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REGISTERED NUMBER: 08545249 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2022

for

Sykes Letting Solutions Limited

Sykes Letting Solutions Limited (Registered number: 08545249)






Contents of the Financial Statements
for the Year Ended 31 May 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Sykes Letting Solutions Limited

Company Information
for the Year Ended 31 May 2022







DIRECTORS: Mrs C Sykes
C D Sykes





REGISTERED OFFICE: 7 Haflinger Drive
Whiteley
Fareham
Hampshire
PO15 7DX





REGISTERED NUMBER: 08545249 (England and Wales)





ACCOUNTANTS: Roches Chartered Accountants
1 Manor Court
6 Barnes Wallis Road
Segensworth
Fareham
Hampshire
PO15 5TH

Sykes Letting Solutions Limited (Registered number: 08545249)

Balance Sheet
31 May 2022

31.5.22 31.5.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 18,586 11,072
Investment property 5 1,375,000 927,761
1,393,586 938,833

CURRENT ASSETS
Debtors 6 12,818 5,713
Cash at bank 5,399 4,720
18,217 10,433
CREDITORS
Amounts falling due within one year 7 339,229 231,243
NET CURRENT LIABILITIES (321,012 ) (220,810 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,072,574

718,023

CREDITORS
Amounts falling due after more than one
year

8

(396,773

)

(396,773

)

PROVISIONS FOR LIABILITIES (94,407 ) (20,239 )
NET ASSETS 581,394 301,011

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 581,390 301,007
SHAREHOLDERS' FUNDS 581,394 301,011

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 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.

Sykes Letting Solutions Limited (Registered number: 08545249)

Balance Sheet - continued
31 May 2022


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

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 31 August 2022 and were signed on its behalf by:





C D Sykes - Director


Sykes Letting Solutions Limited (Registered number: 08545249)

Notes to the Financial Statements
for the Year Ended 31 May 2022

1. STATUTORY INFORMATION

Sykes Letting Solutions 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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance

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.

Financial instruments
The company has considered and applied the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provision of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors, cash and bank balances and loans to fellow group companies, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 company after deducting all of its liabilities.

Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted as at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt Instruments are subsequently carried at amortised cost, using the effective interest rate method.


Sykes Letting Solutions Limited (Registered number: 08545249)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2022

2. ACCOUNTING POLICIES - continued
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.

Rental income
Rental income derives from an operating lease and is recognised on a straight-line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 June 2021 948 11,738 12,686
Additions 204 10,389 10,593
At 31 May 2022 1,152 22,127 23,279
DEPRECIATION
At 1 June 2021 647 967 1,614
Charge for year 68 3,011 3,079
At 31 May 2022 715 3,978 4,693
NET BOOK VALUE
At 31 May 2022 437 18,149 18,586
At 31 May 2021 301 10,771 11,072

Sykes Letting Solutions Limited (Registered number: 08545249)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2022

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2021 927,761
Additions 62,718
Revaluations 384,521
At 31 May 2022 1,375,000
NET BOOK VALUE
At 31 May 2022 1,375,000
At 31 May 2021 927,761

Fair value at 31 May 2022 is represented by:
£   
Valuation in 2020 88,381
Valuation in 2021 30,000
Valuation in 2022 447,239
Cost 809,380
1,375,000

The directors have fair valued the investment properties held based on the value of similar properties in the vicinity taking into account the condition of the properties.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.22 31.5.21
£    £   
Trade debtors 1,798 -
Other debtors 11,020 5,713
12,818 5,713

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.22 31.5.21
£    £   
Trade creditors 5,728 -
Taxation and social security - 5,027
Other creditors 333,501 226,216
339,229 231,243

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.22 31.5.21
£    £   
Bank loans 396,773 396,773

Sykes Letting Solutions Limited (Registered number: 08545249)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2022

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.5.22 31.5.21
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 396,773 396,773

9. SECURED DEBTS

The following secured debts are included within creditors:

31.5.22 31.5.21
£    £   
Bank loans 396,773 396,773

The bank mortgage is secured against the freehold property.