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Registered number: 05281122










PREVIEW PROPERTIES LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
PREVIEW PROPERTIES LTD
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 7


 
PREVIEW PROPERTIES LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PREVIEW PROPERTIES LTD
FOR THE YEAR ENDED 30 NOVEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Preview Properties Ltd for the year ended 30 November 2023 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the director of Preview Properties Ltd in accordance with the terms of our engagement letter dated 23 August 2017Our work has been undertaken solely to prepare for your approval the financial statements of Preview Properties Ltd and state those matters that we have agreed to state to the director of Preview Properties Ltd in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Preview Properties Ltd and its director for our work or for this report. 

It is your duty to ensure that Preview Properties Ltd 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 Preview Properties Ltd. You consider that Preview Properties Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Preview Properties Ltd. 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.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
28 August 2024
Page 1

 
PREVIEW PROPERTIES LTD
REGISTERED NUMBER: 05281122

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
360
284

  
360
284

Current assets
  

Stocks
  
170
160

Debtors: amounts falling due within one year
 5 
1,506
1,958

Cash at bank and in hand
  
1,808
2,824

  
3,484
4,942

Creditors: amounts falling due within one year
 6 
(8,680)
(11,181)

Net current liabilities
  
 
 
(5,196)
 
 
(6,239)

Total assets less current liabilities
  
(4,836)
(5,955)

Provisions for liabilities
  

Deferred tax
  
(68)
(54)

  
 
 
(68)
 
 
(54)

Net liabilities
  
(4,904)
(6,009)


Capital and reserves
  

Called up share capital 
 7 
2
2

Profit and loss account
  
(4,906)
(6,011)

  
(4,904)
(6,009)


Page 2

 
PREVIEW PROPERTIES LTD
REGISTERED NUMBER: 05281122
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf 28 August 2024.




................................................
Mr S J Potter
Director

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
PREVIEW PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

The company is a private company incorporated in the United Kingdom and limited by shares.  It is registered in England and Wales.  The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ.  The company's principle place of trade is Diss, Norfolk.
The company's principle activity is that of building service engineers.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis not withstanding the net total liabilities at the balance sheet date.
The director perceives that the company is a going concern and has confidence that the providers of loans are committed to continuing to support the company for at least the next twelve months.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts and rebates. The following criteria must also be met before revenue is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
    - the amount of revenue can be measured reliably;
   - it is probable that the Company will receive the consideration due under the contract; the stage of completion of the contract at the end of the reporting period can be measured reliably;
    - the costs incurred and the costs to complete the contract can be measured reliably

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 4

 
PREVIEW PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax.
Deferred tax balances are recognised in respect of timing differences that have originated but 
not reversed by the balance sheet date. 
Current and deferred tax is determined using tax rates and laws that have been enacted or 
substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures & fittings
-
15%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment.  If stock is impaired, the carrying amount is reduced to its selling price less cost to complete and sell.  The impairement loss is recognised immedicately in profit or loss, 

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
PREVIEW PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactons that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Tangible fixed assets





Fixtures & fittings

£



Cost or valuation


At 1 December 2022
349


Additions
139



At 30 November 2023

488



Depreciation


At 1 December 2022
65


Charge for the year on owned assets
63



At 30 November 2023

128



Net book value



At 30 November 2023
360



At 30 November 2022
284

Page 6

 
PREVIEW PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
780
1,291

Other debtors
185
178

Prepayments and accrued income
541
489

1,506
1,958



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
18

Other taxation and social security
245
-

Other creditors
4,741
7,623

Accruals and deferred income
3,694
3,540

8,680
11,181



7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2  Ordinary shares of £1.00 each
2
2



8.Commitments

The company had total financial commitments, guarantees and contingenices which are not included in the balance sheet amounting to £5,705 (2022: £9,307).


9.


Related party transactions

As at 30 November 2023, the company owed £4,741 (2022 - £7,623) to the director. This loan is
included in other creditors due within one year in note 6 to the financial statements. No interest has been charged and the loan is repayable on demand.

 
Page 7