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COMPANY REGISTRATION NUMBER: 08194793
Property Sphere Limited
Filleted Unaudited Financial Statements
31 August 2024
Property Sphere Limited
Officers and Professional Advisers
Director
Mr A J Watts Williams
Registered office
2 St Joseph's Abbey
Greyfriars Lane
Storrington
West Sussex
RH20 4GJ
Accountants
Edmund Carr LLP
Chartered Accountants
146 New London Road
Chelmsford
Essex
CM2 0AW
Property Sphere Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
£
£
Current assets
Stocks
5,590
6,226
Debtors
6
150
4,403
Cash at bank and in hand
3,064
40,000
-------
--------
8,804
50,629
Creditors: amounts falling due within one year
7
2,914
29,239
-------
--------
Net current assets
5,890
21,390
-------
--------
Total assets less current liabilities
5,890
21,390
-------
--------
Net assets
5,890
21,390
-------
--------
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss account
4,890
20,390
-------
--------
Shareholders funds
5,890
21,390
-------
--------
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 August 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his 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 8 May 2025 , and are signed on behalf of the board by:
Mr A J Watts Williams
Director
Company registration number: 08194793
Property Sphere Limited
Notes to the Financial Statements
Year ended 31 August 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 2 St Joseph's Abbey, Greyfriars Lane, Storrington, West Sussex, RH20 4GJ.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment
-
25 % straight line
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 liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 September 2023 and 31 August 2024
1,467
1,467
-------
-------
Depreciation
At 1 September 2023 and 31 August 2024
1,467
1,467
-------
-------
Carrying amount
At 31 August 2024
-------
-------
At 31 August 2023
-------
-------
6. Debtors
2024
2023
£
£
Prepayments
112
98
Other debtors
38
4,305
----
-------
150
4,403
----
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
2,522
3,212
Corporation tax
25,779
Director loan accounts
392
248
-------
--------
2,914
29,239
-------
--------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
500
500
500
500
Ordinary B shares of £ 1 each
500
500
500
500
-------
-------
-------
-------
1,000
1,000
1,000
1,000
-------
-------
-------
-------
9. 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
£
£
£
£
Property Sphere Developments Ltd
1,023
----
----
----
-------
At the year end the company owed the directors £392 (2023: £248) in the form of a loan account. This loan, which is shown amongst creditors, is interest free and repayable on demand.