Registered number
12622812
Blip Property Ltd
Filleted Accounts
31 May 2024
Blip Property Ltd
Registered number: 12622812
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 240,000 240,000
Current assets
Cash at bank and in hand 78,275 107,059
Creditors: amounts falling due within one year 4 (185,789) (207,913)
Net current liabilities (107,514) (100,854)
Total assets less current liabilities 132,486 139,146
Creditors: amounts falling due after more than one year 5 (151,850) (151,850)
Net liabilities (19,364) (12,704)
Capital and reserves
Called up share capital 2 2
Revaluation reserve 6 35,748 35,748
Profit and loss account (55,114) (48,454)
Shareholders' funds (19,364) (12,704)
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.
P Higgins
Director
Approved by the board on 13 February 2025
Blip Property Ltd
Notes to the Accounts
for the year ended 31 May 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 consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Freehold buildings no depreciation
Leasehold land and buildings no depreciation
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 June 2023 240,000
At 31 May 2024 240,000
Depreciation
At 31 May 2024 -
Net book value
At 31 May 2024 240,000
At 31 May 2023 240,000
The assets were valued by J Higgins (director) on 21 February 2023. The director is of the opinion that the re-valuation reflects the current market value of the properties.
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,500 1,464
Other creditors 184,289 206,449
185,789 207,913
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 151,850 151,850
6 Revaluation reserve 2024 2023
£ £
At 1 June 2023 35,748 73,540
Loss on revaluation of land and buildings - (37,792)
At 31 May 2024 35,748 35,748
7 Controlling party
The controlling party is J Higgins (director) by virtue of his control of the issued share capital.
8 Other information
Blip Property Ltd is a private company limited by shares and incorporated in England. Its registered office is:
55 St George's Crescent
Salford
M6 8JN
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