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REGISTERED NUMBER: 08308713 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2023

FOR

PROPERTY WEALTH CREATION LIMITED

PROPERTY WEALTH CREATION LIMITED (REGISTERED NUMBER: 08308713)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31st May 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PROPERTY WEALTH CREATION LIMITED

COMPANY INFORMATION
for the Year Ended 31st May 2023







DIRECTORS: Mr D J Sawyer
Mrs L F Sawyer





REGISTERED OFFICE: 216 Outwood Road
Heald Green
Cheadle
Greater Manchester
SK8 3JL





REGISTERED NUMBER: 08308713 (England and Wales)





ACCOUNTANTS: KJG
100 Barbirolli Square
Manchester
M2 3BD

PROPERTY WEALTH CREATION LIMITED (REGISTERED NUMBER: 08308713)

BALANCE SHEET
31st May 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 862,122 902,500
862,122 902,500

CURRENT ASSETS
Stocks 320,096 185,491
Debtors 6 175,445 177,321
Cash at bank 240,947 156,640
736,488 519,452
CREDITORS
Amounts falling due within one year 7 (375,770 ) (358,809 )
NET CURRENT ASSETS 360,718 160,643
TOTAL ASSETS LESS CURRENT LIABILITIES 1,222,840 1,063,143

CREDITORS
Amounts falling due after more than one year 8 (132,246 ) (39,972 )

PROVISIONS FOR LIABILITIES (84,042 ) (106,247 )
NET ASSETS 1,006,552 916,924

PROPERTY WEALTH CREATION LIMITED (REGISTERED NUMBER: 08308713)

BALANCE SHEET - continued
31st May 2023

2023 2022
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Non- distributable reserve 9 252,115 318,731
Retained earnings 754,337 598,093
SHAREHOLDERS' FUNDS 1,006,552 916,924

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8th February 2024 and were signed on its behalf by:




Mr D J Sawyer - Director



Mrs L F Sawyer - Director


PROPERTY WEALTH CREATION LIMITED (REGISTERED NUMBER: 08308713)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31st May 2023


1. STATUTORY INFORMATION

Property Wealth Creation Limited is a private company limited by share capital, incorporated in England and Wales, registration number 08308713. The address of the registered office and principle place of business is 216 Outwood Road, Heald Green, Cheadle, SK8 3JL.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover relates to the sale of properties, recognised at completion, together with income from the management of properties recognised on a time basis and rental income from the company's investment properties which are leased to tenants under operating leases.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on tangible fixed assets are charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods:
Fixtures and fittings-25% on reducing balance


At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items of tangible fixed assets have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Investment property
Investment properties are carried at fair value determined annually by the company's directors or external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any differences in the nature, location or condition of the specific property. No depreciation is provided. Changes in fair value are recognised in the profit and loss account.

Stocks
The company's property development stock is valued at cost, less any impairment.


PROPERTY WEALTH CREATION LIMITED (REGISTERED NUMBER: 08308713)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st May 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents
Cash and cash equivalents are represented by cash at bank.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they stated at cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

PROPERTY WEALTH CREATION LIMITED (REGISTERED NUMBER: 08308713)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st May 2023


4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1st June 2022
and 31st May 2023 808
DEPRECIATION
At 1st June 2022
and 31st May 2023 808
NET BOOK VALUE
At 31st May 2023 -
At 31st May 2022 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st June 2022 902,500
Additions 209,622
Disposals at fair value (250,000 )
At 31st May 2023 862,122
NET BOOK VALUE
At 31st May 2023 862,122
At 31st May 2022 902,500

The valuation of investment properties were made on the 31 May 2023 by the directors, on an open market basis.

On a historical basis, these would have been included at an original cost of £825,712.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 174,629 175,279
Prepayments 816 2,042
175,445 177,321

PROPERTY WEALTH CREATION LIMITED (REGISTERED NUMBER: 08308713)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st May 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,224 5,094
Trade creditors 379 -
Tax 38,898 11,720
Other creditors 75,988 75,988
Directors' current accounts 253,515 263,515
Accrued expenses 1,766 2,492
375,770 358,809

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 5,356 5,224
Bank loans - 2-5 years 16,896 16,479
Bank loans more 5 yr by instal 12,494 18,269
Mortgage Loan 97,500 -
132,246 39,972

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 12,494 18,269

9. RESERVES
Non-
distributable
reserve
£   
At 1st June 2022 318,731
Transfers (66,616 )

At 31st May 2023 252,115

10. RELATED PARTY DISCLOSURES

During the year the company has provided interest free finance to a company under common control. At the reporting date the company was owed £174,629 (2022: £174,979).

During the year the company has been provided with interest free finance from a company under common control. At the reporting date the company owed £75,988 (2022: £75,988).