Registered number
14821618
Edwards Prop Limited
Unaudited Filleted Accounts
30 April 2024
Edwards Prop Limited
Registered number: 14821618
Balance Sheet
as at 30 April 2024
Notes 2024
£
Fixed assets
Tangible assets 3 66,777
Current assets
Debtors 4 504,697
Cash at bank and in hand 237,760
742,457
Creditors: amounts falling due within one year 5 (314,197)
Net current assets 428,260
Total assets less current liabilities 495,037
Creditors: amounts falling due after more than one year 6 (45,364)
Provisions for liabilities (16,694)
Net assets 432,979
Capital and reserves
Called up share capital 93
Profit and loss account 432,886
Shareholders' funds 432,979
The directors are 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 directors acknowledge their 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 O J Rowe
Director
Approved by the board on 17 January 2025
Edwards Prop Limited
Notes to the Accounts
for the period from 24 April 2023 to 30 April 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 is measured at the fair value of the fees and commissions receivable, net of discounts and value added taxes. Turnover from property consultancy and services are recognised as activity progresses, measured on percentage of completion, time lapsed, or value delivered in period depending on the terms of the underlying contracts. Turnover from transaction based activity is recognised on completion of the contracts for commercial transactions.
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 20% per annum straight line
Office equipment 25% per annum straight line
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024
Number
Average number of persons employed by the company 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
Additions 4,257 64,305 68,562
At 30 April 2024 4,257 64,305 68,562
Depreciation
Charge for the period 1,065 720 1,785
At 30 April 2024 1,065 720 1,785
Net book value
At 30 April 2024 3,192 63,585 66,777
Included in the total net book value of Motor vehicles is £63,585 in respect of assets held under hire purchase agreements. Depreciation for the period on these assets was £720.
4 Debtors 2024
£
Trade debtors 495,600
Other debtors 9,097
504,697
5 Creditors: amounts falling due within one year 2024
£
Obligations under finance lease and hire purchase contracts 3,638
Trade creditors 6,297
Taxation and social security costs 298,880
Other creditors 5,382
314,197
6 Creditors: amounts falling due after one year 2024
£
Obligations under finance lease and hire purchase contracts 45,364
7 Other information
Edwards Prop Limited is a private company limited by shares and incorporated in England. Its registered office is:
26 King Street
Manchester
M2 6AY
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