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Registration number: 14465216

Proptech Connect Ltd

Unaudited Filleted Financial Statements

for the Period from 7 November 2022 to 30 November 2023

 

Proptech Connect Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Proptech Connect Ltd

Company Information

Director

Matthew Maltzoff

Registered office

9a Devonshire Square,
Devonshire Square
London
EC2M 4YN

Accountants

Carbon Accountancy Limited
Chartered Accountants
80-83 Long Lane
London
EC1A 9ET

 

Proptech Connect Ltd

(Registration number: 14465216)
Balance Sheet as at 30 November 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

2,489

Current assets

 

Debtors

5

369,317

Cash at bank and in hand

 

8,414

 

377,731

Creditors: Amounts falling due within one year

6

(1,050,467)

Net current liabilities

 

(672,736)

Net liabilities

 

(670,247)

Capital and reserves

 

Called up share capital

7

1

Retained earnings

(670,248)

Shareholders' deficit

 

(670,247)

For the financial period ending 30 November 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 accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 August 2024
 

.........................................
Matthew Maltzoff
Director

 

Proptech Connect Ltd

Notes to the Unaudited Financial Statements for the Period from 7 November 2022 to 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
9a Devonshire Square,
Devonshire Square
London
EC2M 4YN
England

These financial statements were authorised for issue by the director on 19 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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 financial statements have been prepared on a going concern basis.
The company has full financial assistance from it's director to enable to continue operating it's liabilities as they
fall due.

Revenue recognition

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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Proptech Connect Ltd

Notes to the Unaudited Financial Statements for the Period from 7 November 2022 to 30 November 2023

Tangible 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

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:

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 debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 5.

 

Proptech Connect Ltd

Notes to the Unaudited Financial Statements for the Period from 7 November 2022 to 30 November 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

2,999

2,999

At 30 November 2023

2,999

2,999

Depreciation

Charge for the period

510

510

At 30 November 2023

510

510

Carrying amount

At 30 November 2023

2,489

2,489

5

Debtors

Current

2023
£

Trade debtors

93,700

Prepayments

109,830

Other debtors

165,787

 

369,317

6

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Trade creditors

204,970

Taxation and social security

46,643

Accruals and deferred income

2,613

Other creditors

796,241

1,050,467

 

Proptech Connect Ltd

Notes to the Unaudited Financial Statements for the Period from 7 November 2022 to 30 November 2023

7

Share capital

Allotted, called up and fully paid shares

2023

No.

£

Ordinary Share of £1 each

1

1

   

8

Related party transactions

The amount due to the director for the year was £795,311.