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Registration number: 05513651

Combined Property Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Combined Property Solutions Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Combined Property Solutions Limited

Company Information

Directors

Mr I L Buckland

Mrs D Buckland

Registered office

Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

Accountants

Newsham Hanson Accountants Limited
Accountants and Business Advisors
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

 

Combined Property Solutions Limited

(Registration number: 05513651)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

12,072

11,988

Investment property

6

380,775

380,775

 

392,847

392,763

Current assets

 

Debtors

7

10,411

14,538

Cash at bank and in hand

 

199,660

231,168

 

210,071

245,706

Creditors: Amounts falling due within one year

8

(22,932)

(41,401)

Net current assets

 

187,139

204,305

Net assets

 

579,986

597,068

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

579,985

597,067

Shareholders' funds

 

579,986

597,068

For the financial year ending 31 July 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. 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 14 November 2023 and signed on its behalf by:
 

.........................................
Mr I L Buckland
Director

 

Combined Property Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

The principal place of business is:
13 Dyrham Close
Henleaze
Bristol
BS9 4TF

These financial statements were authorised for issue by the Board on 14 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 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Combined Property Solutions Limited

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

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.

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

Plant and machinery

15% reducing balance basis

Motor vehicles

25% reducing balance basis

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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over estimated useful life

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.

 

Combined Property Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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 3 (2022 - 3).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2022

8,500

8,500

At 31 July 2023

8,500

8,500

Amortisation

At 1 August 2022

8,500

8,500

At 31 July 2023

8,500

8,500

Carrying amount

At 31 July 2023

-

-

 

Combined Property Solutions Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

33,803

21,003

54,806

Additions

2,996

-

2,996

At 31 July 2023

36,799

21,003

57,802

Depreciation

At 1 August 2022

28,461

14,357

42,818

Charge for the year

1,251

1,661

2,912

At 31 July 2023

29,712

16,018

45,730

Carrying amount

At 31 July 2023

7,087

4,985

12,072

At 31 July 2022

5,342

6,646

11,988

6

Investment properties

2023
£

At 1 August

380,775

At 31 July

380,775

The investment property is included in the accounts at cost. The director's believe this represents fair market value at the balance sheet date.

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

7

Debtors

Current

2023
£

2022
£

Trade debtors

5,475

14,538

Prepayments

2,924

-

Other debtors

2,012

-

 

10,411

14,538

 

Combined Property Solutions Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

3,670

8,977

Amounts owed to related parties

459

4

Taxation and social security

 

15,803

18,114

Other creditors

 

3,000

14,306

 

22,932

41,401

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £0.01 each

100

1

100

1

         

10

Control

The company is controlled by the directors who own 100% of the called up share capital.