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Registered number: 07827776
Every Property Certificate Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
SRC Advisory
2nd Floor Stanford Gate South Road
Brighton
East Sussex
BN1 6SB
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07827776
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 42,264 20,061
Investment Properties 6 135,000 112,351
177,264 132,412
CURRENT ASSETS
Debtors 7 294,008 356,709
Cash at bank and in hand 155,910 83,807
449,918 440,516
Creditors: Amounts Falling Due Within One Year 8 (233,153 ) (310,397 )
NET CURRENT ASSETS (LIABILITIES) 216,765 130,119
TOTAL ASSETS LESS CURRENT LIABILITIES 394,029 262,531
Creditors: Amounts Falling Due After More Than One Year 9 (79,167 ) (91,667 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (7,384 ) -
NET ASSETS 307,478 170,864
CAPITAL AND RESERVES
Called up share capital 11 61 78
Revaluation reserve 13 16,987 -
Capital redemption reserve 39 22
Profit and Loss Account 290,391 170,764
SHAREHOLDERS' FUNDS 307,478 170,864
Page 1
Page 2
For the year ending 30 November 2023 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
Mr G Smith
Director
30 August 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Every Property Certificate Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07827776 . The registered office is First Floor 12 Albion Street, Brighton, BN2 9NE.
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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised at 20% over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 33% Straight Line
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 33% Straight Line
2.5. 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.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 29 (2022: 26)
29 26
4. Intangible Assets
Goodwill
£
Cost
As at 1 December 2022 21,000
As at 30 November 2023 21,000
Amortisation
As at 1 December 2022 21,000
As at 30 November 2023 21,000
Net Book Value
As at 30 November 2023 -
As at 1 December 2022 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost or Valuation
As at 1 December 2022 - 27,569 - 10,554 38,123
Additions 2,286 17,695 967 17,032 37,980
Disposals - (7,969 ) - - (7,969 )
Transfers - - 2,739 (2,739 ) -
As at 30 November 2023 2,286 37,295 3,706 24,847 68,134
Depreciation
As at 1 December 2022 - 8,666 - 9,396 18,062
Provided during the period 656 5,827 511 4,585 11,579
Disposals - (3,771 ) - - (3,771 )
Transfers - - 1,581 (1,581 ) -
As at 30 November 2023 656 10,722 2,092 12,400 25,870
Net Book Value
As at 30 November 2023 1,630 26,573 1,614 12,447 42,264
As at 1 December 2022 - 18,903 - 1,158 20,061
Page 4
Page 5
6. Investment Property
2023
£
Fair Value
As at 1 December 2022 112,351
Revaluations 22,649
As at 30 November 2023 135,000
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 88,404 127,906
Other debtors 79,164 79,164
Directors' loan accounts 126,440 149,639
294,008 356,709
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 4,160 73,340
Other loans 50,000 50,000
Corporation tax 52,002 53,840
Other taxes and social security 26,070 56,421
VAT 94,623 71,836
Other creditors (1) - 2,760
Pension payable 3,298 -
Accruals 3,000 2,200
233,153 310,397
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Other loans 79,167 91,667
79,167 91,667
Page 5
Page 6
10. Loans
An analysis of the maturity of loans is given below:
2023 2022
£ £
Amounts falling due within one year or on demand:
Other loans 50,000 50,000
50,000 50,000
2023 2022
£ £
Amounts falling due between one and five years:
Other loans 79,167 91,667
79,167 91,667
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 61 78
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 December 2022 Amounts advanced Amounts repaid Amounts written off As at 30 November 2023
£ £ £ £ £
Mr Guy Smith 120,892 - 75 - 120,817
Mr Christopher Proctor 28,748 - 28,748 - -
The above loan is unsecured, interest free and repayable on demand.
13. Reserves
Revaluation Reserve
£
Net investment property revaluation reserve 16,987
As at 30 November 2023 16,987
Page 6