £12,368 owed to Mr G Williams and £30,000 owed to Mr JL Moorcroft. These loans are unsecured and have no fixed repayment terms.The loan from Mr Moorcroft is subject to interest charged at 12.5% pa.
Page 7 |