Registered number
SC469418
Praxis Global Limited
Filleted Accounts
29 February 2024
Praxis Global Limited
Registered number: SC469418
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 369,926 369,926
Current assets
Cash at bank and in hand 3,800 2,395
Creditors: amounts falling due within one year 4 (201,285) (170,654)
Net current liabilities (197,485) (168,259)
Total assets less current liabilities 172,441 201,667
Creditors: amounts falling due after more than one year 5 (135,622) (143,714)
Net assets 36,819 57,953
Capital and reserves
Called up share capital 1 1
Profit and loss account 36,818 57,952
Shareholder's funds 36,819 57,953
The director is 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 director acknowledges his 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. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S N Nulty
Director
Approved by the board on 3 October 2024
Praxis Global Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
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.
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure . Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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 and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Investments
Other
investments
£
Cost
At 1 March 2023 369,926
At 29 February 2024 369,926
Investment property comprises 3 properties at Drumchapel Road, Denmilne Street, and Great Western Rd, Glasgow. The fair value of the investment property was arrived at on the basis of a valuation carried out in the year 2022 by independent surveyors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The director perceives this valuation is still relevant at the year end due to his knowledge of the local property market.
4 Creditors: amounts falling due within one year 2024 2023
£ £
Accrued Expenses 700 1,000
Taxation and social security costs 6,602 12,617
Other creditors 193,983 157,037
201,285 170,654
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 135,622 143,714
6 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 100,900 103,436
The bank loan is granted by Shawbrook Bank and is secured over the property investment assets.
7 Controlling party
The director, Mr S Nulty, held a 100% beneficial interest in the share capital of the company.
8 Other information
Praxis Global Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
Spiersbridge Business Park
1 Spiersbridge Way
Glasgow
G46 8NG
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