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Registered number: 04120227










PROPERTY 1ST (MAINTENANCE) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
PROPERTY 1ST (MAINTENANCE) LIMITED
 
 
COMPANY INFORMATION


Directors
Mr R J Gidney 
Mr N Stratton 




Company secretary
Mrs B Gidney



Registered number
04120227



Registered office
19 Roundtree Close

Norwich

NR7 8SX




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
PROPERTY 1ST (MAINTENANCE) LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 8


 
PROPERTY 1ST (MAINTENANCE) LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PROPERTY 1ST (MAINTENANCE) LIMITED
FOR THE YEAR ENDED 31 JANUARY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Property 1st (Maintenance) Limited for the year ended 31 January 2024 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 Board of directors of Property 1st (Maintenance) Limited, as a body, in accordance with the terms of our engagement letter dated 27 August 2024Our work has been undertaken solely to prepare for your approval the financial statements of Property 1st (Maintenance) Limited and state those matters that we have agreed to state to the Board of directors of Property 1st (Maintenance) Limited, as a body, 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 Property 1st (Maintenance) Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Property 1st (Maintenance) Limited 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 Property 1st (Maintenance) Limited. You consider that Property 1st (Maintenance) Limited 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 Property 1st (Maintenance) Limited. 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
 
6 September 2024
Page 1

 
PROPERTY 1ST (MAINTENANCE) LIMITED
REGISTERED NUMBER: 04120227

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
35,973
35,897

Current assets
  

Stocks
  
13,722
7,957

Debtors: amounts falling due within one year
 5 
60,488
87,600

Cash at bank and in hand
  
161,770
153,405

  
235,980
248,962

Creditors: amounts falling due within one year
 6 
(85,621)
(88,501)

Net current assets
  
 
 
150,359
 
 
160,461

Total assets less current liabilities
  
186,332
196,358

Provisions for liabilities
  

Deferred tax
  
(8,993)
(6,449)

Net assets
  
177,339
189,909


Capital and reserves
  

Called up share capital 
 7 
302
302

Profit and loss account
  
177,037
189,607

  
177,339
189,909


Page 2

 
PROPERTY 1ST (MAINTENANCE) LIMITED
REGISTERED NUMBER: 04120227
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The directors consider 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 directors acknowledge their 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 profit and loss account 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 on 5 September 2024.




................................................
Mr R J Gidney
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
PROPERTY 1ST (MAINTENANCE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

The Company is a private company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office, and principal place of business is 19 Roundtree Close, Norwich, Norfolk, NR7 8SX. 
The principal activity of the Company is that of property building, maintenance and repair services, and it's activities are undertaken in Norfolk.

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

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover 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 turnover 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; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

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

Page 4

 
PROPERTY 1ST (MAINTENANCE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be      recovered against the reversal of deferred tax liabilities or other future taxable profits; and
 
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
 
Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

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, using the straight line method or the reducing balance method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
straight line
Motor vehicles
-
25%
reducing balance
Office equipment
-
25%
straight line

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.

Page 5

 
PROPERTY 1ST (MAINTENANCE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.7

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. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

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.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
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

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

2024
2023
£
£

Wages and salaries
283,341
258,065

Social security costs
7,815
7,867

Cost of defined contribution scheme
38,129
39,021

329,285
304,953


The average monthly number of employees, including directors, during the year was 10 (2023 - 10).

Page 6

 
PROPERTY 1ST (MAINTENANCE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 February 2023
27,006
81,246
35,499
143,751


Additions
726
9,990
1,525
12,241


Disposals
-
(5,250)
-
(5,250)



At 31 January 2024

27,732
85,986
37,024
150,742



Depreciation


At 1 February 2023
24,687
56,985
26,183
107,855


Charge for the year on owned assets
1,077
6,248
3,906
11,231


Disposals
-
(4,316)
-
(4,316)



At 31 January 2024

25,764
58,917
30,089
114,770



Net book value



At 31 January 2024
1,968
27,069
6,935
35,972



At 31 January 2023
2,320
24,261
9,316
35,897


5.


Debtors

2024
2023
£
£


Trade debtors
42,986
71,342

Prepayments and accrued income
17,502
16,258

60,488
87,600


Page 7

 
PROPERTY 1ST (MAINTENANCE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
23,471
17,677

Corporation tax
8,776
19,868

Other taxation and social security
35,406
34,323

Other creditors
4,658
4,463

Accruals and deferred income
13,310
12,170

85,621
88,501



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



300 Ordinary shares of £1.00 each
300
300
1 Ordinary B share of £1.00
1
1
1 Ordinary C share of £1.00
1
1

302

302



8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £828 (2023 - £737) . Contributions totalling £1,513 (2023 - £1,365) were payable to the fund at the balance sheet date and are included in creditors.


9.


Related party transactions

As at the 31 January 2024, the directors were owed £1,609 (2023: £1,405). The balance is included within other creditors, in note 6 to the financial statements. The loan is interest free and repayable on demand. 

 
Page 8