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Registered number: 11138022
UK Property Service SW Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Cooper Associates Accountants Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11138022
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 68,560 30,998
68,560 30,998
CURRENT ASSETS
Debtors 5 30,655 -
Cash at bank and in hand 3,790 47,640
34,445 47,640
Creditors: Amounts Falling Due Within One Year 6 (49,869 ) (50,018 )
NET CURRENT ASSETS (LIABILITIES) (15,424 ) (2,378 )
TOTAL ASSETS LESS CURRENT LIABILITIES 53,136 28,620
Creditors: Amounts Falling Due After More Than One Year 7 (52,213 ) (27,118 )
NET ASSETS 923 1,502
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 922 1,501
SHAREHOLDERS' FUNDS 923 1,502
Page 1
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For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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
Mr P Wilton
Director
30th October 2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
UK Property Service SW Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11138022 . The registered office is 2 New Cottages, Exeter Road, Dawlish, Devon, EX7 0PB.
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. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. 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:
Motor Vehicles 20% reducing balance
Office equipment 20% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.5. Financial Instruments
The company holds the following financial instruments:
  • Short term trade and other debtors and creditors;
  • Bank loans; and
  • Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecgonised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs and are subsequently carried at amortised cost using the effective interest method.
2.6. 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: 10 (2023: 6)
10 6
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4. Tangible Assets
Motor Vehicles Office equipment Total
£ £ £
Cost
As at 1 February 2023 44,535 2,527 47,062
Additions 57,324 - 57,324
Disposals (8,000 ) - (8,000 )
As at 31 January 2024 93,859 2,527 96,386
Depreciation
As at 1 February 2023 14,864 1,200 16,064
Provided during the period 16,875 265 17,140
Disposals (5,378 ) - (5,378 )
As at 31 January 2024 26,361 1,465 27,826
Net Book Value
As at 31 January 2024 67,498 1,062 68,560
As at 1 February 2023 29,671 1,327 30,998
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 348 -
Prepayments and accrued income 2,333 -
Other debtors 3,500 -
Director's loan account 24,474 -
30,655 -
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 13,351 6,970
Bank loans and overdrafts 3,960 4,320
Other loans 20,000 -
Corporation tax - 13,249
Other taxes and social security 8,179 1,416
VAT 2,218 18,779
...CONTINUED
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Pension creditor 1,071 3,512
Accruals and deferred income 1,090 1,015
Director's loan account - 757
49,869 50,018
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 44,171 14,968
Bank loans 8,042 12,150
52,213 27,118
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 13,351 6,970
Later than one year and not later than five years 44,171 14,968
57,522 21,938
57,522 21,938
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 February 2023 Amounts advanced Amounts repaid Amounts written off As at 31 January 2024
£ £ £ £ £
Mr Patrick Wilton 757 (69,043 ) 43,812 - (24,474 )
The above loan is unsecured, interest free and repayable on demand.
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