Registered number
09939171
Insync Property Management Limited
Report and Accounts
31 March 2024
Insync Property Management Limited
Registered number: 09939171
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 487 1,062
Current assets
Debtors 4 71,037 25,821
Cash at bank and in hand 18,209 61,529
89,246 87,350
Creditors: amounts falling due within one year 5 (87,275) (86,088)
Net current assets 1,971 1,262
Net assets 2,458 2,324
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,358 2,224
Shareholders' funds 2,458 2,324
The directors are 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 directors acknowledge their 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.
_______________________________
Adam Ludlam
Director
Approved by the board on 14 August 2024
Insync Property Management Limited
Notes to the Accounts
for the year ended 31 March 2024
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).
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.
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% straight line
Fixtures, fittings, tools and equipment 25% straight line
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 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 1,858
Disposals (789)
At 31 March 2024 1,069
Depreciation
At 1 April 2023 796
Charge for the year 575
On disposals (789)
At 31 March 2024 582
Net book value
At 31 March 2024 487
At 31 March 2023 1,062
4 Debtors 2024 2023
£ £
Trade debtors 18,605 22,815
Prepayments 2,208 2,944
Other debtors 50,224 62
71,037 25,821
5 Creditors: amounts falling due within one year 2024 2023
£ £
Sundry creditors 42,628 38,156
Corporation tax 636 627
Other taxes and social security costs 6,252 1,755
Directors loan 7,898 6,258
Accruals 423 644
Bad Debt provision 18,605 22,815
Unsecured loans 10,833 15,833
87,275 86,088
6 Other information
Insync Property Management Limited is a private company limited by shares and incorporated in England. Its registered office is:
82 Harlech Road
Abbotts Langley
Herts
WD5 0BF
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