Registered number
05143358
Southampton Property Services Limited
Filleted Accounts
31 May 2023
Southampton Property Services Limited
Registered number: 05143358
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 909,775 910,194
Current assets
Debtors 4 784 795
Cash at bank and in hand 69,792 66,186
70,576 66,981
Creditors: amounts falling due within one year 5 (55,846) (74,396)
Net current assets/(liabilities) 14,730 (7,415)
Total assets less current liabilities 924,505 902,779
Creditors: amounts falling due after more than one year 6 (684,053) (682,300)
Provisions for liabilities (239) (319)
Net assets 240,213 220,160
Capital and reserves
Called up share capital 2 2
Profit and loss account 240,211 220,158
Shareholders' funds 240,213 220,160
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M S Ranu
Director
Approved by the board on 5 March 2024
Southampton Property Services Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings not depreciated
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 June 2022 908,514 21,005 929,519
At 31 May 2023 908,514 21,005 929,519
Depreciation
At 1 June 2022 - 19,325 19,325
Charge for the year - 419 419
At 31 May 2023 - 19,744 19,744
Net book value
At 31 May 2023 908,514 1,261 909,775
At 31 May 2022 908,514 1,680 910,194
4 Debtors 2023 2022
£ £
Other debtors 784 795
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 6,162 8,930
Taxation and social security costs 2,263 222
Other creditors 47,421 65,244
55,846 74,396
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 654,053 652,300
Other creditors 30,000 30,000
684,053 682,300
7 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 684,053 682,300
Secured bank loans 654,053 652,300
The bank loans are secured by a first charge over the freehold property to the value stated above.
8 Related party transactions
Other creditors (Note 6) includes loans to the company by the directors. At 31 May 2023 the loans were valued at £30,000 (2022 £30,000).
9 Controlling party
The company is controlled by D S Ranu and M S Ranu, the directors.
10 Other information
Southampton Property Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
55 Thornbury Avenue
Shirley
Southampton:
55 Thornbury Avenue
Shirley
Southampton:
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