PROPVESTMENT DEVELOPMENTS LTD |
Registered number: |
10328524 |
Balance Sheet |
as at 31 May 2022 |
|
Notes |
|
|
2022 |
|
|
2021 |
£ |
£ |
Current assets |
Stocks |
|
|
2,683,000 |
|
|
2,683,000 |
Debtors |
4 |
|
138,270 |
|
|
124,621 |
Cash at bank and in hand |
|
|
4,475 |
|
|
13,078 |
|
|
|
2,825,745 |
|
|
2,820,699 |
|
Creditors: amounts falling due within one year |
5 |
|
(1,312,620) |
|
|
(1,307,964) |
|
Net current assets |
|
|
|
1,513,125 |
|
|
1,512,735 |
|
Total assets less current liabilities |
|
|
|
1,513,125 |
|
|
1,512,735 |
|
Creditors: amounts falling due after more than one year |
7 |
|
|
(1,535,221) |
|
|
(1,535,221) |
|
|
|
Net liabilities |
|
|
|
(22,096) |
|
|
(22,486) |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
8 |
|
|
100 |
|
|
100 |
Profit and loss account |
|
|
|
(22,196) |
|
|
(22,586) |
|
Shareholders' funds |
|
|
|
(22,096) |
|
|
(22,486) |
|
|
|
|
|
|
|
|
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. |
|
|
|
|
R. DIXIT |
Director |
Approved by the board on 5 January 2024 |
|
PROPVESTMENT DEVELOPMENTS LTD |
Notes to the Accounts |
for the year ended 31 May 2022 |
|
|
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). |
|
|
Going Concern Disclosure |
|
The Financial statements have been prepared on a going-concern basis. The company incurred net current liabilities as of 31 May 2022 amounted to £ (22,196) (2021:£ (22,586)). The directors have prepared a forecast for the next 12 months from the accounts signing date, indicating that the company will need financial support to continue trading. The directors have confirmed that the company will receive financial support from its shareholders. However, the supporting financial statements from one of the investors indicate its reliance on further funding. This event or conditions indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern and therefore its ability to realise its assets and discharge its liabilities in the normal course of business. In Light of the financial support from the shareholders, the directors have concluded that the company will have sufficient funding to meet its obligation for a period of twelve months from the signing date of these financial statements and therefore that it is appropriate to prepare these financial statements on a going concern basis. |
|
|
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. |
|
|
Stocks and Work in Progress |
|
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses. |
|
|
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. |
|
|
2 |
Employees |
2022 |
|
2021 |
Number |
Number |
|
|
Average number of persons employed by the company |
3 |
|
0 |
|
|
|
|
|
|
|
|
|
|
3 |
Stocks |
2022 |
|
2021 |
£ |
£ |
|
|
Stock |
2,683,000 |
|
2,683,000 |
|
|
|
|
|
|
|
|
2,683,000 |
|
2,683,000 |
|
|
|
|
|
|
|
|
|
|
4 |
Debtors |
2022 |
|
2021 |
£ |
£ |
|
Due within one year |
|
Other debtors |
138,270 |
|
124,250 |
|
VAT |
371 |
|
|
|
|
|
|
138,270 |
|
124,621 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2022 |
|
2021 |
£ |
£ |
|
|
Directors' loan accounts |
3,765 |
|
3,500 |
|
Bank loans and overdrafts |
76,050 |
|
76,050 |
|
Trade creditors |
3,100 |
|
- |
|
Taxation and social security costs |
91 |
|
- |
|
Amounts owed to other participating interests |
321,472 |
|
321,472 |
|
Accruals and deferred income |
3,000 |
|
1,800 |
|
Other creditors |
905,142 |
|
905,142 |
|
|
|
|
|
|
1,312,620 |
|
1,307,964 |
|
|
|
|
|
|
|
|
|
|
6 |
Government grants |
|
Since the outbreak of Covid-19, the Company has been able to utilise the Corona Job Retention scheme (CJRS), the Government's support measure for organisations throughout the pandemic. It offers grants of up to 80% of wages, up to a maximum of £2,500 per month plus national insurance and auto-enrolled pension contributions, to cover the salary costs of those employees that have been furloughed. The company received government grants of £Nill (2021: £635) under this scheme for the period for all applicable employees. |
|
|
7 |
Creditors: amounts falling due after one year |
2022 |
|
2021 |
£ |
£ |
|
|
Bank loans |
1,535,221 |
|
1,535,221 |
|
|
|
|
|
|
|
|
|
|
8 |
Share Capital |
2022 |
|
2021 |
£ |
£ |
|
Allotted, Called up and fully paid |
100 |
|
100 |
|
|
|
|
|
|
|
100 |
|
100 |
|
|
|
|
|
|
|
|
|
|
9 |
Other information |
|
|
PROPVESTMENT DEVELOPMENTS LTD is a private company limited by shares and incorporated in England. Its registered office is: |
|
The Urban Building First Floor |
|
Albert Street |
|
Slough |
|
England |
|
SL1 2BE |