Registered number
07802802
Property Formula Ltd
Unaudited Filleted Accounts
31 October 2023
Property Formula Ltd
Registered number: 07802802
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 286,413 3,157
Current assets
Debtors 4 34,165 36,643
Cash at bank and in hand 28,735 107,249
62,900 143,892
Creditors: amounts falling due within one year 5 (268,235) (91,182)
Net current (liabilities)/assets (205,335) 52,710
Net assets 81,078 55,867
Capital and reserves
Called up share capital 2 2
Profit and loss account 81,076 55,865
Shareholders' funds 81,078 55,867
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.
Mr. R A Diffey
Director
Approved by the board on 9 February 2024
Property Formula Ltd
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets
Tangible fixed assets are measured at cost less cumulative depreciation and any cumulative 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:
Plant and machinery 25% reducing balance
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 November 2022 - 10,417 10,417
Additions 284,021 - 284,021
At 31 October 2023 284,021 10,417 294,438
Depreciation
At 1 November 2022 - 7,260 7,260
Charge for the year - 765 765
At 31 October 2023 - 8,025 8,025
Net book value
At 31 October 2023 284,021 2,392 286,413
At 31 October 2022 - 3,157 3,157
4 Debtors 2023 2022
£ £
Trade debtors 29,300 31,430
Other debtors 4,865 5,213
34,165 36,643
5 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax 24,552 37,911
Other taxes and social security costs 15,837 26,596
Other creditors 227,846 26,675
268,235 91,182
6 Other information
Property Formula Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Greenacre, 13 Wootton Village
Boars Hill
Oxford
Oxfordshire
OX1 5JL
Property Formula Ltd 07802802 false 2022-11-01 2023-10-31 2023-10-31 VT Final Accounts October 2023 release 2 Mr. R A Diffey No description of principal activity 07802802 2021-11-01 2022-10-31 07802802 core:WithinOneYear 2022-10-31 07802802 core:ShareCapital 2022-10-31 07802802 core:RetainedEarningsAccumulatedLosses 2022-10-31 07802802 2022-11-01 2023-10-31 07802802 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 07802802 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 07802802 bus:Director40 2022-11-01 2023-10-31 07802802 1 2022-11-01 2023-10-31 07802802 2 2022-11-01 2023-10-31 07802802 core:LandBuildings 2022-11-01 2023-10-31 07802802 core:PlantMachinery 2022-11-01 2023-10-31 07802802 countries:England 2022-11-01 2023-10-31 07802802 bus:FRS102 2022-11-01 2023-10-31 07802802 bus:FullAccounts 2022-11-01 2023-10-31 07802802 2023-10-31 07802802 core:WithinOneYear 2023-10-31 07802802 core:ShareCapital 2023-10-31 07802802 core:RetainedEarningsAccumulatedLosses 2023-10-31 07802802 core:LandBuildings 2023-10-31 07802802 core:PlantMachinery 2023-10-31 07802802 2022-10-31 07802802 core:LandBuildings 2022-10-31 07802802 core:PlantMachinery 2022-10-31 iso4217:GBP xbrli:pure