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REGISTERED NUMBER: 06586530 (England and Wales)











Financial Statements

for the Year Ended 31 May 2024

for

PROPERTY FINANCE LIMITED

PROPERTY FINANCE LIMITED (REGISTERED NUMBER: 06586530)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PROPERTY FINANCE LIMITED

Company Information
for the Year Ended 31 May 2024







DIRECTORS: Mr J D Legg
Mr A T Hills





REGISTERED OFFICE: 42 Lytton Road
Barnet
Hertfordshire
EN5 5BY





REGISTERED NUMBER: 06586530 (England and Wales)





ACCOUNTANTS: Jeff Lermer & Associates
Chartered Accountants
42 Lytton Road
Barnet
Hertfordshire
EN5 5BY

PROPERTY FINANCE LIMITED (REGISTERED NUMBER: 06586530)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,156 1,629

CURRENT ASSETS
Cash at bank 59,762 97,981

CREDITORS
Amounts falling due within one year 5 60,314 78,275
NET CURRENT (LIABILITIES)/ASSETS (552 ) 19,706
TOTAL ASSETS LESS CURRENT
LIABILITIES

604

21,335

CAPITAL AND RESERVES
Called up share capital 6 100 100
Retained earnings 504 21,235
SHAREHOLDERS' FUNDS 604 21,335

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 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 24 January 2025 and were signed on its behalf by:





Mr J D Legg - Director


PROPERTY FINANCE LIMITED (REGISTERED NUMBER: 06586530)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Property Finance Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

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 reducing balance
Computer equipment - at variable rates on reducing balance

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 balance sheet date.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

PROPERTY FINANCE LIMITED (REGISTERED NUMBER: 06586530)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 June 2023
and 31 May 2024 670 10,931 11,601
DEPRECIATION
At 1 June 2023 364 9,608 9,972
Charge for year 76 397 473
At 31 May 2024 440 10,005 10,445
NET BOOK VALUE
At 31 May 2024 230 926 1,156
At 31 May 2023 306 1,323 1,629

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Tax 10,750 18,454
Social security and other taxes (33 ) 551
Directors' current accounts 48,622 54,326
Accrued expenses 975 4,944
60,314 78,275

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
66 A Ordinary £1 66 66
16 B Ordinary £1 16 16
16 C Ordinary £1 16 16
1 D Ordinary £1 1 1
1 E Ordinary £1 1 1
100 100

7. RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed an amount of £48,622 (2023: £54,326 ) to the directors. The amount is interest free & repayable on demand.

8. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr J D Legg and Mr A T Hills.