Property Simplified Limited - Accounts to registrar (filleted) - small 18.2

Property Simplified Limited - Accounts to registrar (filleted) - small 18.2

PROPERTY SIMPLIFIED LIMITED - Company Information

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REGISTERED NUMBER: 08387661 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

PROPERTY SIMPLIFIED LIMITED
PROPERTY SIMPLIFIED LIMITED (REGISTERED NUMBER: 08387661)

ABRIDGED BALANCE SHEET
31 March 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 449 865

CURRENT ASSETS
Stocks 381,311 381,311
Cash at bank 25,009 34,211
406,320 415,522
CREDITORS
Amounts falling due within one year 394,686 419,562
NET CURRENT ASSETS/(LIABILITIES) 11,634 (4,040 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
12,083
(3,175
)

PROVISIONS FOR LIABILITIES 85 -
NET ASSETS/(LIABILITIES) 11,998 (3,175 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 11,898 (3,275 )
11,998 (3,175 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

The notes form part of these financial statements

PROPERTY SIMPLIFIED LIMITED (REGISTERED NUMBER: 08387661)

ABRIDGED BALANCE SHEET - continued
31 March 2020


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 October 2020 and were signed by:





Mrs P Jeans - Director


The notes form part of these financial statements

PROPERTY SIMPLIFIED LIMITED (REGISTERED NUMBER: 08387661)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2020

1. STATUTORY INFORMATION

Property Simplified Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 08387661 and the registered office is 30A Elm Hill, Norwich, Norfolk, NR3 1HG. The presentation currency of the financial statements is sterling.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The comparatives reflect the 13 month period from 1 March 2018 to 31 March 2019 and as such are not entirely comparable. The financial reporting period was extended last year so as to become co-terminus with related companies.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.


PROPERTY SIMPLIFIED LIMITED (REGISTERED NUMBER: 08387661)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2020

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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2019 1,153
Disposals (192 )
At 31 March 2020 961
DEPRECIATION
At 1 April 2019 288
Charge for year 224
At 31 March 2020 512
NET BOOK VALUE
At 31 March 2020 449
At 31 March 2019 865

5. SECURED DEBTS

The company's stocks are secured by two legal charges.