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Registered Number: 08603576
England and Wales

 

 

 

PROPERTY2RENT LTD


Abridged Accounts
 


Period of accounts

Start date: 01 January 2023

End date: 31 December 2023
In order to assist you to fulfil your duties under Companies Act 2006, we have prepared for your approval the accounts of Property2Rent Ltd for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com.

This report is made solely to the member of Property2Rent Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Property2Rent Ltd and state those matters that we have agreed to state to the Board of Property2Rent Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants and as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Property2Rent Ltd and its members as a body for our work or for this report.

It is your duty to ensure that Property2Rent Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and Loss of Property2Rent Ltd. You consider that Property2Rent Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Property2Rent 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 accounts.



....................................................
Allazo Ltd
2 Claridge Court
Lower Kings Road
Berkhamsted
Hertfordshire
HP4 2AF
19 September 2024
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 39,326    49,158 
Investments 4 2,200,000    3,860,000 
2,239,326    3,909,158 
Current assets      
Debtors: amounts falling due within one year   8,620 
Cash at bank and in hand 8,836    7,701 
8,836    16,321 
Creditors: amount falling due within one year (990,334)   (1,745,017)
Net current assets (981,498)   (1,728,696)
 
Total assets less current liabilities 1,257,828    2,180,462 
Creditors: amount falling due after more than one year (263,901)   (926,199)
Provisions for liabilities (230,320)   (216,811)
Net assets 763,607    1,037,452 
 

Capital and reserves
     
Called up share capital 5 150    150 
Profit and loss account 763,457    1,037,302 
Shareholders' funds 763,607    1,037,452 
 


For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 19 September 2024 and were signed on its behalf by:


-------------------------------
Clare Wilkinson
Director
2
General Information
Property2Rent Ltd is a private company, limited by shares, registered in England and Wales, registration number 08603576, registration address Spring Park House, New Road, Croxley Green, WD3 3EP.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT
and trade discounts. Turnover includes revenue earned from the the rental of property, the policies adopted are as follows: 
  • Rental of Property: Turnover from the rental of property is recognised on an accrual basis
    in line with the contract in place with the tenant. Rents are recognised when due for payment. 
  • Other revenue: Recognition is when income is received or when the right to receive payment is established.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable or refundable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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 liabilities are presented within provisions for liabilities and deferred tax assets within debtors. Deferred tax assets and deferred tax liabilities are offset only if the company has legal right to set off against current tax liabilities and if they both relate to income tax levied by the same taxation authority on the same entity.

Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 20% Reducing Balance
Investment properties
Investment properties are included in the balance sheet at their open market value at the balance sheet date. The resulting aggregate surplus or deficit is transferred to the profit and loss account via Fair Value Adjustment. 

Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years. Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.


Significant estimates and judgements

Preparation of the financial statements requires management to make significant judgements and estimates. The following are significant management judgements in applying the accounting policies of the group that have the most significant effect on the financial statements.
  • Valuation of investment property
As with any valuation there is an element of subjectivity, the Directors have valued the investment properties based on their skill and judgement, having had extensive experience in the property sector. The directors believe the carrying value reflects the true fair market value at the date of the report taking into account all current market conditions.
  • Going Concern
The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and, accordingly, consider that it is appropriate to adopt the going concern basis in preparing these financial statements.



2.

Average number of employees

Average number of employees during the year was 1 (2022 : 1).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Total
  £   £
At 01 January 2023 77,745    77,745 
Additions  
Disposals  
At 31 December 2023 77,745    77,745 
Depreciation
At 01 January 2023 28,587    28,587 
Charge for year 9,832    9,832 
On disposals  
At 31 December 2023 38,419    38,419 
Net book values
Closing balance as at 31 December 2023 39,326    39,326 
Opening balance as at 01 January 2023 49,158    49,158 


4.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 January 2023 3,860,000    3,860,000 
Additions  
Transfer to/from tangible fixed assets  
Disposals (1,560,000)   (1,560,000)
Revaluations (100,000)   (100,000)
At 31 December 2023 2,200,000    2,200,000 
Other Investments consists of Investment Properties owned by the company. The directors have reviewed the value of the properties using their skill and judgement along with relevant research on the market. The directors have concluded that the assets should be revalued as above to reflect the current market value. 

5.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
150 Ordinary shares of £1.00 each 150    150 
150    150 

3