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REGISTERED NUMBER: 10617726 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

PROPERTYNEST ESTATE AGENTS LTD

PROPERTYNEST ESTATE AGENTS LTD (REGISTERED NUMBER: 10617726)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024










Page

Report of the Accountants 1

Balance Sheet 2

Notes to the Financial Statements 4


PROPERTYNEST ESTATE AGENTS LTD

REPORT OF THE ACCOUNTANTS TO THE DIRECTORS OF
PROPERTYNEST ESTATE AGENTS LTD


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of the company from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of the company, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of the company and state those matters that we have agreed to state to the Board of Directors of the company, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that the company has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of the company. You consider that the company is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of the company. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Fortus Limited
Business Advisors & Accountants
Equinox House
Clifton Park, Shipton Road
York
Yorkshire
YO30 5PA


6 August 2024

PROPERTYNEST ESTATE AGENTS LTD (REGISTERED NUMBER: 10617726)

BALANCE SHEET
31 March 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 16,534 3,014
Tangible assets 5 1,680 2,279
Investments 6 230,100 230,100
248,314 235,393

CURRENT ASSETS
Debtors 7 29,826 18,211
Cash at bank 287 9,180
30,113 27,391
CREDITORS
Amounts falling due within one year 8 436,753 407,155
NET CURRENT LIABILITIES (406,640 ) (379,764 )
TOTAL ASSETS LESS CURRENT LIABILITIES (158,326 ) (144,371 )

PROVISIONS FOR LIABILITIES 319 570
NET LIABILITIES (158,645 ) (144,941 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Share premium 299,957 299,957
Capital redemption reserve 50 50
Retained earnings (458,752 ) (445,048 )
SHAREHOLDERS' FUNDS (158,645 ) (144,941 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

PROPERTYNEST ESTATE AGENTS LTD (REGISTERED NUMBER: 10617726)

BALANCE SHEET - continued
31 March 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2024 and were signed on its behalf by:





I P J Leedham - Director


PROPERTYNEST ESTATE AGENTS LTD (REGISTERED NUMBER: 10617726)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024


1. STATUTORY INFORMATION

Propertynest Estate Agents Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 10617726

Registered office: 202 Selby Road
Leeds
LS15 0LF

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.

These financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

Preparation of consolidated financial statements
The financial statements contain information about Propertynest Estate Agents Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable in respect of operating as a real estate agent. Turnover excludes value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


PROPERTYNEST ESTATE AGENTS LTD (REGISTERED NUMBER: 10617726)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Website
costs
£   
COST
At 1 April 2023 6,500
Additions 23,380
At 31 March 2024 29,880
AMORTISATION
At 1 April 2023 3,486
Amortisation for year 9,860
At 31 March 2024 13,346
NET BOOK VALUE
At 31 March 2024 16,534
At 31 March 2023 3,014

PROPERTYNEST ESTATE AGENTS LTD (REGISTERED NUMBER: 10617726)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 April 2023
and 31 March 2024 30,888 3,474 133 34,495
DEPRECIATION
At 1 April 2023 30,888 1,256 72 32,216
Charge for year - 555 44 599
At 31 March 2024 30,888 1,811 116 32,815
NET BOOK VALUE
At 31 March 2024 - 1,663 17 1,680
At 31 March 2023 - 2,218 61 2,279

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Reclassification/transfer 230,100
At 31 March 2024 230,100
NET BOOK VALUE
At 31 March 2024 230,100

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 6,217 4,662
Amounts owed by group undertakings 23,609 11,843
Other debtors - 1,706
29,826 18,211

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade creditors 5,011 12,197
Amounts owed to group undertakings 217,461 190,634
Taxation and social security 3,056 3,209
Other creditors 211,225 201,115
436,753 407,155

PROPERTYNEST ESTATE AGENTS LTD (REGISTERED NUMBER: 10617726)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as
restated
£    £   
10,000 Ordinary 0.01 100 100

10. RELATED PARTY DISCLOSURES

Included within debtors is £23,609 (2023 - £11,943) owed by Agent Works Ltd, a connected company.

Included within creditors is £217,461 (2023 - £39,366 owed by) owed to Propertynest (Wetherby) Limited, a connected company.