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Registration number: 06796023

Property Solutions Management Group Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Property Solutions Management Group Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Property Solutions Management Group Limited

Company Information

Directors

Mr Jason Silcox

Mr Elliot Gould

Mrs Nicola Gould

Ms Charlotte Saffron Martindale

Registered office

Unit 21 Apex Court
Woodlands
Bradley Stoke
Bristol
BS32 4JT

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

Property Solutions Management Group Limited

(Registration number: 06796023)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

         

Fixed assets

   

Tangible assets

4

 

134,960

46,819

Investments

5

 

300

300

   

135,260

47,119

Current assets

   

Debtors

6

640,484

 

558,706

Cash at bank and in hand

 

74,040

 

313,902

 

714,524

 

872,608

Creditors: Amounts falling due within one year

7

(101,079)

 

(175,107)

Net current assets

   

613,445

697,501

Total assets less current liabilities

   

748,705

744,620

Provisions for liabilities

 

(33,881)

(9,003)

Net assets

   

714,824

735,617

Capital and reserves

   

Called up share capital

100

 

100

Profit and loss account

714,724

 

735,517

Total equity

   

714,824

735,617

 

Property Solutions Management Group Limited

(Registration number: 06796023)
Balance Sheet as at 31 March 2023

For the financial 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.

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.

Approved and authorised by the Board on 7 November 2023 and signed on its behalf by:
 

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

Mr Jason Silcox
Director

 

Property Solutions Management Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
Unit 21 Apex Court
Woodlands
Bradley Stoke
Bristol
BS32 4JT

These financial statements were authorised for issue by the Board on 7 November 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

 

Property Solutions Management Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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

Equipment

33% reducing balance

Motor vehicles

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 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.

 

Property Solutions Management Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 7).

 

Property Solutions Management Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

24,857

91,627

116,484

Additions

-

156,922

156,922

Disposals

-

(83,689)

(83,689)

At 31 March 2023

24,857

164,860

189,717

Depreciation

At 1 April 2022

15,522

54,143

69,665

Charge for the year

3,112

29,115

32,227

Eliminated on disposal

-

(47,135)

(47,135)

At 31 March 2023

18,634

36,123

54,757

Carrying amount

At 31 March 2023

6,223

128,737

134,960

At 31 March 2022

9,335

37,484

46,819

 

Property Solutions Management Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Investments

2023
£

2022
£

Investments in subsidiaries

300

300

Subsidiaries

£

Cost or valuation

At 1 April 2022

300

Provision

Carrying amount

At 31 March 2023

300

At 31 March 2022

300

The company owns 100% of the issued share capital in Ideal M & E Services Limited, Gen X Limited and Detail Developments Limited.

The company also owns 30% of the issued share capital in Switchsafe Group Limited. Switchsafe Group Limited own 100% of the issued share capital in Switchsafe Environmental Limited, Switchsafe Water Treatment Limited and Switchsafe Technical Services Limited.

Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.

 

Property Solutions Management Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

8

623,010

539,843

Prepayments

 

5,226

692

Other debtors

 

12,248

18,171

 

640,484

558,706

Note

2023
£

2022
£

Amounts owed by group undertakings and undertakings the company has a participating interest

8

623,010

539,843

Other debtors

 

12,248

18,171

Prepayments

 

5,226

692

 

640,484

558,706

 

Property Solutions Management Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

611

934

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

43,800

57,330

Taxation and social security

 

12,864

32,130

Accruals and deferred income

 

2,303

3,874

Other creditors

 

41,501

80,839

 

101,079

175,107

8

Related party transactions

The company was under the control of Mr J Silcox, Mr E Gould, Ms C Martindale and Mrs N Gould throughout the current year.

Property Solutions Management Group Limited is the parent company and owns 100% of the issued share capital of Ideal M & E Services Limited, Gen X Limited and Detail Developments Limited.

Property Solutions Management Group Limited also own 30% of the issued share capital of Switchsafe Group Limited. Switchsafe Group Limited own 100% of the issued share capital of Switchsafe Environmental Limited, Switchsafe Water Treatment Limited and Switchsafe Technical Services Limited.

The management charges receivable included in the accounts relate to support services invoiced to the subsidiary companies. These support services include items such as office, accountancy, vehicle and administrative costs incurred by Property Solutions Management Group Limited on behalf of the subsidiary companies. These costs are invoiced on a monthly basis to the subsidiary companies in the proportion that they are utilised.

As at the year end Property Solutions Management Group Limited were owed £60,000 (2022: £ni) from Switchsafe Group Limited and £18,000 (2022: £nil) from Switchsafe Environmental Limited. There are no fixed repayment terms associated with these loans and no interest is charged on the outstanding amounts. These balances are included in 'Amounts owed by group undertakings and undertakings which the company has a participating interest'.

Advantage has been taken of the exemption in FRS 102 to not disclose transactions with companies that are owned 100% by Property Solutions Management Group Limited.

During the year the directors maintained a loan account with the company. As at the year end the company owed the directors £41,501 (2022: £80,839). There are no fixed repayments terms associated with this loan and no interest is charged on the outstanding amount.

No further transactions were undertaken which are required to be disclosed under FRS 102.