The Property Lifters Limited Filleted accounts for Companies House (small and micro)
The Property Lifters Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
11806228
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Statement of Financial Position |
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28 Feb 20 |
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Note |
£ |
£ |
Current assets
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Debtors |
5 |
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Cash at bank and in hand |
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---- |
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Creditors: amounts falling due within one year |
6 |
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------- |
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Net current liabilities |
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------- |
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Total assets less current liabilities |
(
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------- |
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Net liabilities |
(
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------- |
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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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------- |
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Shareholders deficit |
(
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------- |
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In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
Directors' responsibilities:
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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
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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 financial statements
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These financial statements were approved by the
board of directors
and authorised for issue on
3 December 2020
, and are signed on behalf of the board by:
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Director |
Director |
Company registration number:
11806228
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Notes to the Financial Statements |
Period from 5th February 2019 to 28th February 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 776-778 Barking Road, International House, London, E13 9PJ.
2.
Statement of compliance
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. There were no estimates made by the management
Revenue recognition
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment
4.
Employee numbers
The average number of persons employed by the company during the Period amounted to
2
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5.
Debtors
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28 Feb 20 |
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£ |
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Other debtors |
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6.
Creditors:
amounts falling due within one year
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28 Feb 20 |
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£ |
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Other creditors |
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7.
Related party transactions
Included in creditors due within one year, is a balance of £4,644.33 owed to the directors. No interest is charged in respect of this balance.