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P & W Property Management Limited
Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 04794934
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 520 233,995
520 233,995
CURRENT ASSETS
Debtors 5 399,877 856
Cash at bank and in hand 11,860 32,618
411,737 33,474
Creditors: Amounts Falling Due Within One Year 6 (196,861 ) (126,041 )
NET CURRENT ASSETS (LIABILITIES) 214,876 (92,567 )
TOTAL ASSETS LESS CURRENT LIABILITIES 215,396 141,428
NET ASSETS 215,396 141,428
CAPITAL AND RESERVES
Called up share capital 7 3 3
Fair Value Reserve - 12,131
Profit and Loss Account 215,393 129,294
SHAREHOLDERS' FUNDS 215,396 141,428
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For the year ending 30 June 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
G M Perrin
Director
A J Perrin
Director
18/09/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
P & W Property Management Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04794934 . The registered office is 81 Shortheath Road, Farnham, Surrey, GU9 8SF.
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. 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:
Freehold not depreciated
Fixtures & Fittings 20% reducing balance
2.3. 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.
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: 3 (2023: 3)
3 3
4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 July 2023 229,891 9,586 239,477
Disposals (229,891 ) (8,671 ) (238,562 )
As at 30 June 2024 - 915 915
...CONTINUED
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Depreciation
As at 1 July 2023 - 5,482 5,482
Provided during the period - 66 66
Disposals - (5,153 ) (5,153 )
As at 30 June 2024 - 395 395
Net Book Value
As at 30 June 2024 - 520 520
As at 1 July 2023 229,891 4,104 233,995
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 399,877 856
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 180,095 121,143
Taxation and social security 16,766 4,898
196,861 126,041
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 3 3
8. Related Party Transactions
During the year under review separate businesses operated by the company's directors occupied part of the company's premises. The rental income derived from those sources amounted to £7,374 (2023: £20,400).
As at 30 June 2024 creditors includes an amount of £180,000 (2023: £120,000) in respect of monies loaned to the company on an equal basis by its directors. These monies are repayable upon demand. No interest is being charged.
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