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Registration number: 01783871

Property Express Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Property Express Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Property Express Ltd

Company Information

Director

Mr Cris Boyce

Registered office

Blue Horizon
Ilsham Marine Drive
Torquay
Devon
TQ1 2HT

Accountants

Neil Wilson Accountancy Limited
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

 

Property Express Ltd

(Registration number: 01783871)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

5

423,296

423,296

Current assets

 

Debtors

6

37,316

34,901

Cash at bank and in hand

 

13,952

18,411

 

51,268

53,312

Creditors: Amounts falling due within one year

7

(26,372)

(19,920)

Net current assets

 

24,896

33,392

Total assets less current liabilities

 

448,192

456,688

Creditors: Amounts falling due after more than one year

7

(39,352)

(53,190)

Provisions for liabilities

(38,964)

(38,964)

Net assets

 

369,876

364,534

Capital and reserves

 

Called up share capital

8

25,000

25,000

Retained earnings

344,876

339,534

Shareholders' funds

 

369,876

364,534

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 13 January 2025
 

.........................................
Mr Cris Boyce
Director

 

Property Express Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Blue Horizon
Ilsham Marine Drive
Torquay
Devon
TQ1 2HT

These financial statements were authorised for issue by the director on 13 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Property Express Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Historic Cost

If the investment properties had been accounted for under cost accounting rules, the properties value would have been as follows:

Historic cost 2024 - £125,168

Historic cost 2023 - £125,168

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Property Express Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Property Express Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

745

745

At 30 April 2024

745

745

Depreciation

At 1 May 2023

745

745

At 30 April 2024

745

745

Carrying amount

At 30 April 2024

-

-

5

Investment properties

2024
£

At 1 May

423,296

At 30 April

423,296

The 2020 valuations were made by the director, on an open market value for existing use basis.

There has been no valuation of investment property by an independent valuer.

6

Debtors

Note

2024
£

2023
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

11

30,000

-

Prepayments

 

583

846

Other debtors

 

6,733

34,055

 

37,316

34,901

 

Property Express Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

15,872

15,872

Trade creditors

 

96

-

Taxation and social security

 

3,646

2,158

Accruals and deferred income

 

950

1,890

Other creditors

 

5,808

-

 

26,372

19,920

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

39,352

53,190

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares Class A of £1 each

10,000

10,000

10,000

10,000

Ordinary Shares Class B of £1 each

10,000

10,000

10,000

10,000

Ordinary Shares Class C of £1 each

5,000

5,000

5,000

5,000

 

25,000

25,000

25,000

25,000

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

39,352

53,190

 

Property Express Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2024
£

2023
£

Current loans and borrowings

Bank borrowings

15,872

15,872

10

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £0.20 (2023 - £0.40) per ordinary share

 

1,000

 

2,000

         

11

Related party transactions

Transactions with the director

2024

At 1 May 2023
£

Repayments by director
£

At 30 April 2024
£

Mr Cris Boyce

Loan to director

26,932

(32,792)

(5,860)

       
     

 

2023

At 1 May 2022
£

Repayments by director
£

At 30 April 2023
£

Mr Cris Boyce

Loan to director

41,327

(14,395)

26,932