Registered Number
06430181
Property Plus Wales Limited
Report And Accounts
30 November 2024
Property Plus Wales Limited
Registered Number: 06430181
Directors' Report
The directors present their report and accounts for the year ended 30 November 2024.
Principal activities
The company's activities during the year continued to be property sales, management and investment.
Directors
The following persons served as directors during the year:
L.W. Nicholls
A.J. Nicholls
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 28 August 2025 and signed on its behalf.
L.W. Nicholls
Director
Property Plus Wales Limited
Accountant's Report
Accountant's Report To The Directors Of
Property Plus Wales Limited
You consider that the company is exempt from an audit for the year ended 30 November 2024. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, I have prepared the accounts which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to me.
I have not carried out an audit or any other review, and consequently I do not express any opinion on these accounts.
P.J. Reed
Chartered Accountant
20A Pantbach Road
Birchgrove
Cardiff
CF14 1UA
28 August 2025
Property Plus Wales Limited
Profit And Loss Account
For The Year Ended 30 November 2024
2024 2023
£ £
Turnover 1,353,579 1,088,680
Cost of sales (517,773) (348,931)
Gross profit 835,806 739,749
Administrative expenses (532,349) (509,117)
Operating profit 303,457 230,632
Income from investments 1,820 1,750
Interest receivable 2,106 1,426
Interest payable - (554)
Profit before taxation 307,383 233,254
Tax on profit (77,002) (53,477)
Profit for the financial year 230,381 179,777
Property Plus Wales Limited
Registered Number: 06430181
Balance Sheet
As At 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 189,356 186,739
Investments 4 220,926 214,874
410,282 401,613
Current assets
Properties for sale - 254,705
Debtors 5 129,115 122,600
Cash at bank and in hand 431,443 111,234
560,558 488,539
Creditors: amounts falling due within one year 6 (259,397) (240,606)
Net current assets 301,161 247,933
Total assets less current liabilities 711,443 649,546
Provisions for liabilities (3,853) (5,258)
Net assets 707,590 644,288
Capital and reserves
Called up share capital 1 1
Profit and loss account 707,589 644,287
Shareholder's funds 707,590 644,288
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 member has 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.
L.W. Nicholls
Director
Approved by the board on 28 August 2025
Property Plus Wales Limited
Statement Of Changes In Equity
For The Year Ended 30 November 2024
Profit Total
Share and loss
capital account
£ £ £
At 1 December 2022 1 479,810 479,811
Profit for the financial year 179,777 179,777
Dividends (15,300) (15,300)
At 30 November 2023 1 644,287 644,288
At 1 December 2023 1 644,287 644,288
Profit for the financial year 230,381 230,381
Dividends (167,079) (167,079)
At 30 November 2024 1 707,589 707,590
Property Plus Wales Limited
Notes To The Accounts
For The Year Ended 30 November 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
No depreciation is provided on revalued land and buildings. Depreciation is provided on all other tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% straight line
Motor vehicles 20% reducing balance
Investments
Investment properties are measured at fair value. Changes in fair value are included in the profit and loss account.
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 recognised at transaction price including any transaction costs 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 recognised at transaction price net of any transaction costs.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and buildings and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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 11 11
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost or valuation
At 1 December 2023 154,236 21,201 71,881 247,318
Additions - 1,498 9,899 11,397
Disposals - (5,784) - (5,784)
At 30 November 2024 154,236 16,915 81,780 252,931
Depreciation
At 1 December 2023 - 12,548 48,031 60,579
Charge for the year - 2,031 6,749 8,780
On disposals - (5,784) - (5,784)
At 30 November 2024 - 8,795 54,780 63,575
Net book value
At 30 November 2024 154,236 8,120 27,000 189,356
At 30 November 2023 154,236 8,653 23,850 186,739
Land and buildings: 2024 2023
£ £
Historical cost 154,236 154,236
Cumulative depreciation based on historical cost - -
154,236 154,236
The land and buildings were revalued at open market value by the directors as at 30 November 2024.
4 Investments
Investment
properties
£
Fair value
At 1 December 2023 214,874
Additions 6,052
At 30 November 2024 220,926
Historical cost
At 1 December 2023 214,874
At 30 November 2024 220,926
The properties were valued at fair value as at 30 November 2024 by the directors.
5 Debtors 2024 2023
£ £
Trade debtors 26,826 36,328
Other debtors 102,289 86,272
129,115 122,600
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 135,314 107,801
Other creditors 124,083 132,805
259,397 240,606
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
L.W. Nicholls
Unsecured interest free loan to be repaid in full on 29 August 2025 81,939 40,393 (84,000) 38,332
81,939 40,393 (84,000) 38,332
8 Related party transactions
During the year the company lent £60,600 interest free with no fixed date of repayment to a company controlled by L.W. Nicholls, a director and the shareholder of the company, and A.J. Nicholls, a director of the company.
9 Other information
Property Plus Wales Limited is a private company limited by shares and incorporated in England. Its registered office is:
22 Mill Street
Tonyrefail
Porth
Rhondda Cynon Taf
CF39 8AA
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