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REGISTERED NUMBER: 13193320 (England and Wales)















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: P D Halsted
Mrs K S Halsted



REGISTERED OFFICE: 41 Brookfield Lane
Churchdown
Gloucester
Gloucestershire
GL3 2PR



REGISTERED NUMBER: 13193320 (England and Wales)



ACCOUNTANTS: HATS Gloucester Ltd
48 Hucclecote Road
Gloucester
Gloucestershire
GL3 3RS



BANKERS: National Westminster Bank Plc
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 9,683 15,217
Investments 5 135 201
Investment property 6 780,000 869,349
789,818 884,767

CURRENT ASSETS
Stocks - 101,514
Debtors 7 1,023,371 53,324
Cash at bank 5,059 4,552
1,028,430 159,390
CREDITORS
Amounts falling due within one year 8 1,350,162 493,844
NET CURRENT LIABILITIES (321,732 ) (334,454 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

468,086

550,313

CREDITORS
Amounts falling due after more than one
year

9

(419,959

)

(533,555

)

PROVISIONS FOR LIABILITIES (28,316 ) (20,570 )
NET ASSETS/(LIABILITIES) 19,811 (3,812 )

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 11 84,947 87,692
Retained earnings (65,236 ) (91,604 )
SHAREHOLDERS' FUNDS 19,811 (3,812 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

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 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.

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:




Mrs K S Halsted - Director



P D Halsted - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

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 - 2 ).

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
Cost
At 1 March 2023 18,751 4,354 23,105
Additions 598 - 598
Disposals (415 ) - (415 )
At 29 February 2024 18,934 4,354 23,288
Depreciation
At 1 March 2023 5,711 2,177 7,888
Charge for year 4,733 1,088 5,821
Eliminated on disposal (104 ) - (104 )
At 29 February 2024 10,340 3,265 13,605
Net book value
At 29 February 2024 8,594 1,089 9,683
At 28 February 2023 13,040 2,177 15,217

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
Cost
At 1 March 2023 201
Disposals (66 )
At 29 February 2024 135
Net book value
At 29 February 2024 135
At 28 February 2023 201

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 869,349
Disposals (94,349 )
Revaluations 10,000
Impairments (5,000 )
At 29 February 2024 780,000
Net book value
At 29 February 2024 780,000
At 28 February 2023 869,349

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 4,632 -
Other debtors 1,018,739 53,324
1,023,371 53,324

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Bank loans and overdrafts 126,465 160,492
Trade creditors 43 -
Amounts owed to group undertakings 37,596 3,446
Other creditors 1,186,058 329,906
1,350,162 493,844

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29/2/24 28/2/23
£    £   
Bank loans 419,959 533,555

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 419,959 533,555

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 546,424 694,047

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 87,692
Fair value gain (2,745 )

At 29 February 2024 84,947

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.