Company Registration No. 04142007 (England and Wales)
PROPERTY OPTIONS AND SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2019
PAGES FOR FILING WITH REGISTRAR
PROPERTY OPTIONS AND SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PROPERTY OPTIONS AND SOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 JULY 2019
31 July 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,701
5,740
Current assets
Debtors
4
157,896
151,528
Cash at bank and in hand
1,689
5,126
159,585
156,654
Creditors: amounts falling due within one year
5
(9,129)
(8,234)
Net current assets
150,456
148,420
Total assets less current liabilities
153,157
154,160
Provisions for liabilities
(750)
(1,218)
Net assets
152,407
152,942
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
152,406
152,941
Total equity
152,407
152,942
PROPERTY OPTIONS AND SOLUTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2019
31 July 2019
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 June 2020 and are signed on its behalf by:
Mr P B Keaveney
Director
Company Registration No. 04142007
PROPERTY OPTIONS AND SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2019
- 3 -
1
Accounting policies
Company information
Property Options and Solutions Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
11 Clothorn Road, Didsbury, Manchester, M20 6BF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Reporting period
The accounting period ending 30 April 2019 has been extended from 30 April 2019 to 31 July 2019 and as such the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, being property management and letting consultants.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PROPERTY OPTIONS AND SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2019
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 4 (2018 - 4).
PROPERTY OPTIONS AND SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2019
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2018
30,610
Disposals
(12,710)
At 31 July 2019
17,900
Depreciation and impairment
At 1 May 2018
24,870
Depreciation charged in the period
1,794
Eliminated in respect of disposals
(11,465)
At 31 July 2019
15,199
Carrying amount
At 31 July 2019
2,701
At 30 April 2018
5,740
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
432
Other debtors
157,896
151,096
157,896
151,528
5
Creditors: amounts falling due within one year
2019
2018
£
£
Corporation tax
556
1,671
Other taxation and social security
2,625
2,099
Other creditors
5,948
4,464
9,129
8,234
PROPERTY OPTIONS AND SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2019
- 6 -
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of £1 each
1
1