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Registration number: 13401680

My Property Expert Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

My Property Expert Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

My Property Expert Ltd

Company Information

Director

Mr AP Johnston

Registered office

Ewemove
Cavendish House Little Wood Drive
West 26 Business Park
Cleckheaton
BD19 4TE

Accountants

Cameron Alexander Accountants Limited
Chartered Certified Accountants
2 Western Street
Barnsley
S70 2BP

 

My Property Expert Ltd

(Registration number: 13401680)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

1,317

1,271

Current assets

 

Debtors

4

24,397

1,017

Cash at bank and in hand

 

19,063

4

 

43,460

1,021

Creditors: Amounts falling due within one year

5

(43,934)

(5,254)

Net current liabilities

 

(474)

(4,233)

Total assets less current liabilities

 

843

(2,962)

Creditors: Amounts falling due after more than one year

5

(52)

(364)

Provisions for liabilities

(250)

-

Net assets/(liabilities)

 

541

(3,326)

Capital and reserves

 

Called up share capital

6

10

10

Retained earnings

531

(3,336)

Shareholders' funds/(deficit)

 

541

(3,326)

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 5 October 2023
 

.........................................
Mr AP Johnston
Director

 

My Property Expert Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

- 25% Reducing balance

 

My Property Expert Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

My Property Expert Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

3

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

1,601

1,601

Additions

416

416

At 31 May 2023

2,017

2,017

Depreciation

At 1 June 2022

330

330

Charge for the year

370

370

At 31 May 2023

700

700

Carrying amount

At 31 May 2023

1,317

1,317

At 31 May 2022

1,271

1,271

4

Debtors

Current

2023
£

2022
£

Trade debtors

114

90

Prepayments

21

-

Other debtors

24,262

927

 

24,397

1,017

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

7

312

312

Taxation and social security

 

13,765

4,347

Accruals and deferred income

 

712

595

Other creditors

 

29,145

-

 

43,934

5,254

 

My Property Expert Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

52

364

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

10

10

10

10

         

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

52

364

2023
£

2022
£

Current loans and borrowings

Other borrowings

312

312

 

My Property Expert Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

8

Related party transactions

Transactions with the director

2023

At 1 June 2022
£

Advances to director
£

At 31 May 2023
£

Mr AP Johnston

Interest is charged on the loan, there is no fixed date of repayment.

(361)

(17,613)

(17,975)

       
     

 

2022

At 16 May 2021
£

Advances to director
£

Repayments by director
£

At 31 May 2022
£

Mr AP Johnston

Interest is charged on the loan, there is no fixed date of repayment.

-

(50,098)

49,736

(361)