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Registration number: 13924588

properT3 stays ltd

Annual Report and Unaudited Financial Statements

for the Period from 18 February 2022 to 30 June 2023

 

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Company Information

Directors

Mrs EA Kushamba

TA Kushamba

Registered office

Suite A4
Skylon Court Coldnose Road
Rotherwas
Hereford
HR2 6JS

Accountants

Boon and Worth Limited
Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS

 

(Registration number: 13924588)
Balance Sheet as at 30 June 2023

Note

2023
£

Fixed assets

 

Investment property

4

115,620

Current assets

 

Cash at bank and in hand

 

479

Creditors: Amounts falling due within one year

5

(46,589)

Net current liabilities

 

(46,110)

Total assets less current liabilities

 

69,510

Creditors: Amounts falling due after more than one year

5

(92,700)

Net liabilities

 

(23,190)

Capital and reserves

 

Called up share capital

6

2

Retained earnings

(23,192)

Shareholders' deficit

 

(23,190)

 

(Registration number: 13924588)
Balance Sheet as at 30 June 2023

For the financial period ending 30 June 2023 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 period 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 October 2023 and signed on its behalf by:
 

.........................................
Mrs EA Kushamba
Director

.........................................
TA Kushamba
Director

 

Notes to the Unaudited Financial Statements for the Period from 18 February 2022 to 30 June 2023

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:
Suite A4
Skylon Court Coldnose Road
Rotherwas
Hereford
HR2 6JS
England

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

These financial statements were authorised for issue by the Board on 20 October 2023.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Borrowings

 

Notes to the Unaudited Financial Statements for the Period from 18 February 2022 to 30 June 2023

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 period, was 2.

4

Investment properties

2023
£

Additions

115,620

At 30 June

115,620

There has been no valuation of investment property by an independent valuer.

 

Notes to the Unaudited Financial Statements for the Period from 18 February 2022 to 30 June 2023

5

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Accruals and deferred income

1,980

Other creditors

44,609

46,589

Creditors: amounts falling due after more than one year

Note

2023
£

Due after one year

 

Loans and borrowings

7

92,700

6

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary share "A" of £1 each

1

1

Ordinary share "B" of £1 each

1

1

 

2

2

7

Loans and borrowings

2023
£

Non-current loans and borrowings

Other borrowings

92,700

 

Notes to the Unaudited Financial Statements for the Period from 18 February 2022 to 30 June 2023

8

Related party transactions

Transactions with directors

2023

At 18 February 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Directors' loan account

-

32,624

(77,233)

(44,609)