Propco Exeter Limited 13970107 false 2022-03-12 2023-03-31 2023-03-31 The principal activity of the company is Buying and selling of own real estate Digita Accounts Production Advanced 6.30.9574.0 true 13970107 2022-03-12 2023-03-31 13970107 2023-03-31 13970107 core:CurrentFinancialInstruments 2023-03-31 13970107 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 13970107 core:FurnitureFittingsToolsEquipment 2023-03-31 13970107 bus:SmallEntities 2022-03-12 2023-03-31 13970107 bus:AuditExemptWithAccountantsReport 2022-03-12 2023-03-31 13970107 bus:FullAccounts 2022-03-12 2023-03-31 13970107 bus:SmallCompaniesRegimeForAccounts 2022-03-12 2023-03-31 13970107 bus:RegisteredOffice 2022-03-12 2023-03-31 13970107 bus:Director1 2022-03-12 2023-03-31 13970107 bus:PrivateLimitedCompanyLtd 2022-03-12 2023-03-31 13970107 core:ComputerEquipment 2022-03-12 2023-03-31 13970107 core:FurnitureFittingsToolsEquipment 2022-03-12 2023-03-31 13970107 countries:UnitedKingdom 2022-03-12 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 13970107

Propco Exeter Limited

Annual Report and Unaudited Financial Statements

for the Period from 12 March 2022 to 31 March 2023

 

Propco Exeter Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Propco Exeter Limited

Company Information

Director

Mark Graves

Registered office

11 Beaufort Gardens
South Petherton
Somerset
TA13 5HS

Accountants

IA Accountants
9 Barlings Road
Harpenden
Herts
AL5 2AL

 

Propco Exeter Limited

(Registration number: 13970107)
Balance Sheet as at 31 March 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

272

Investment property

5

234,209

Other financial assets

204,122

 

438,603

Current assets

 

Debtors

6

24,505

Cash at bank and in hand

 

857,786

 

882,291

Creditors: Amounts falling due within one year

7

(9,880)

Net current assets

 

872,411

Net assets

 

1,311,014

Capital and reserves

 

Called up share capital

1,264,965

Retained earnings

46,049

Shareholders' funds

 

1,311,014

For the financial period ending 31 March 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 period in question in accordance with section 476; and

The director acknowledges their 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 7 March 2024
 

.........................................
Mark Graves
Director

 

Propco Exeter Limited

Notes to the Unaudited Financial Statements for the Period from 12 March 2022 to 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
11 Beaufort Gardens
South Petherton
Somerset
TA13 5HS
United Kingdom

These financial statements were authorised for issue by the director on 7 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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 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.

 

Propco Exeter Limited

Notes to the Unaudited Financial Statements for the Period from 12 March 2022 to 31 March 2023

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

Computer equipment

Straight line over 3 years

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 0.

 

Propco Exeter Limited

Notes to the Unaudited Financial Statements for the Period from 12 March 2022 to 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

362

362

At 31 March 2023

362

362

Depreciation

Charge for the period

90

90

At 31 March 2023

90

90

Carrying amount

At 31 March 2023

272

272

5

Investment properties

2023
£

Additions

234,209

At 31 March

234,209

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2023
£

Trade debtors

9,126

Other debtors

15,379

 

24,505

7

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Taxation and social security

7,880

Accruals and deferred income

2,000

9,880