Property Solutions South West Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 12302875 (England and Wales)

Property Solutions South West Ltd

Unaudited Financial Statements

for the Year Ended 31 August 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr N A Blakemore

REGISTERED OFFICE:

Unit B2

Church View Business Park

Bickland Water Road

Falmouth

Cornwall

TR11 4FZ

REGISTERED NUMBER:

12302875 (England and Wales)

ACCOUNTANTS:

Atkins Ferrie Chartered Accountants

Lakeside Offices

The Old Cattle Market

Coronation Park

Helston

Cornwall

TR13 0SR

FIXED ASSETS

Tangible assets

4

7,875

9,000

CURRENT ASSETS

Stocks

1,200

1,200

Debtors

5

129,920

56,346

Cash at bank

1,169

1,885

132,289

59,431

CREDITORS

Amounts falling due within one year

6

52,901

38,260

NET CURRENT ASSETS

79,388

21,171

TOTAL ASSETS LESS CURRENT LIABILITIES

87,263

30,171

PROVISIONS FOR LIABILITIES

1,496

1,710

NET ASSETS

85,767

28,461

CAPITAL AND RESERVES

Called up share capital

180

180

Retained earnings

85,587

28,281

85,767

28,461

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2022 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 August 2023 and were signed by:

Mr N A Blakemore - Director

1.	STATUTORY INFORMATION

Property Solutions South West 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

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

Turnover is recognised when the risks and rewards have transferred to the buyer, which is when work has been carried out.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Motor vehicles

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

At 1 September 2021

12,000

Additions

1,500

At 31 August 2022

13,500

DEPRECIATION

At 1 September 2021

3,000

Charge for year

2,625

At 31 August 2022

5,625

NET BOOK VALUE

At 31 August 2022

7,875

At 31 August 2021

9,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

49,245

7,591

Other debtors

80,675

48,755

129,920

56,346

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

16,753

22,205

Taxation and social security

34,213

13,870

Other creditors

1,935

2,185

52,901

38,260

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2022 and 31 August 2021:

2022

2021

£

£

Mr N A Blakemore

Balance outstanding at start of year

19,299

8,479

Amounts advanced

34,278

31,129

Amounts repaid

(8,400

)

(20,309

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

45,177

19,299

The director's loan is repayable on demand and there is no interest charged.