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Company registration number: 13554736
WHITE & CO PROPERTY SERVICES LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 August 2023
WHITE & CO PROPERTY SERVICES LIMITED
CONTENTS
Directors and other information
Statement of financial position
Notes to the financial statements
WHITE & CO PROPERTY SERVICES LIMITED
DIRECTORS AND OTHER INFORMATION
Director Ms A Semerova
Company number 13554736
Registered office Highbanks
Tamworth Road
Corley
Coventry
CV12 8SY
WHITE & CO PROPERTY SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
31 AUGUST 2023
31/08/23 31/08/22
Note £ £ £ £
Fixed assets
Tangible assets 5 1,335 1,491
_______ _______
1,335 1,491
Current assets
Debtors 6 5,658 5,494
Cash at bank and in hand 3,707 8,133
_______ _______
9,365 13,627
Creditors: amounts falling due
within one year 7 ( 34,268) ( 14,177)
_______ _______
Net current liabilities ( 24,903) ( 550)
_______ _______
Total assets less current liabilities ( 23,568) 941
Provisions for liabilities ( 254) ( 283)
_______ _______
Net (liabilities)/assets ( 23,822) 658
_______ _______
Capital and reserves
Called up share capital 8 100 100
Profit and loss account ( 23,922) 558
_______ _______
Shareholders (deficit)/funds ( 23,822) 658
_______ _______
For the year ending 31 August 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 01 August 2024 , and are signed on behalf of the board by:
Ms A Semerova
Director
Company registration number: 13554736
WHITE & CO PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Highbanks, Tamworth Road, Corley, Coventry, CV12 8SY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 September 2022 1,988 1,988
Additions 455 455
_______ _______
At 31 August 2023 2,443 2,443
_______ _______
Depreciation
At 1 September 2022 497 497
Charge for the year 611 611
_______ _______
At 31 August 2023 1,108 1,108
_______ _______
Carrying amount
At 31 August 2023 1,335 1,335
_______ _______
At 31 August 2022 1,491 1,491
_______ _______
6. Debtors
31/08/23 31/08/22
£ £
Trade debtors 1,408 1,244
Other debtors 4,250 4,250
_______ _______
5,658 5,494
_______ _______
7. Creditors: amounts falling due within one year
31/08/23 31/08/22
£ £
Trade creditors 1,957 1,294
Social security and other taxes 2,068 -
Other creditors 30,243 12,883
_______ _______
34,268 14,177
_______ _______
8. Called up share capital
Issued, called up and fully paid
31/08/23 31/08/22
No £ No £
shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 12,000 27,450
Later than 1 year and not later than 5 years 24,000 36,000
_______ _______
36,000 63,450
_______ _______
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Year ended 31/08/23
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Ms A Semerova ( 12,883) 1,770 ( 19,130) ( 30,243)
_______ _______ _______ _______
Period ended 31/08/22
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Ms A Semerova - 2,109 ( 14,992) ( 12,883)
_______ _______ _______ _______