Master Crafters Lettings Ltd Accounts






Master Crafters Lettings Ltd

	Company No. 12708442
		Information for Filing with The Registrar
		30 June 2023

The Directors present their report and the accounts for the year ended 30 June 2023.

Principal activities
The principal activity of the company during the year under review was letting of residential property.




Directors

The Directors who served at any time during the year were as follows:

L. Lubbock
N. Norman






































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

L. Lubbock
Director
08 September 2023

at	30 June 2023				As restated
Company No.		12708442	Notes	2023	2022
				£	£
Fixed assets

	Tangible assets		4	23,000	-
	Investment property		5	180,000	180,000

				203,000	180,000
Current assets

	Debtors		6	38,905	100

	Cash at bank and in hand			4,311	5,205
				43,216	5,305
Creditors: Amount falling due within one year			7	(53,957)	(54,162)
Net current liabilities				(10,741)	(48,857)
Total assets less current liabilities				192,259	131,143
Creditors: Amounts falling due after more than one year			8	(137,025)	(73,975)
Provisions for liabilities
	Deferred taxation			(10,475)	(10,843)

Net assets				44,759	46,325

Capital and reserves
	Called up share capital			100	100

	Revaluation reserve			47,761	47,761

	Profit and loss account			(3,102)	(1,536)

Total equity				44,759	46,325



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 08 September 2023
And signed on its behalf by:
L. Lubbock
Director
08 September 2023

for the year ended 30 June 2023

General information

Its registered number is: 12708442

Its registered office is:

12 Ipswich Road

Lowestoft

Suffolk

NR32 1TT

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.

As a result of first time adoption of FRS102, the net assets as at 30th June 2022 decreased by £10,843 due to deferred taxation.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Freehold investment property

Investment properties are revalued annually and any surplus or deficit is dealt with through the fair value reserve.

No depreciation is provided in respect of investment properties.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3	Employees			As restated
			2023	2022
			Number	Number
		The average monthly number of employees (including directors) during the year was:	2	2

4	Tangible fixed assets
			Motor vehicles	Total
			£	£
		Cost or revaluation

		Additions	23,000	23,000



		At 30 June 2023	23,000	23,000
		Depreciation






		Net book values
		At 30 June 2023	23,000	23,000

5	Investment property
			Freehold Investment Property
			£
		Valuation
		At 1 July 2022	121,036

		Revaluation	58,964

		At 30 June 2023	180,000

6	Debtors
			2023	2022
			£	£





		Loans to directors	35,394	100
		Other debtors	1,843	-
		Prepayments and accrued income	1,668	-
			38,905	100

7	Creditors:
		amounts falling due within one year
			2023	2022
			£	£







		Loans from directors	2,700	2,800
		Other creditors	50,717	50,822
		Accruals and deferred income	540	540
			53,957	54,162

8	Creditors:
		amounts falling due after more than one year
			2023	2022
			£	£

		Bank loans and overdrafts	137,025	73,975






			137,025	73,975

Share Capital

The company has 100 £1 ordinary shares in issue, which are fully paid up at par.

10	Reserves
			Fair value reserve	Total other reserves
			£	£
		At 1 July 2021	38,964	38,964
		Movement on fair value reserve	20,000	20,000
		Deferred taxation	(11,203)	(11,203)

		At 30 June 2022 and 1 July 2022	47,761	47,761



		At 30 June 2023	47,761	47,761

11	Advances and credits to directors
			2023
			£
		At 1 July 2022	100
		Advanced in the period	35,394
		Amounts repaid in the period	100


		At 30 June 2023	35,394