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COMPANY REGISTRATION NUMBER: 13012873
Property Sphere Development Limited
Filleted Unaudited Financial Statements
31 May 2024
Property Sphere Development Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
£
Current assets
Stocks
22,601
Cash at bank and in hand
1,376
100
--------
----
23,977
100
Creditors: amounts falling due within one year
5
25,206
--------
----
Net current (liabilities)/assets
( 1,229)
100
-------
----
Total assets less current liabilities
( 1,229)
100
-------
----
Net (liabilities)/assets
( 1,229)
100
-------
----
Capital and reserves
Called up share capital
6
100
100
Profit and loss account
( 1,329)
-------
----
Shareholders (deficit)/funds
( 1,229)
100
-------
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 26 February 2025 , and are signed on behalf of the board by:
Mr M A Folkes
Mr A J Watts Williams
Director
Director
Company registration number: 13012873
Property Sphere Development Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Work in progress
Where the outcome of the contract can be assessed with reasonable certainty, the appropriate proportion of the total contract value is recognised in the profit and loss account. Provision is made for foreseeable losses where appropriate.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: Nil).
5. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
346
Accruals and deferred income
960
Director loan accounts
11,950
Other creditors
11,950
--------
----
25,206
--------
----
6. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
7. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Related Parties
(6,054)
( 11,950)
-------
----
--------
----
At the year end the company owed a director £11,950 in the form of a loan account. No interest has been charged on this balance and this is repayable on demand.