Registered number
07276249
Infinity Property Management Limited
Filleted Accounts
30 June 2024
Infinity Property Management Limited
Registered number: 07276249
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 177,260 57,294
Current assets
Stocks 64,500 37,652
Debtors 4 683,852 730,029
Cash at bank and in hand 152,671 230,392
901,023 998,073
Creditors: amounts falling due within one year 5 (272,823) (432,573)
Net current assets 628,200 565,500
Total assets less current liabilities 805,460 622,794
Creditors: amounts falling due after more than one year 6 (151,874) (38,309)
Net assets 653,586 584,485
Capital and reserves
Called up share capital 200 200
Profit and loss account 653,386 584,285
Shareholders' funds 653,586 584,485
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 members have 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 M Patel
Director
Approved by the board on 2 December 2024
Infinity Property Management Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the value of services provided on the contracts to the extent that there is a right of consideration and is recorded at the value of the consideration. Where a contract has been partially completed at the balance sheet date, turnover represent the value of the services provided to date based on a proportion of the total expected consideration and completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due in one year.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles over 5 years
Plant and machinery over 4 years
Stocks
Work in progress is valued at the lower of cost and net realisable value.
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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 9 7
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2023 16,521 72,727 89,248
Additions - 144,390 144,390
Disposals (7,176) (4,653) (11,829)
At 30 June 2024 9,345 212,464 221,809
Depreciation
At 1 July 2023 11,398 20,556 31,954
Charge for the year 1,281 22,969 24,250
On disposals (7,176) (4,479) (11,655)
At 30 June 2024 5,503 39,046 44,549
Net book value
At 30 June 2024 3,842 173,418 177,260
At 30 June 2023 5,123 52,171 57,294
4 Debtors 2024 2023
£ £
Trade debtors 142,896 425,642
Prepayments 59,230 23,234
Corporation Tax refund 12,484 7,419
Other debtors 469,242 273,734
683,852 730,029
5 Creditors: amounts falling due within one year 2024 2023
£ £
Other loan - 216,174
Obligations under finance lease and hire purchase contracts 42,117 11,510
Trade creditors 133,697 69,520
Taxation and social security costs 27,698 68,728
Net Wages 14,321 13,509
Pensions 953 985
Credit card 452 (689)
Other creditors 53,585 52,836
272,823 432,573
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 151,874 38,309
Ground Floor
Unit 15 Rosemont Road
Warfside
Wembley
HA0 4PE
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