Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-312022-01-01truefalseProperty activities23trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10532753 2022-01-01 2022-12-31 10532753 2021-01-01 2021-12-31 10532753 2022-12-31 10532753 2021-12-31 10532753 c:Director1 2022-01-01 2022-12-31 10532753 d:ComputerEquipment 2022-01-01 2022-12-31 10532753 d:ComputerEquipment 2022-12-31 10532753 d:ComputerEquipment 2021-12-31 10532753 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 10532753 d:CurrentFinancialInstruments 2022-12-31 10532753 d:CurrentFinancialInstruments 2021-12-31 10532753 d:Non-currentFinancialInstruments 2022-12-31 10532753 d:Non-currentFinancialInstruments 2021-12-31 10532753 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10532753 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 10532753 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 10532753 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 10532753 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 10532753 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-12-31 10532753 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-12-31 10532753 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2021-12-31 10532753 d:ShareCapital 2022-12-31 10532753 d:ShareCapital 2021-12-31 10532753 d:RetainedEarningsAccumulatedLosses 2022-12-31 10532753 d:RetainedEarningsAccumulatedLosses 2021-12-31 10532753 c:FRS102 2022-01-01 2022-12-31 10532753 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 10532753 c:FullAccounts 2022-01-01 2022-12-31 10532753 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 10532753










PROPERTY BROTHERS LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
PROPERTY BROTHERS LTD
REGISTERED NUMBER: 10532753

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,300
1,949

  
1,300
1,949

Current assets
  

Stocks
  
374,818
374,818

Debtors: amounts falling due within one year
 5 
241,435
170,391

Cash at bank and in hand
  
935
3,692

  
617,188
548,901

Creditors: amounts falling due within one year
 6 
(44,673)
(58,748)

Net current assets
  
 
 
572,515
 
 
490,153

Total assets less current liabilities
  
573,815
492,102

Creditors: amounts falling due after more than one year
 7 
(697,182)
(600,047)

  

Net liabilities
  
(123,367)
(107,945)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(123,467)
(108,045)

  
(123,367)
(107,945)


Page 1

 
PROPERTY BROTHERS LTD
REGISTERED NUMBER: 10532753
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Dorian Payne
Director

Date: 29 November 2023

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
PROPERTY BROTHERS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Property Brothers limited is a private company, limited by shares, registered in England and Wales.
The company's registered office address is as below:
Unit 5 Dyffryn Court
Riverside Business Park
Swansea
SA7 0AP

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

In preparing the financial statements, the director has considered the current financial position and has also assessed the financial future of the business. The director has concluded that it is appropriate to prepare the financial statements on a going concern basis. In forming this conclusion the director has considered the company's financial position.
After making enquiries, the director has a reasonable expectation that the company has adequate
resources to continue in operational existence for the foreseeable future and to meet its financial
obligations as they fall due. Accordingly, the director continues to adopt the going concern basis in
preparing the annual report and accounts.

Page 3

 
PROPERTY BROTHERS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
PROPERTY BROTHERS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
25%
On Cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially
Page 5

 
PROPERTY BROTHERS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.11
Financial instruments (continued)

and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 3).

Page 6

 
PROPERTY BROTHERS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2022
2,599



At 31 December 2022

2,599



Depreciation


At 1 January 2022
650


Charge for the year on owned assets
649



At 31 December 2022

1,299



Net book value



At 31 December 2022
1,300



At 31 December 2021
1,949


5.


Debtors

2022
2021
£
£


Other debtors
241,435
170,391

241,435
170,391


Page 7

 
PROPERTY BROTHERS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
1,274
3,758

Trade creditors
-
1,620

Other taxation and social security
300
300

Other creditors
39,029
51,420

Accruals and deferred income
4,070
1,650

44,673
58,748



7.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
405,753
403,269

Other creditors
291,429
196,778

697,182
600,047


Page 8

 
PROPERTY BROTHERS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£

Amounts falling due within one year

Bank loans
1,274
3,758


1,274
3,758


Amounts falling due 2-5 years

Bank loans
50,000
46,242


50,000
46,242

Amounts falling due after more than 5 years

Bank loans
355,753
357,027

355,753
357,027

407,027
407,027


 
Page 9