Safe Property Solutions Ltd Filleted accounts for Companies House (small and micro)

SAFE PROPERTY SOLUTIONS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 08698270

Safe Property Solutions Ltd

Filleted Unaudited Financial Statements

31 March 2019

Safe Property Solutions Ltd

Financial Statements

Period from 1 October 2017 to 31 March 2019

Contents	Page

Officers and professional advisers	1

Accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

Safe Property Solutions Ltd

Officers and Professional Advisers

The board of directors	Mr A Forsey
	Mr T Forsey
	Mrs S Forsey
	Ms E Peach

Registered office	74 High St
	Gretton
	Corby
	Northants
	NN17 3DF

Accountants	A Plus Accountants Limited
	Accountants
	10 Canberra House
	Corbygate Business Park
	Corby
	Northants
	NN17 5JG

Bankers	HSBC (Midland)

Safe Property Solutions Ltd

Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Safe Property Solutions Ltd

Period from 1 October 2017 to 31 March 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Safe Property Solutions Ltd for the period ended 31 March 2019, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Safe Property Solutions Ltd, as a body, in accordance with the terms of our engagement letter dated 14 January 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Safe Property Solutions Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Safe Property Solutions Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Safe Property Solutions Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Safe Property Solutions Ltd. You consider that Safe Property Solutions Ltd is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the financial statements of Safe Property Solutions Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

A Plus Accountants Limited Accountants

10 Canberra House Corbygate Business Park Corby Northants NN17 5JG

14 December 2019

Safe Property Solutions Ltd

Statement of Financial Position

31 March 2019

	31 Mar 19		30 Sep 17
Note	£	£	£

Fixed assets

Tangible assets	5		417,883	124,068

Current assets

Debtors	6	954	2,858
Cash at bank and in hand		8,005	4,601
		-------	-------
		8,959	7,459

Creditors: amounts falling due within one year	7	110,012		29,982
		---------		--------
Net current liabilities			101,053	22,523
			---------	---------
Total assets less current liabilities			316,830	101,545

Creditors: amounts falling due after more than one year	8	289,777	88,790
		---------	---------
Net assets		27,053	12,755
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	26,953	12,655
	--------	--------
Shareholders funds	27,053	12,755
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the period ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Safe Property Solutions Ltd

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 14 December 2019 , and are signed on behalf of the board by:

Mr T Forsey

Director

Company registration number: 08698270

Safe Property Solutions Ltd

Notes to the Financial Statements

Period from 1 October 2017 to 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 74 High St, Gretton, Corby, Northants, NN17 3DF.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	20% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Financial instruments

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Particulars of employees

The average number of persons employed by the company during the year amounted to 0 (2017: 0).

5. Tangible assets

	Equipment	Investment Property	Total
	£	£	£
Cost
At 1 October 2017	264	123,857	124,121
Additions	248	293,659	293,907
	----	---------	---------
At 31 March 2019	512	417,516	418,028
	----	---------	---------
Depreciation
At 1 October 2017	53	–	53
Charge for the period	92	–	92
	----	---------	---------
At 31 March 2019	145	–	145
	----	---------	---------
Carrying amount
At 31 March 2019	367	417,516	417,883
	----	---------	---------
At 30 September 2017	211	123,857	124,068
	----	---------	---------

The directors are of the opinion that there has been no material change in the valuation of the property since being purchased and therefore have not arranged for a valuation as they believe the related expense would exceed any benefit.

6. Debtors

	31 Mar 19	30 Sep 17
	£	£
Prepayments and accrued income	954	2,858
	----	-------

7. Creditors: amounts falling due within one year

	31 Mar 19	30 Sep 17
	£	£
Trade creditors	360	2,650
Accruals and deferred income	1,200	800
Corporation tax	3,314	649
Director loan accounts	100,868	25,883
Other creditors	4,270	–
	---------	--------
	110,012	29,982
	---------	--------

8. Creditors: amounts falling due after more than one year

	31 Mar 19	30 Sep 17
	£	£
Other creditors	289,777	88,790
	---------	--------

Included within creditors: amounts falling due after more than one year is an amount of £289,777 (2017: £88,790) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.

Paragon Bank Plc, Fleet Mortgages Limited and Kensington Mortgage Company Limited hold fixed and floating charges on 1 Deene Close, 3 Deene Close and 64B South Road respectively in relation to loan advances repayable after 5 years.

9. Related party transactions

The company directors are the owners of the properties managed by Safe Property Solutions Ltd . A 50% management fee is deducted from the rental income received and the balance paid to the directors, as rental income.