Registered number
08656500
Think Property Solutions Limited
Filleted Accounts
31 August 2023
Think Property Solutions Limited
Registered number: 08656500
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 34,134 20,329
Current assets
Stocks 1,500 1,500
Debtors 4 13,525 16,565
Cash at bank and in hand 1,125 30,797
16,150 48,862
Creditors: amounts falling due within one year 5 (58,138) (49,454)
Net current liabilities (41,988) (592)
Total assets less current liabilities (7,854) 19,737
Creditors: amounts falling due after more than one year 6 (12,327) (15,771)
Provisions for liabilities (4,875) (3,863)
Net (liabilities)/assets (25,056) 103
Capital and reserves
Called up share capital 2 2
Profit and loss account (25,058) 101
Shareholders' funds (25,056) 103
The director is 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 director acknowledges his 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 G Palmer
Director
Approved by the board on 29 March 2024
Think Property Solutions Limited
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
The company made a loss in the second half of the year and as a result the balance sheet is in deficit. However the company has been supported by way of loans from the director, who feels that profitability will improve and the balance sheet will return to a credit position in the foreseeable future. Therefore the going concern basis of accounting has been adopted.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Government grants
Government grants are recognised under the performance model. Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants are received prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative 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
Office equipment 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery Office equipment Motor vehicles Total
£ £ £ £
Cost
At 1 September 2022 37,669 2,582 25,329 65,580
Additions 1,253 454 25,905 27,612
Disposals - - (20,808) (20,808)
At 31 August 2023 38,922 3,036 30,426 72,384
Depreciation
At 1 September 2022 22,642 2,248 20,361 45,251
Charge for the year 4,071 198 7,112 11,381
On disposals - - (18,382) (18,382)
At 31 August 2023 26,713 2,446 9,091 38,250
Net book value
At 31 August 2023 12,209 590 21,335 34,134
At 31 August 2022 15,027 334 4,968 20,329
4 Debtors 2023 2022
£ £
Trade debtors 508 16,565
Other debtors 13,017 -
13,525 16,565
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 215 7,497
Taxation and social security costs - 11,603
Other creditors 57,923 30,354
58,138 49,454
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 12,327 15,771
7 Related party transactions
Included in other creditors is a loan of £56,288 (2022 - £23,355) due to the director.
8 Other information
Think Property Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is:
Holster Yard
Lewdown
Okehampton
Devon
EX20 4BS
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