Propertyco Limited - Period Ending 2022-04-30

Propertyco Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Financial Statements	4 to 6

Propertyco Limited

Company Information

Director

J J Dinsmore

Company secretary

S A Campbell

Registered office

Gothic House Barker Gate Nottingham NG1 1JU

Bankers

National Westminster Bank Plc 51 Market Place Long Eaton Nottingham NG10 1JP

Accountants

Ashgates Corporate Services Limited 5 Prospect Place Millennium Way Pride Park Derby DE24 8HG

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Propertyco Limited
for the Year Ended 30 April 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Propertyco Limited for the year ended 30 April 2022 as set out on pages 3 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/
member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Propertyco Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Propertyco Limited and state those matters that we have agreed to state to the Board of Directors of Propertyco Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Propertyco Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Propertyco Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Propertyco Limited. You consider that Propertyco Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Propertyco Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

.........................................................

Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG

13 September 2022

Propertyco Limited

(Registration number: 03183942)
Balance Sheet as at 30 April 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	390,911	398,971
Current assets
Cash at bank and in hand		16,839	16,024
Creditors: Amounts falling due within one year	5	(144,849)	(173,392)
Net current liabilities		(128,010)	(157,368)
Total assets less current liabilities		262,901	241,603
Creditors: Amounts falling due after more than one year	5	-	(9,208)
Net assets		262,901	232,395
Capital and reserves
Called up share capital		550	550
Profit and loss account		262,351	231,845
Total equity		262,901	232,395

For the financial year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and 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 director on 8 September 2022
 

......................................... J J Dinsmore Director

Propertyco Limited

Notes to the Financial Statements for the Year Ended 30 April 2022

1	General information

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

The address of the registered office is given in the company information on page 1 of the financial statements.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared 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.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£) and is rounded to the nearest £1.

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 sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold land and buildings	2% straight line (freehold land is not depreciated)

Propertyco Limited

Notes to the Financial Statements for the Year Ended 30 April 2022

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

4	Tangible assets

	Freehold land and buildings £	Total £
Cost or valuation
At 1 May 2021	503,751	503,751
At 30 April 2022	503,751	503,751
Depreciation
At 1 May 2021	104,780	104,780
Charge for the year	8,060	8,060
At 30 April 2022	112,840	112,840
Carrying amount
At 30 April 2022	390,911	390,911
At 30 April 2021	398,971	398,971

Propertyco Limited

Notes to the Financial Statements for the Year Ended 30 April 2022

5

Creditors

	Note	2022 £	2021 £
Due within one year
Loans and borrowings	6	18,451	36,959
Trade creditors		-	1,003
Amounts owed to group undertakings		77,034	77,034
Taxation and social security		9,046	8,423
Other creditors		40,318	49,973
		144,849	173,392
Due after one year
Loans and borrowings	6	-	9,208

6	Loans and borrowings

	2022 £	2021 £
Non-current loans and borrowings
Bank borrowings	-	9,208

	2022 £	2021 £
Current loans and borrowings
Bank borrowings	18,451	36,959

Secured borrowings

Security has been given by the company on the above loans and borrowings. The loans and borrowings are secured on the freehold land and properties.

7	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary shares of £1 each	500	500	500	500
Ordinary B shares of £1 each	50	50	50	50
	550	550	550	550