Psalter Property Company Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 08940607 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022

FOR

PSALTER PROPERTY COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Hui Zhang

Mrs Wenjin Wang

REGISTERED OFFICE:

178-180 Psalter Lane

Sheffield

S11 8US

REGISTERED NUMBER:

08940607 (England and Wales)

ACCOUNTANTS:

Altman Smith

461 - 463 London Road

Heeley

Sheffield

South Yorkshire

S2 4HL

FIXED ASSETS

Investment property

4

962,083

962,083

CURRENT ASSETS

Debtors

5

1,483

46

Cash at bank

37,012

51,308

38,495

51,354

CREDITORS

Amounts falling due within one year

6

(2,761

)

2,315

NET CURRENT ASSETS

41,256

49,039

TOTAL ASSETS LESS CURRENT LIABILITIES

1,003,339

1,011,122

CREDITORS

Amounts falling due after more than one year

7

(759,883

)

(759,883

)

PROVISIONS FOR LIABILITIES

(37,367

)

(37,367

)

NET ASSETS

206,089

213,872

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

8

149,469

149,469

Retained earnings

56,520

64,303

SHAREHOLDERS' FUNDS

206,089

213,872

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19th September 2023 and were signed on its behalf by:

Hui Zhang - Director

1.	STATUTORY INFORMATION

Psalter Property Company Limited 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.

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.

The director is of the opinion that the most recent valuation is still accurate.

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st January 2022

and 31st December 2022

962,083

NET BOOK VALUE

At 31st December 2022

962,083

At 31st December 2021

962,083

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

1,483

46

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

(4,001

)

(1

)

Other creditors

1,240

2,316

(2,761

)

2,315

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Other creditors

759,883

759,883

8.

RESERVES

Revaluation

reserve

£

At 1st January 2022

and 31st December 2022

149,469