REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
for |
The Property Wizards Group Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
for |
The Property Wizards Group Ltd |
The Property Wizards Group Ltd (Registered number: 13193320) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
The Property Wizards Group Ltd |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
48 Hucclecote Road |
Gloucester |
Gloucestershire |
GL3 3RS |
BANKERS: |
21 Eastgate Street |
Gloucester |
GL1 1NH |
The Property Wizards Group Ltd (Registered number: 13193320) |
Statement of Financial Position |
29 February 2024 |
29/2/24 | 28/2/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 11 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The Property Wizards Group Ltd (Registered number: 13193320) |
Statement of Financial Position - continued |
29 February 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
The Property Wizards Group Ltd (Registered number: 13193320) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
The Property Wizards Group Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about The Property Wizards Group Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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 using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Going concern |
Despite net current liabilities of £321,732 (2023 - £334,454), the financial statements have been prepared on a going concern basis. The directors have reviewed the future cash flows of the business and have expressed their intention to financially support the company for the foreseeable future, deeming the going concern basis of preparation to be appropriate. |
The Property Wizards Group Ltd (Registered number: 13193320) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
Cost |
At 1 March 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 29 February 2024 |
Depreciation |
At 1 March 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 29 February 2024 |
Net book value |
At 29 February 2024 |
At 28 February 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 March 2023 |
Disposals | ( |
) |
At 29 February 2024 |
Net book value |
At 29 February 2024 |
At 28 February 2023 |
The Property Wizards Group Ltd (Registered number: 13193320) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
6. | INVESTMENT PROPERTY |
Total |
£ |
Fair value |
At 1 March 2023 |
Disposals | ( |
) |
Revaluations | 10,000 |
Impairments | (5,000 | ) |
At 29 February 2024 |
Net book value |
At 29 February 2024 |
At 28 February 2023 |
If the investment property had not been revalued it would have been included at the historical cost of |
£666,738 (2023 - £761,087). |
The directors, having reviewed the local property market, have valued investment property at 29 February 2024. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29/2/24 | 28/2/23 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29/2/24 | 28/2/23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29/2/24 | 28/2/23 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
The Property Wizards Group Ltd (Registered number: 13193320) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
29/2/24 | 28/2/23 |
£ | £ |
Bank loans |
The bank and other loans are secured by fixed and floating charges upon the investment properties and other assets of the company, together with personal guarantees provided by the directors. |
11. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 March 2023 |
Fair value gain | (2,745 | ) |
At 29 February 2024 |
12. | RELATED PARTY DISCLOSURES |
P D and Mrs K S Halsted |
Directors |
The directors have loaned funds to the company. At 29 February 2024, the company owed the directors £160,099 (2023: £296,986). The loan, included within other creditors, is interest free with no fixed repayment terms. |
The Asset Revolution Ltd |
Subsidiary |
At the year end The Asset Revolution Ltd owed £4,632 (2023 - was owed £3,345) to The Property Wizards Group Ltd.The loan, included within other debtors, is interest free with no fixed repayment terms. |
Capital Assets & Investments Ltd |
Subsidiary |
At the year end Capital Assets & Investments Ltd was owed £37,595 (2023 - £100) by The Property Wizards Group Ltd.The loan, included within other creditors, is interest free with no fixed repayment terms. |