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Reports Dated : 02/02/2024 Registered Number: 10753974


 

 

 

PLACE2STAY LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 June 2022

End date: 31 May 2023
Directors Aditya Roy
Papiya Paul
Registered Number 10753974
Registered Office 2A Rambler Lane
Slough
Berkshire
SL3 7RR
Accountants Aditya Roy
2A Rambler Lane
Slough
SL3 7RR
Secretary Aditya Roy
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 31 May 2023.
Principal activities
Principal activity of the company during the financial year was that of buying, letting and operating of own or Leased Real Estate
Directors
The directors who served the company throughout the year were as follows:
Aditya Roy (from 04/05/2017)
Papiya Paul (from 09/08/2017)
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Papiya Paul
Director

Date approved: 02 February 2024
2
Accountants report

You consider that the company is exempt from an audit for the year ended 31 May 2023 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.

In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.

We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.

Aditya Roy
31 May 2023



....................................................
Aditya Roy
2A Rambler Lane
Slough
SL3 7RR
02 February 2024
3
 
 
Notes
 
31/05/2023
£
  31/05/2022
£
Cost of sales (280)   (682)
Gross loss (280)   (682)
Administrative expenses (256)  
Other operating expenses (1,372)   (900)
Other operating income 13,800    14,779 
Operating profit 11,892    13,197 
Interest payable and similar charges (3,750)   (3,600)
Profit/(Loss) on ordinary activities before taxation 8,142    9,597 
Tax on profit on ordinary activities (1,547)   (1,823)
Profit/(Loss) for the financial year 6,595    7,774 
 
4
 
 
Notes
 
31/05/2023
£
  31/05/2022
£
Fixed assets      
Tangible fixed assets 4 297,222    297,222 
297,222    297,222 
Current assets      
Debtors: amounts falling due within one year 5 (1,327)   (1,327)
Cash at bank and in hand 8,753    21,750 
7,426    20,423 
Creditors: amount falling due within one year 6 (211,539)   (181,131)
Net current liabilities (204,113)   (160,708)
 
Total assets less current liabilities 93,109    136,514 
Creditors: amount falling due after more than one year 7 (69,900)   (119,900)
Net assets 23,209    16,614 
 

Capital and reserves
     
Called up share capital 8 100    100 
Profit and loss account 23,109    16,514 
Shareholder's funds 23,209    16,614 
 


For the year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 02 February 2024 and were signed on its behalf by:


-------------------------------
Papiya Paul
Director
5
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 June 2021 100  8,740  8,840 
Profit for the year 7,774  7,774 
Total comprehensive income for the year 7,774  7,774 
Total investments by and distributions to owners
At 31 May 2022 100  16,514  16,614 
At 01 June 2022 100  16,514  16,614 
Profit for the year 6,595  6,595 
Total comprehensive income for the year 6,595  6,595 
Total investments by and distributions to owners
At 31 May 2023 100  23,109  23,209 
6
General Information
Place2Stay Limited is a private company, limited by shares, registered in , registration number 10753974, registration address 2A Rambler Lane, Slough, Berkshire, SL3 7RR.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Lands and Buildings 0 Reducing Balance
Investment properties
Investment properties are included in the balance sheet at their open market value at the balance sheet date. The resulting aggregate surplus or deficit is transferred to a revaluation reserve. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Current asset investments
Current asset investments are stated at the lower of cost and net realisable value.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Staff Costs

     
There were no staff employed by Place2Stay Limited

3.

Average number of employees

Average number of employees during the year was 0 (2022 : 0).
4.

Tangible fixed assets

Cost or valuation Lands and Buildings   Investment properties   Total
  £   £   £
At 01 June 2022 287,916    9,306    297,222 
Additions    
Disposals    
At 31 May 2023 287,916    9,306    297,222 
Depreciation
At 01 June 2022    
Charge for year    
On disposals    
At 31 May 2023    
Net book values
Closing balance as at 31 May 2023 287,916    9,306    297,222 
Opening balance as at 01 June 2022 287,916    9,306    297,222 

The net book value of Investment properties includes £ 9,306 (2022 £9,306) in respect of assets leased under finance leases or hire purchase contracts.

5.

Debtors: amounts falling due within one year

31/05/2023
£
  31/05/2022
£
Advance Received (1,327)   (1,327)
(1,327)   (1,327)

6.

Creditors: amount falling due within one year

31/05/2023
£
  31/05/2022
£
Corporation Tax 1,540    1,131 
Other Creditors 209,999    180,000 
211,539    181,131 

7.

Creditors: amount falling due after more than one year

31/05/2023
£
  31/05/2022
£
Directors' Loan Accounts 69,900    119,900 
69,900    119,900 

8.

Share Capital

Allotted, called up and fully paid
31/05/2023
£
  31/05/2022
£
100 Class A shares of £1.00 each 100    100 
100    100 

7