Registered Number
06430181
Property Plus Wales Limited
Report And Accounts
30 November 2023
Property Plus Wales Limited
Registered Number: 06430181
Directors' Report
The directors present their report and accounts for the year ended 30 November 2023.
Principal activities
The company's activities during the year were property sales, management and investment.
Directors
The following persons served as directors during the year:
L.W. Nicholls
A.J. Nicholls
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 29 August 2024 and signed on its behalf.
L.W. Nicholls
Director
Property Plus Wales Limited
Accountant's Report
Accountant's Report To The Directors Of
Property Plus Wales Limited
You consider that the company is exempt from an audit for the year ended 30 November 2023. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, I have prepared the accounts which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to me.
I have not carried out an audit or any other review, and consequently I do not express any opinion on these accounts.
P.J. Reed
Chartered Accountant
20A Pantbach Road
Birchgrove
Cardiff
CF14 1UA
29 August 2024
Property Plus Wales Limited
Profit And Loss Account
For The Year Ended 30 November 2023
2023 2022
£ £
Turnover 1,088,680 856,037
Cost of sales (348,931) (124,647)
Gross profit 739,749 731,390
Administrative expenses (509,117) (489,641)
Other operating income - 2,000
Operating profit 230,632 243,749
Income from investments 1,750 -
Interest receivable 1,426 57
Interest payable (554) (15)
Profit before taxation 233,254 243,791
Tax on profit (53,477) (47,843)
Profit for the financial year 179,777 195,948
Property Plus Wales Limited
Registered Number: 06430181
Balance Sheet
As At 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 186,739 37,436
Investments 4 214,874 -
401,613 37,436
Current assets
Properties for sale 254,705 185,832
Debtors 5 122,600 297,339
Cash at bank and in hand 111,234 192,322
488,539 675,493
Creditors: amounts falling due within one year 6 (240,606) (226,934)
Net current assets 247,933 448,559
Total assets less current liabilities 649,546 485,995
Provisions for liabilities (5,258) (6,184)
Net assets 644,288 479,811
Capital and reserves
Called up share capital 1 1
Profit and loss account 644,287 479,810
Shareholder's funds 644,288 479,811
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 member has 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.
L.W. Nicholls
Director
Approved by the board on 29 August 2024
Property Plus Wales Limited
Statement Of Changes In Equity
For The Year Ended 30 November 2023
Share Profit Total
capital and loss
account
£ £ £
At 1 December 2021 1 285,862 285,863
Profit for the financial year 195,948 195,948
Dividends (2,000) (2,000)
At 30 November 2022 1 479,810 479,811
At 1 December 2022 1 479,810 479,811
Profit for the financial year 179,777 179,777
Dividends (15,300) (15,300)
At 30 November 2023 1 644,287 644,288
Property Plus Wales Limited
Notes To The Accounts
For The Year Ended 30 November 2023
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 land and buildings, 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 20% straight line
Motor vehicles 20% reducing balance
Investments
Investment properties are measured at fair value. Changes in fair value are included in the profit and loss account.
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 recognised at transaction price including any transaction costs less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are recognised at transaction price net of any transaction costs.
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, buildings and investment properties 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 11 11
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 - 17,627 71,881 89,508
Additions 154,236 5,270 - 159,506
Disposals - (1,696) - (1,696)
At 30 November 2023 154,236 21,201 71,881 247,318
Depreciation
At 1 December 2022 - 10,004 42,068 52,072
Charge for the year - 4,240 5,963 10,203
On disposals - (1,696) - (1,696)
At 30 November 2023 - 12,548 48,031 60,579
Net book value
At 30 November 2023 154,236 8,653 23,850 186,739
At 30 November 2022 - 7,623 29,813 37,436
4 Investments
Investment
properties
£
Fair value
Additions 214,874
At 30 November 2023 214,874
Historical cost
At 30 November 2023 214,874
The properties were valued at fair value on 30 November 2023 by the directors.
5 Debtors 2023 2022
£ £
Trade debtors 36,328 38,208
Other debtors 86,272 259,131
122,600 297,339
6 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 107,801 94,083
Other creditors 132,805 132,851
240,606 226,934
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
L.W. Nicholls
Unsecured interest free loan repaid in full on 30 April 2024 249,176 137,753 (304,990) 81,939
249,176 137,753 (304,990) 81,939
8 Other information
Property Plus Wales Limited is a private company limited by shares and incorporated in England. Its registered office is:
22 Mill Street
Tonyrefail
Porth
Rhondda Cynon Taf
CF39 8AA
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