68 Property Management Limited - Accounts to registrar (filleted) - small 18.2

68 Property Management Limited - Accounts to registrar (filleted) - small 18.2


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REGISTERED NUMBER: 09152793(England and Wales)





















Unaudited Financial Statements

for the Year Ended 31 December 2019

for

68 Property Management Limited

68 Property Management Limited (Registered number: 09152793)






Contents of the Financial Statements
for the Year Ended 31 December 2019




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


68 Property Management Limited

Company Information
for the Year Ended 31 December 2019







DIRECTORS: A E Frost
E J Frost





REGISTERED OFFICE: 33 Short Walk
Butley, Woodbridge
Suffolk
IP12 3NU





REGISTERED NUMBER: 09152793(England and Wales)





ACCOUNTANTS: Pinfold & Co
Chartered Accountants
8 Deben Mill Business Centre
Old Maltings Approach
Woodbridge
Suffolk
IP12 1BL

68 Property Management Limited (Registered number: 09152793)

Abridged Balance Sheet
31 December 2019

31.12.19 31.12.18
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 180,181 75,929

CURRENT ASSETS
Debtors 642 62
Cash at bank and in hand 1,192 2
1,834 64
CREDITORS
Amounts falling due within one year 101,792 70,231
NET CURRENT LIABILITIES (99,958 ) (70,167 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

80,223

5,762

CREDITORS
Amounts falling due after more than one
year

5

(55,996

)

-

PROVISIONS FOR LIABILITIES (2,850 ) -
NET ASSETS 21,377 5,762

CAPITAL AND RESERVES
Called up share capital 3 3
Retained earnings 21,374 5,759
SHAREHOLDERS' FUNDS 21,377 5,762

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

68 Property Management Limited (Registered number: 09152793)

Abridged Balance Sheet - continued
31 December 2019


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Balance Sheet for the year ended 31 December 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2020and
were signed on its behalf by:





E J Frost- Director


68 Property Management Limited (Registered number: 09152793)

Notes to the Financial Statements
for the Year Ended 31 December 2019

1. STATUTORY INFORMATION

68 Property Management Limited is a private company, limited by shares, registered in England and Wales. The
company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
The turnover represents net invoiced sales of services, excluding value added tax, arising from rental income.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in
fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and
Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or
directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance
sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the
timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2(2018 - 2) .

68 Property Management Limited (Registered number: 09152793)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2019

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2019 75,929
Additions 89,252
Revaluations 15,000
At 31 December 2019 180,181
NET BOOK VALUE
At 31 December 2019 180,181
At 31 December 2018 75,929

Fair value at 31 December 2019 is represented by:

£   
Valuation in 2019 15,000
Cost 165,181
180,181

If investment property had not been revalued it would have been included at the following historical cost:

31.12.19 31.12.18
£    £   
Cost 165,181 75,929

Investment property was valued on an open market value basis on 31 December 2019 by the directors. .

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
31.12.19 31.12.18
£    £   
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 55,996 -

6. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2019 and
31 December 2018:

31.12.19 31.12.18
£    £   
E J Frost
Balance outstanding at start of year 69,392 70,291
Amounts advanced 6,461 2,000
Amounts repaid (440 ) (2,899 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 75,413 69,392

68 Property Management Limited (Registered number: 09152793)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2019

7. ULTIMATE CONTROLLING PARTY

The controlling party is E J Frost.