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Registered number: 13310228
Propertymode Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
Nijjer Accountants Ltd
Chartered Accountants
5-7 Station Road
Longfield
Kent
DA3 7QD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13310228
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,445,354 -
Investments 5 30,000 30,000
1,475,354 30,000
CURRENT ASSETS
Debtors 6 1,618 280
Cash at bank and in hand 50,651 149,330
52,269 149,610
Creditors: Amounts Falling Due Within One Year 7 (613,501 ) (211,825 )
NET CURRENT ASSETS (LIABILITIES) (561,232 ) (62,215 )
TOTAL ASSETS LESS CURRENT LIABILITIES 914,122 (32,215 )
Creditors: Amounts Falling Due After More Than One Year 8 (963,288 ) (12 )
NET LIABILITIES (49,166 ) (32,227 )
CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Profit and Loss Account (50,166 ) (33,227 )
SHAREHOLDERS' FUNDS (49,166) (32,227)
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Geoffrey Morrow
Director
27 August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Propertymode Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13310228 . The registered office is 5-7 Station Road, Longfield, Kent, DA3 7QD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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.
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.4. 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 recognise 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.
2.5. Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
2.6. Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
2.7. Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
Page 3
Page 4
4. Tangible Assets
Land & Property
Freehold
£
Cost
As at 1 May 2023 -
Additions 1,445,354
As at 30 April 2024 1,445,354
Net Book Value
As at 30 April 2024 1,445,354
As at 1 May 2023 -
5. Investments
Listed
£
Cost
As at 1 May 2023 30,000
As at 30 April 2024 30,000
Provision
As at 1 May 2023 -
As at 30 April 2024 -
Net Book Value
As at 30 April 2024 30,000
As at 1 May 2023 30,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,618 -
Other debtors - 280
1,618 280
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 5,545 -
Bank loans and overdrafts 211,107 -
Other creditors 393,426 211,825
Taxation and social security 3,423 -
613,501 211,825
Page 4
Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Trade creditors - 12
Bank loans 963,288 -
963,288 12
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
Page 5