Property for People Ltd - Limited company accounts 20.1

REGISTERED NUMBER: 11026875 (England and Wales)

REPORT OF THE DIRECTOR AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

FOR

PROPERTY FOR PEOPLE LTD

Page

Company Information

1

Report of the Director

2

Income Statement

3

Balance Sheet

4

Statement of Changes in Equity

5

Notes to the Financial Statements

6

DIRECTOR:

Mr S G Shellabear

REGISTERED OFFICE:

26 St Mary's Way

Roade

Northamptonshire

NN7 2PQ

REGISTERED NUMBER:

11026875 (England and Wales)

ACCOUNTANTS:

Accurate Consulting Services Limited

International House

24 Holborn Viaduct

City of London

London

EC1A 2BN

The director presents his report with the financial statements of the company for the year ended 31 October 2020.

DIRECTOR

Mr S G Shellabear held office during the whole of the period from 1 November 2019 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr S G Shellabear - Director

16 June 2021

TURNOVER

37,551

33,245

Cost of sales

6,641

9,380

GROSS PROFIT

30,910

23,865

Administrative expenses

12,481

10,718

18,429

13,147

Other operating income

5,925

813

OPERATING PROFIT

24,354

13,960

Interest receivable and similar income

-

1

24,354

13,961

Gain/loss on revaluation of investment
property

-

20,700

24,354

34,661

Interest payable and similar expenses

8,392

14,942

PROFIT BEFORE TAXATION

15,962

19,719

Tax on profit

-

PROFIT FOR THE FINANCIAL YEAR

15,962

19,719

FIXED ASSETS

Investment property

4

417,000

CURRENT ASSETS

Debtors

5

2,444

-

Cash at bank

1,430

1,638

3,874

1,638

CREDITORS

Amounts falling due within one year

6

102,842

115,054

NET CURRENT LIABILITIES

(98,968

)

(113,416

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

318,032

303,584

CREDITORS

Amounts falling due after more than one
year

7

305,507

307,021

NET ASSETS/(LIABILITIES)

12,525

(3,437

)

CAPITAL AND RESERVES

Called up share capital

103

Retained earnings

12,422

(3,540

)

12,525

(3,437

)

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

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

The director acknowledges his 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 16 June 2021 and were signed by:

Mr S G Shellabear - Director

Called up

share

Retained

Total

capital

earnings

equity

£

Balance at 1 November 2018

103

(23,259

)

(23,156

)

Changes in equity

Total comprehensive income

-

19,719

Balance at 31 October 2019

103

(3,540

)

(3,437

)

Changes in equity

Total comprehensive income

-

15,962

Balance at 31 October 2020

103

12,422

12,525

1.	STATUTORY INFORMATION

Property for People Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

Turnover

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

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

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.

Going concern

The accounts have been prepared in a going concern basis as it is the Director's intention to continue to support the company for the foreseeable future.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2019

and 31 October 2020

417,000

NET BOOK VALUE

At 31 October 2020

417,000

At 31 October 2019

417,000

Fair value at 31 October 2020 is represented by:

£

Valuation in 2019

20,700

Cost

396,300

417,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

Prepayments and accrued income

2,444

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

Bank loans and overdrafts

9,583

Other loans

14,000

14,942

Other creditors

1,650

650

Amounts owed to related parties

37,729

45,170

Directors' current accounts

37,031

41,859

Accruals and deferred income

2,849

2,850

102,842

115,054

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

Bank loans - 2-5 years

38,333

Bank loans more 5 yr by instal

267,174

268,688

305,507

307,021

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

267,174

268,688