Property Pronto Limited Company accounts

PROPERTY PRONTO LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08663848

Property Pronto Limited

Unaudited Financial Statements

For the year ended

31 March 2021

Property Pronto Limited

Financial Statements

Year ended 31st March 2021

Contents	Pages

Directors' report	1

Statement of income and retained earnings	2

Statement of financial position	3

Notes to the financial statements	4 to 6

Property Pronto Limited

Directors' Report

Year ended 31st March 2021

The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2021 .

Directors

The directors who served the company during the year were as follows:

Mr P K O'Brien
Mrs J O'Brien

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 17 August 2021 and signed on behalf of the board by:

Mrs J O'Brien

Company Secretary

Registered office:

141a Front Street

Chester le Street

Co Durham

DH3 3UA

Property Pronto Limited

Statement of Income and Retained Earnings

Year ended 31st March 2021

	2021	2020
Note	£	£
Turnover	23,742	23,233

	--------	--------
Gross profit	23,742	23,233

Administrative expenses	12,692	14,413
Other operating income	10,000	–
	--------	--------
Operating profit	21,050	8,820

Other interest receivable and similar income		4	5
		--------	--------
Profit before taxation	5	21,054	8,825

Tax on profit	4,186	1,906
	--------	-------
Profit for the financial year and total comprehensive income	16,868	6,919
	--------	-------

Dividends paid and payable	( 16,500)	( 7,000)

Retained earnings at the start of the year	6,560	6,641
	--------	-------
Retained earnings at the end of the year	6,928	6,560
	--------	-------

All the activities of the company are from continuing operations.

Property Pronto Limited

Statement of Financial Position

31 March 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	6		5,798	6,775

Current assets

Cash at bank and in hand	6,401		4,606

Creditors: amounts falling due within one year	7	5,171		4,721
		-------		-------
Net current assets/(liabilities)			1,230	( 115)
			-------	-------
Total assets less current liabilities			7,028	6,660
			-------	-------
Net assets			7,028	6,660
			-------	-------

Capital and reserves

Called up share capital	100	100
Profit and loss account	6,928	6,560
	-------	-------
Shareholders funds	7,028	6,660
	-------	-------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31st March 2021 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 17 August 2021 , and are signed on behalf of the board by:

Mr P K O'Brien	Mrs J O'Brien
Director	Director

Company registration number: 08663848

Property Pronto Limited

Notes to the Financial Statements

Year ended 31st March 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 141a Front Street, Chester le Street, Co Durham, DH3 3UA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity. Disclosure exemptions The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax which the Company is expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	10% reducing balance
Motor vehicle	-	25% reducing balance
Office equipment	-	33% straight line

Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2021	2020
	£	£
Depreciation of tangible assets	977	1,197
	----	-------

6. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1st April 2020 and 31st March 2021	9,905	11,242	9,659	30,806
	-------	--------	-------	--------
Depreciation
At 1st April 2020	5,132	9,241	9,658	24,031
Charge for the year	477	500	–	977
	-------	--------	-------	--------
At 31st March 2021	5,609	9,741	9,658	25,008
	-------	--------	-------	--------
Carrying amount
At 31st March 2021	4,296	1,501	1	5,798
	-------	--------	-------	--------
At 31st March 2020	4,773	2,001	1	6,775
	-------	--------	-------	--------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Corporation tax	4,187	1,905
Other creditors	984	2,816
	-------	-------
	5,171	4,721
	-------	-------

8. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2021
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr P K O'Brien	( 2,167)	1,783	( 384)
	-------	-------	----

	2020
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr P K O'Brien	( 4,206)	2,039	( 2,167)
	-------	-------	-------

9. Related party transactions

The company was under the control of the directors throughout the current and previous period. The Company acts as a letting agent for persons connected to the directors and receives commissions in respect of these services. The contracts in question are considered to be on a commercial basis.