Company Registration No. 11656048 (England and Wales)
Property Sounds Important Limited
Unaudited accounts
for the year ended 31 March 2023
Property Sounds Important Limited
Unaudited accounts
Contents
Property Sounds Important Limited
Company Information
for the year ended 31 March 2023
Director
David Richard Bennett
Company Number
11656048 (England and Wales)
Registered Office
32 St John Avenue
Warrington
WA4 6DG
England
Accountants
Carter Clear Accounting Ltd
4 Hampson Avenue
Culcheth
Warrington
Cheshire
WA3 5RY
Property Sounds Important Limited
Statement of financial position
as at 31 March 2023
Tangible assets
406,306
406,366
Cash at bank and in hand
12,127
7,176
Creditors: amounts falling due within one year
(3,741)
(5,614)
Net current assets
11,649
1,562
Total assets less current liabilities
417,955
407,928
Creditors: amounts falling due after more than one year
(375,847)
(376,729)
Provisions for liabilities
Deferred tax
(8,550)
(8,550)
Called up share capital
1
1
Revaluation reserve
45,000
45,000
Profit and loss account
(11,443)
(22,352)
Shareholders' funds
33,558
22,649
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 4 November 2023 and were signed on its behalf by
David Richard Bennett
Director
Company Registration No. 11656048
Property Sounds Important Limited
Notes to the Accounts
for the year ended 31 March 2023
Property Sounds Important Limited is a private company, limited by shares, registered in England and Wales, registration number 11656048. The registered office is 32 St John Avenue, Warrington, WA4 6DG, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Reducing Balance Basis
Computer equipment
20% Reducing Balance Basis
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Property Sounds Important Limited
Notes to the Accounts
for the year ended 31 March 2023
4
Tangible fixed assets
Land & buildings
Plant & machinery
Total
Cost or valuation
At cost
At cost
At 1 April 2022
406,187
298
406,485
At 31 March 2023
406,187
298
406,485
Charge for the year
-
60
60
At 31 March 2023
-
179
179
At 31 March 2023
406,187
119
406,306
At 31 March 2022
406,187
179
406,366
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.
The methods and significant assumptions used to ascertain the fair value of £406,187 and fair value movement of £45,000 included in the profit / loss for the year / period are as follows:
Revalution of Property by Gateway Surveyors FRICS on 04/10/2021 using the comparable method.
Amounts falling due within one year
Accrued income and prepayments
3,263
-
7
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
115
-
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
292,880
292,880
Loans from directors
82,967
83,849
Property Sounds Important Limited
Notes to the Accounts
for the year ended 31 March 2023
9
Deferred taxation
2023
2022
Revaluation of land and buildings
8,550
8,550
Provision at start of year
8,550
-
Charged to the profit and loss account
-
8,550
Provision at end of year
8,550
8,550
10
Average number of employees
During the year the average number of employees was 0 (2022: 0).