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Registration number: 13802673

Luxury Property Solutions Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Luxury Property Solutions Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Luxury Property Solutions Ltd

Company Information

Directors

Mr Luke Steven Devine

Mr Ross Devine

Mr Mitchell Devine

Registered office

Unit 8 The Maltings
Roydon Road
Stanstead Abbotts
Ware
Hertfordshire
SG12 8UU

Accountants

RS Partnership Ltd
Chartered Certified Accountants
10 Prospect Place
Welwyn
Hertfordshire
AL6 9EW

 

Luxury Property Solutions Ltd

(Registration number: 13802673)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

38,993

28,633

Current assets

 

Debtors

5

50,501

24,537

Cash at bank and in hand

 

4,298

8,371

 

54,799

32,908

Creditors: Amounts falling due within one year

6

(39,036)

(39,758)

Net current assets/(liabilities)

 

15,763

(6,850)

Total assets less current liabilities

 

54,756

21,783

Creditors: Amounts falling due after more than one year

6

(26,927)

(20,442)

Provisions for liabilities

(7,408)

-

Net assets

 

20,421

1,341

Capital and reserves

 

Called up share capital

7

102

102

Retained earnings

20,319

1,239

Shareholders' funds

 

20,421

1,341

 

Luxury Property Solutions Ltd

(Registration number: 13802673)
Balance Sheet as at 31 December 2023

For the financial year ending 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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 August 2024 and signed on its behalf by:
 

.........................................
Mr Luke Steven Devine
Director

.........................................
Mr Mitchell Devine
Director

 

Luxury Property Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 8 The Maltings
Roydon Road
Stanstead Abbotts
Ware
Hertfordshire
SG12 8UU

The principal place of business is:
Unit 8 The Maltings
Roydon Road
Stanstead Abbotts
Ware
Hertfordshire
SG12 8UU

These financial statements were authorised for issue by the Board on 9 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Pounds Sterling (£), which is the Company’s functional
currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Luxury Property Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% RB

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Luxury Property Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Luxury Property Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 3).

 

Luxury Property Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

32,985

32,985

Additions

13,995

13,995

At 31 December 2023

46,980

46,980

Depreciation

At 1 January 2023

4,351

4,351

Charge for the year

3,636

3,636

At 31 December 2023

7,987

7,987

Carrying amount

At 31 December 2023

38,993

38,993

At 31 December 2022

28,633

28,633

5

Debtors

2023
£

2022
£

Trade debtors

25,001

24,507

Directors Loan Account

25,500

30

50,501

24,537

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

2,440

3,862

Taxation and social security

15,111

10,076

Accruals and deferred income

5,670

510

Other creditors

1,755

-

Corporation tax

6,168

-

Hire Purchase under 1 year

7,561

4,304

Directors Loan Account

331

21,006

39,036

39,758

Creditors: amounts falling due after more than one year

 

Luxury Property Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2023
£

2022
£

Due after one year

Hire Purchase over 1 year

26,927

20,442

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

Ordinary B of £1 each

1

1

1

1

Ordinary C of £1 each

1

1

1

1

 

102

102

102

102

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Finance lease liabilities

26,927

20,442

2023
£

2022
£

Current loans and borrowings

Finance lease liabilities

7,561

4,304