Silverfin false false 31/10/2023 01/11/2022 31/10/2023 D R Crowley 11/02/2005 R M Crowley 09/08/2001 Richard Michael Crowley 30 July 2024 The principal activity of the company during the financial year was that of estate agents and lettings agents. 03838604 2023-10-31 03838604 bus:Director1 2023-10-31 03838604 bus:Director2 2023-10-31 03838604 2022-10-31 03838604 core:CurrentFinancialInstruments 2023-10-31 03838604 core:CurrentFinancialInstruments 2022-10-31 03838604 core:ShareCapital 2023-10-31 03838604 core:ShareCapital 2022-10-31 03838604 core:RetainedEarningsAccumulatedLosses 2023-10-31 03838604 core:RetainedEarningsAccumulatedLosses 2022-10-31 03838604 core:Goodwill 2022-10-31 03838604 core:OtherResidualIntangibleAssets 2022-10-31 03838604 core:Goodwill 2023-10-31 03838604 core:OtherResidualIntangibleAssets 2023-10-31 03838604 core:OtherPropertyPlantEquipment 2022-10-31 03838604 core:OtherPropertyPlantEquipment 2023-10-31 03838604 core:CostValuation 2022-10-31 03838604 core:CostValuation 2023-10-31 03838604 2022-11-01 2023-10-31 03838604 bus:FilletedAccounts 2022-11-01 2023-10-31 03838604 bus:SmallEntities 2022-11-01 2023-10-31 03838604 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 03838604 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 03838604 bus:Director1 2022-11-01 2023-10-31 03838604 bus:Director2 2022-11-01 2023-10-31 03838604 bus:Director3 2022-11-01 2023-10-31 03838604 core:Goodwill core:TopRangeValue 2022-11-01 2023-10-31 03838604 core:OtherResidualIntangibleAssets core:TopRangeValue 2022-11-01 2023-10-31 03838604 core:Goodwill 2022-11-01 2023-10-31 03838604 2021-11-01 2022-10-31 03838604 core:OtherPropertyPlantEquipment 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Company No: 03838604 (England and Wales)

PROPERTY WORLD LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

PROPERTY WORLD LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

PROPERTY WORLD LIMITED

BALANCE SHEET

As at 31 October 2023
PROPERTY WORLD LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 9,747 12,997
Investments 5 235,000 235,000
244,747 247,997
Current assets
Debtors 6 113,491 122,110
Cash at bank and in hand 271,388 270,559
384,879 392,669
Creditors: amounts falling due within one year 7 ( 86,535) ( 102,314)
Net current assets 298,344 290,355
Total assets less current liabilities 543,091 538,352
Provision for liabilities ( 651) ( 1,083)
Net assets 542,440 537,269
Capital and reserves
Called-up share capital 2 2
Profit and loss account 542,438 537,267
Total shareholders' funds 542,440 537,269

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

Directors' responsibilities:

The financial statements of Property World Limited (registered number: 03838604) were approved and authorised for issue by the Board of Directors on 30 July 2024. They were signed on its behalf by:

Richard Michael Crowley
Director
PROPERTY WORLD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
PROPERTY WORLD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including section 1A of Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland', and with the Companies Act 2006.

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.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Basis of consolidation

The company has taken exemption from preparing group accounts as the group which the company heads is small.

Turnover

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 and after eliminating sales within the company.

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.

Employee benefits

Defined contribution schemes
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Taxation

Current 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 corporation 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
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Other intangible assets 10 years straight line
Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Tangible fixed 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 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:

Plant and machinery etc.

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Trade and other debtors

Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, except where the effect of discounting would be immaterial. In such cases debtors are stated at transaction price less impairment losses. 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 transaction.

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 and other creditors

Trade and other creditors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, except where the effect of discounting would be immaterial. In such cases creditors are stated at transaction price.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Ordinary 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.

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. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 7

3. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 November 2022 7,796 3,350 11,146
At 31 October 2023 7,796 3,350 11,146
Accumulated amortisation
At 01 November 2022 7,796 3,350 11,146
At 31 October 2023 7,796 3,350 11,146
Net book value
At 31 October 2023 0 0 0
At 31 October 2022 0 0 0

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 November 2022 120,180 120,180
At 31 October 2023 120,180 120,180
Accumulated depreciation
At 01 November 2022 107,183 107,183
Charge for the financial year 3,250 3,250
At 31 October 2023 110,433 110,433
Net book value
At 31 October 2023 9,747 9,747
At 31 October 2022 12,997 12,997

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 November 2022 235,000
At 31 October 2023 235,000
Carrying value at 31 October 2023 235,000
Carrying value at 31 October 2022 235,000

6. Debtors

2023 2022
£ £
Trade debtors 55,323 65,434
Amounts owed by Group undertakings 58,168 56,676
113,491 122,110

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 17 3,754
Amounts owed to Group undertakings 0 2,106
Corporation tax 46,019 56,269
Other taxation and social security 30,704 20,252
Other creditors 9,795 19,933
86,535 102,314

8. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
Tangible fixed assets 67,083 103,048

9. Related party transactions

The company has taken advantage of the exemption in FRS 102 33.1A "Related Party Disclosures" from disclosing transactions with other members of the group.