Company Registration No. 04142007 (England and Wales)
PROPERTY OPTIONS AND SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
PAGES FOR FILING WITH REGISTRAR
PROPERTY OPTIONS AND SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
PROPERTY OPTIONS AND SOLUTIONS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2018
30 April 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,740
10,770
Current assets
Debtors
4
151,528
152,931
Cash at bank and in hand
5,126
2,606
156,654
155,537
Creditors: amounts falling due within one year
5
(8,234)
(13,856)
Net current assets
148,420
141,681
Total assets less current liabilities
154,160
152,451
Provisions for liabilities
(1,218)
(2,465)
Net assets
152,942
149,986
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
152,941
149,985
Total equity
152,942
149,986
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 year ended 30 April 2018 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 year 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.
PROPERTY OPTIONS AND SOLUTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2018
30 April 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 January 2019 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 YEAR ENDED 30 APRIL 2018
- 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
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.
1.3
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
.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
PROPERTY OPTIONS AND SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
1
Accounting policies
(Continued)
- 4 -
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.
1.5
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 year was 4 (2017 - 4).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2017
36,150
Disposals
(5,540)
At 30 April 2018
30,610
Depreciation and impairment
At 1 May 2017
25,380
Depreciation charged in the year
2,693
Eliminated in respect of disposals
(3,203)
At 30 April 2018
24,870
Carrying amount
At 30 April 2018
5,740
At 30 April 2017
10,770
PROPERTY OPTIONS AND SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
- 5 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Corporation tax recoverable
432
-
Other debtors
151,096
152,931
151,528
152,931
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
-
200
Corporation tax
1,671
5,045
Other taxation and social security
2,099
6,091
Other creditors
4,464
2,520
8,234
13,856
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of £1 each
1
1
1
1