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Registration number: 12510399

Property Management Evolution Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Property Management Evolution Ltd

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3

Notes to the Unaudited Financial Statements

4 to 6

 

Property Management Evolution Ltd

Company Information

Director

M Azhar

Registered office

75 Park Lane
Croydon
Surrey
United Kingdom
CR9 1XS

Accountants

DSK Partners LLP
Chartered Accountants
75 Park Lane
Croydon
Surrey
CR9 1XS

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Property Management Evolution Ltd
for the Year Ended 31 December 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Property Management Evolution Ltd for the year ended 31 December 2021 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Property Management Evolution Ltd, 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 Property Management Evolution Ltd and state those matters that we have agreed to state to the Board of Directors of Property Management Evolution Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Property Management Evolution Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Property Management Evolution Ltd 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 Property Management Evolution Ltd. You consider that Property Management Evolution Ltd 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 Property Management Evolution Ltd. 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.

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

DSK Partners LLP
Chartered Accountants
75 Park Lane
Croydon
Surrey
CR9 1XS

29 July 2022

 

Property Management Evolution Ltd

(Registration number: 12510399)
Statement of Financial Position as at 31 December 2021

Note

2021
£

2020
£

Current assets

 

Cash at bank and in hand

 

83,089

68,160

Creditors: Amounts falling due within one year

4

(48,489)

(45,281)

Net assets

 

34,600

22,879

Capital and reserves

 

Called up share capital

100

100

Retained earnings

34,500

22,779

Shareholders' funds

 

34,600

22,879

For the financial year ending 31 December 2021 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 29 July 2022
 

M Azhar
Director

   
     
 

Property Management Evolution Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

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

The address of its registered office is:
75 Park Lane
Croydon
Surrey
United Kingdom
CR9 1XS
England

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

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

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

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.

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 sales/value added tax, 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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Property Management Evolution Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2020 - 1).

 

Property Management Evolution Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021 (continued)

4

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Taxation and social security

8,614

11,676

Accruals and deferred income

1,500

1,500

Other creditors

38,375

32,105

48,489

45,281