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Proptom Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2021

 

Proptom Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Proptom Limited

Company Information

Directors

Mr Ivan Tomlin

Mrs Anna-Louise Tomlin

Registered office

Alexander & Co Schooners Business Park
Bess Park Road
Wadebridge
Cornwall
PL27 6HB

Registered number

12197700 (England & Wales)

Accountants

Alexander & Co
AAT Licenced Accountant
Schooners Business Park
Bess Park Road
Wadebridge
Cornwall
PL27 6HB

 

Proptom Limited

(Registration number: 12197700)
Balance Sheet as at 31 December 2021

Note

2021

2020

   

£

£

£

£

fixed assets

   

 

tangible assets

5

 

229,112

 

229,112

Current assets

   

 

Debtors

6

376

 

298

 

Cash at bank and in hand

 

8,174

 

7,386

 

 

8,550

 

7,684

 

Creditors: Amounts falling due within one year

7

(90,933)

 

(89,329)

 

Net current liabilities

   

(82,383)

 

(81,645)

Total assets less current liabilities

   

146,729

 

147,467

Creditors: Amounts falling due after more than one year

7

 

(157,533)

 

(157,538)

Net liabilities

   

(10,804)

 

(10,071)

capital and reserves

   

 

Called up share capital

8

100

 

100

 

Profit and loss account

(10,904)

 

(10,171)

 

Total equity

   

(10,804)

 

(10,071)

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.

Directors' 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 directors acknowledge their 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 Profit and Loss Account has been taken.

 

Proptom Limited

(Registration number: 12197700)
Balance Sheet as at 31 December 2021

Approved and authorised by the Board on 6 September 2022

and signed on its behalf by:
 

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

Mr Ivan Tomlin
Director

 

Proptom Limited

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 & Wales.

The address of its registered office is:
Alexander & Co Schooners Business Park
Bess Park Road
Wadebridge
Cornwall
PL27 6HB
United Kingdom

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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

0%

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.

 

Proptom Limited

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2020 - 1).

 

Proptom Limited

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

4

Taxation

5

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 January 2021

229,112

229,112

At 31 December 2021

229,112

229,112

Depreciation

Carrying amount

At 31 December 2021

229,112

229,112

At 31 December 2020

229,112

229,112

Included within the net book value of land and buildings above is £229,112 (2020 - £229,112) in respect of freehold land and buildings.
 

6

Debtors

Current

2021
£

2020
£

Prepayments

376

298

 

Proptom Limited

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

7

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Accruals and deferred income

1,140

1,140

Other creditors

89,793

88,189

90,933

89,329

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

9

157,533

157,538

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

157,533

157,538