Property118 Ltd - Period Ending 2020-07-31

Property118 Ltd

(Registration number: 10295964)
Balance Sheet as at 31 July 2020

	Note	2020 £	2019 £
Fixed assets
Intangible assets	4	12,025	23,125
Tangible assets	5	2,435	3,507
Other financial assets	6	52	52
		14,512	26,684
Current assets
Debtors	7	19,097	5,233
Cash at bank and in hand		548,939	429,704
		568,036	434,937
Creditors: Amounts falling due within one year	8	(202,521)	(161,688)
Net current assets		365,515	273,249
Total assets less current liabilities		380,027	299,933
Creditors: Amounts falling due after more than one year	8	(50,000)	-
Provisions for liabilities		(2,731)	-
Net assets		327,296	299,933
Capital and reserves
Called up share capital	9	100	100
Profit and loss account		327,196	299,833
Total equity		327,296	299,933

For the financial year ending 31 July 2020 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 accounts for the year in question in accordance with section 476; and
•	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 Board on 26 March 2021 and signed on its behalf by:
 

 

Mr N D Patterson
Company secretary and director

Property118 Ltd

Notes to the Financial Statements for the Year Ended 31 July 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1st Floor, Woburn House
84 St. Benedicts Street
Norwich, Norfolk
NR2 4AB

The principal place of business is:
30 Harman Close
Hethersett
Norfolk
NR9 3PR

2	Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention 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.

The presentation currency is sterling.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax policies
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred Tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Goodwill

Purchased goodwill is capitalised and amortised on a straight line basis over its useful economic life of 5 years.

Property118 Ltd

Notes to the Financial Statements for the Year Ended 31 July 2020

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and 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 over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings and equipment	25% straight line

Investments

Investments in shares are measured at fair value. Changes in fair value are recognised in the profit and loss account.

Foreign currency transactions and balances

Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Defined contribution pension obligation

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Cash

Cash comprises cash on hand and all deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

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.

Property118 Ltd

Notes to the Financial Statements for the Year Ended 31 July 2020

3	Staff numbers

The average number of persons employed by the company during the year was 2 (2019 - 2).

4	Intangible assets

	Goodwill  £	Total £
Cost
At 1 August 2019	55,500	55,500
At 31 July 2020	55,500	55,500
Amortisation
At 1 August 2019	32,375	32,375
Amortisation charge	11,100	11,100
At 31 July 2020	43,475	43,475
Net book value
At 31 July 2020	12,025	12,025
At 31 July 2019	23,125	23,125

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost
At 1 August 2019	5,664	5,664
Additions	383	383
At 31 July 2020	6,047	6,047
Depreciation
At 1 August 2019	2,157	2,157
Charge for the year	1,455	1,455
At 31 July 2020	3,612	3,612
Net book value
At 31 July 2020	2,435	2,435
At 31 July 2019	3,507	3,507

Property118 Ltd

Notes to the Financial Statements for the Year Ended 31 July 2020

6	Other financial assets (current and non-current)

	Financial assets £	Total £
Cost or valuation
At 1 August 2019	52	52
At 31 July 2020	52	52
Impairment
At 1 August 2019	-	-
At 31 July 2020	-	-
Net book value
At 31 July 2020	52	52
At 31 July 2019	52	52

The directors have reviewed the market value of the shares using current market data and consider that there is no significant change at the balance sheet date.

 

7

Debtors

	2020 £	2019 £
Trade debtors	17,817	3,742
Other debtors	434	616
Prepayments and accrued income	846	875
	19,097	5,233

8

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Trade creditors	4,641	5,035
Taxation and social security	191,761	151,619
Accruals and deferred income	5,139	4,884
Other creditors	200	150
Other loans	780	-
	202,521	161,688

Property118 Ltd

Notes to the Financial Statements for the Year Ended 31 July 2020

Creditors: amounts falling due after more than one year

	2020 £	2019 £
Bank loans	50,000	-
	50,000	-

Creditors include a bank loan secured in the sum of £50,000 (2019 - £Nil) against the assets of the company.

9	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

10	Related party transactions

Directors' Advances 1

The company provided a director with a current account on which cash advances were made and items of personal expenditure paid for by the company were charged. During the year £nil (2019 - £520) was advanced and £278 (2019 - £764) was repaid.

Advances were unsecured and no interest has been charged.

Directors' Advances 2

The company provided a director with a current account on which cash advances were made and items of personal expenditure paid for by the company were charged. During the year £701 (2019 - £479) was advanced and £606 (2019 - £137) was repaid.

Advances were unsecured and no interest has been charged.

11	Transition to FRS 102

For the year ended 31 July 2020 the company did not qualify as a micro company and has therefore transitioned from FRS105 to FRS102 1a. Prior year figures do not require restatement.