Company Registration No. 05081209 (England and Wales)
PROPERTYEAST LIMITED
Unaudited accounts
for the year ended 31 March 2020
PROPERTYEAST LIMITED
Company Information
for the year ended 31 March 2020
Director
Hans Daugaard-Hansen
Company Number
05081209 (England and Wales)
Registered Office
WINDSOR HOUSE
2 YARMOUTH ROAD
NORWICH
NR7 0EB
ENGLAND
Accountants
Abacus Accountancy
The Willows
Ipswich Road
Long Stratton
Norfolk
NR15 2TG
PROPERTYEAST LIMITED
Statement of financial position
as at 31 March 2020
Tangible assets
1,513,316
1,507,554
Cash at bank and in hand
13,501
66,237
Creditors: amounts falling due within one year
(1,186,399)
(1,213,817)
Net current liabilities
(233,982)
(269,243)
Total assets less current liabilities
1,304,334
1,263,311
Provisions for liabilities
Deferred tax
(1,591)
(1,591)
Net assets
1,302,743
1,261,720
Called up share capital
1,031,000
1,031,000
Profit and loss account
271,743
230,720
Shareholders' funds
1,302,743
1,261,720
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 31 December 2020 and were signed on its behalf by
Hans Daugaard-Hansen
Director
Company Registration No. 05081209
PROPERTYEAST LIMITED
Notes to the Accounts
for the year ended 31 March 2020
PROPERTYEAST LIMITED is a private company, limited by shares, registered in England and Wales, registration number 05081209. The registered office is WINDSOR HOUSE, 2 YARMOUTH ROAD, NORWICH, NR7 0EB, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 March 2020 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 April 2018.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% on Buildings
Motor vehicles
20% reducing balance
Computer equipment
25% reducing balance
PROPERTYEAST LIMITED
Notes to the Accounts
for the year ended 31 March 2020
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2019
1,507,182
1,920
13,710
1,522,812
Additions
-
-
16,500
16,500
Disposals
-
-
(13,710)
(13,710)
At 31 March 2020
1,507,182
1,920
16,500
1,525,602
At 1 April 2019
7,930
948
6,380
15,258
Charge for the year
3,060
348
-
3,408
On disposals
-
-
(6,380)
(6,380)
At 31 March 2020
10,990
1,296
-
12,286
At 31 March 2020
1,496,192
624
16,500
1,513,316
At 31 March 2019
1,499,252
972
7,330
1,507,554
5
Investments
Other investments
Valuation at 1 April 2019
25,000
Valuation at 31 March 2020
25,000
Amounts due from group undertakings etc.
938,916
877,146
Accrued income and prepayments
-
1,191
7
Creditors: amounts falling due within one year
2020
2019
Bank loans and overdrafts
1,009,889
962,019
Obligations under finance leases and hire purchase contracts
2,609
5,009
Amounts owed to group undertakings and other participating interests
155,913
245,389
Taxes and social security
11,125
1,400
8
Average number of employees
During the year the average number of employees was 1 (2019: 1).
