The Property Lifters Limited Filleted accounts for Companies House (small and micro)

THE PROPERTY LIFTERS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 11806228

The Property Lifters Limited

Filleted Unaudited Financial Statements

31 March 2022

The Property Lifters Limited

Statement of Financial Position

31 March 2022

	2022		2021
Note	£	£	£

Current assets

Debtors	5	38,545	4,001
Cash at bank and in hand		10,267	713
		--------	-------
		48,812	4,714

Creditors: amounts falling due within one year	6	18,544		7,348
		--------		-------
Net current assets/(liabilities)			30,268	( 2,634)
			--------	-------
Total assets less current liabilities			30,268	( 2,634)
			--------	-------
Net assets/(liabilities)			30,268	( 2,634)
			--------	-------

Capital and reserves

Called up share capital	2	2
Profit and loss account	30,266	( 2,636)
	--------	-------
Shareholders funds/(deficit)	30,268	( 2,634)
	--------	-------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31st March 2022 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 9 March 2023 , and are signed on behalf of the board by:

Miss S Little	Mr M J Baptiste
Director	Director

Company registration number: 11806228

The Property Lifters Limited

Notes to the Financial Statements

Year ended 31st March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 776-778 Barking Road, International House, London, E13 9PJ.

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, as modified by the revaluation of certain financial assets and liabilities. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on the going concern basis after taking into account the losses to date and the excess of liabilities over assets at the balance sheet date, as we believe that adequate cash resources will be available to cover the company's requirements for working capital and capital expenditure for at least the next twelve months. In this regard we confirm that the required financial support will continue to be provided by the directors. We are not aware of any other factors which could put into jeopardy the company's going concern status during or beyond this period.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. There were no estimates made by the management

Revenue recognition

Turnover comprises sales of refurbishment and housekeeping services to customers. Where the outcome of refurbishment contracts can be assessed with reasonable certainty, the revenues and costs on such contracts are recognised based on stage of completion. Refurbishment revenue is recognised by reference to the stage of completion based on work performed to date. The assessment of the stage of completion is dependent on the nature of the refurbishment contract, but will generally be based on costs incurred to the extent these relate to the contract costs arising up to the reporting date.

Taxation

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 expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2021: 1 ).

5. Debtors

	2022	2021
	£	£
Trade debtors	22,434	560
Other debtors	16,111	3,441
	--------	-------
	38,545	4,001
	--------	-------

6. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	1,353	–
Corporation tax	10,625	–
Other creditors	6,566	7,348
	--------	-------
	18,544	7,348
	--------	-------

7. Related party transactions

Included in creditors due within one year, is a balance of £4,066 (2021 - 5,098) owed to the directors. No interest is charged in respect of this balance.