Fresh Estate & Letting Agents Limited 7503477 false 2022-02-01 2023-01-31 2023-01-31 The principal activity of the company is Estate and Lettings Agents Digita Accounts Production Advanced 6.30.9574.0 true true 7503477 2022-02-01 2023-01-31 7503477 2023-01-31 7503477 bus:Director1 1 2023-01-31 7503477 bus:Director2 1 2023-01-31 7503477 bus:OrdinaryShareClass1 2023-01-31 7503477 bus:OrdinaryShareClass2 2023-01-31 7503477 bus:OrdinaryShareClass3 2023-01-31 7503477 bus:OrdinaryShareClass4 2023-01-31 7503477 bus:OrdinaryShareClass5 2023-01-31 7503477 bus:OtherShareClass1 2023-01-31 7503477 bus:Revised 2023-01-31 7503477 core:CurrentFinancialInstruments 2023-01-31 7503477 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 7503477 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 7503477 core:FurnitureFittingsToolsEquipment 2023-01-31 7503477 core:LandBuildings 2023-01-31 7503477 core:MotorVehicles 2023-01-31 7503477 bus:SmallEntities 2022-02-01 2023-01-31 7503477 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 7503477 bus:AbridgedAccounts 2022-02-01 2023-01-31 7503477 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 7503477 bus:RegisteredOffice 2022-02-01 2023-01-31 7503477 bus:Director1 2022-02-01 2023-01-31 7503477 bus:Director1 1 2022-02-01 2023-01-31 7503477 bus:Director2 2022-02-01 2023-01-31 7503477 bus:Director2 1 2022-02-01 2023-01-31 7503477 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 7503477 bus:OrdinaryShareClass2 2022-02-01 2023-01-31 7503477 bus:OrdinaryShareClass3 2022-02-01 2023-01-31 7503477 bus:OrdinaryShareClass4 2022-02-01 2023-01-31 7503477 bus:OrdinaryShareClass5 2022-02-01 2023-01-31 7503477 bus:OtherShareClass1 2022-02-01 2023-01-31 7503477 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 7503477 bus:Agent1 2022-02-01 2023-01-31 7503477 core:FurnitureFittings 2022-02-01 2023-01-31 7503477 core:FurnitureFittingsToolsEquipment 2022-02-01 2023-01-31 7503477 core:LandBuildings 2022-02-01 2023-01-31 7503477 core:MotorVehicles 2022-02-01 2023-01-31 7503477 countries:EnglandWales 2022-02-01 2023-01-31 7503477 2022-01-31 7503477 bus:Director1 1 2022-01-31 7503477 bus:Director2 1 2022-01-31 7503477 core:FurnitureFittingsToolsEquipment 2022-01-31 7503477 core:LandBuildings 2022-01-31 7503477 core:MotorVehicles 2022-01-31 7503477 2021-02-01 2022-01-31 7503477 2022-01-31 7503477 bus:Director1 1 2022-01-31 7503477 bus:Director2 1 2022-01-31 7503477 bus:OrdinaryShareClass1 2022-01-31 7503477 bus:OrdinaryShareClass2 2022-01-31 7503477 bus:OrdinaryShareClass3 2022-01-31 7503477 bus:OrdinaryShareClass4 2022-01-31 7503477 bus:OrdinaryShareClass5 2022-01-31 7503477 bus:OtherShareClass1 2022-01-31 7503477 core:CurrentFinancialInstruments 2022-01-31 7503477 core:CurrentFinancialInstruments core:WithinOneYear 2022-01-31 7503477 core:Non-currentFinancialInstruments core:AfterOneYear 2022-01-31 7503477 core:FurnitureFittingsToolsEquipment 2022-01-31 7503477 core:LandBuildings 2022-01-31 7503477 core:MotorVehicles 2022-01-31 7503477 bus:Director1 1 2021-02-01 2022-01-31 7503477 bus:Director2 1 2021-02-01 2022-01-31 7503477 bus:Director1 1 2021-01-31 7503477 bus:Director2 1 2021-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 7503477

Fresh Estate & Letting Agents Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 January 2023

 

Fresh Estate & Letting Agents Limited

Contents

Company Information

1

Accountants' Report

2

Abridged Balance Sheet

3 to 4

Notes to the Unaudited Abridged Financial Statements

5 to 11

 

Fresh Estate & Letting Agents Limited

Company Information

Directors

Mr Anthony Dean Brain

Mr Matthew Edward Wiggall

Registered office

10 West Street
Gorseinon
Swansea
SA4 4AA

Accountants

Fergusons & Peters Chartered Accountants
Chartered Accountants
Argyle House
10 West Street
Gorseinon
Swansea
SA4 4AA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Fresh Estate & Letting Agents Limited
for the Year Ended 31 January 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Fresh Estate & Letting Agents Limited for the year ended 31 January 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Fresh Estate & Letting Agents Limited, as a body, in accordance with the terms of our engagement letter dated 4 March 2012. Our work has been undertaken solely to prepare for your approval the accounts of Fresh Estate & Letting Agents Limited and state those matters that we have agreed to state to the Board of Directors of Fresh Estate & Letting Agents Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fresh Estate & Letting Agents Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Fresh Estate & Letting Agents Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Fresh Estate & Letting Agents Limited. You consider that Fresh Estate & Letting Agents Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Fresh Estate & Letting Agents Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Fergusons & Peters Chartered Accountants
Chartered Accountants
Argyle House
10 West Street
Gorseinon
Swansea
SA4 4AA

17 October 2023

 

Fresh Estate & Letting Agents Limited

(Registration number: 7503477)
Abridged Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

93,972

96,448

Current assets

 

Debtors

5

8,860

20,590

Cash at bank and in hand

 

156,775

177,852

 

165,635

198,442

Prepayments and accrued income

 

3,010

2,704

Creditors: Amounts falling due within one year

(141,394)

(138,741)

Net current assets

 

27,251

62,405

Total assets less current liabilities

 

121,223

158,853

Creditors: Amounts falling due after more than one year

(22,252)

(32,274)

Provisions for liabilities

(1,286)

(1,757)

Accruals and deferred income

 

(1,817)

(1,715)

Net assets

 

95,868

123,107

Capital and reserves

 

Called up share capital

6

150

150

Retained earnings

95,718

122,957

Shareholders' funds

 

95,868

123,107

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Fresh Estate & Letting Agents Limited

(Registration number: 7503477)
Abridged Balance Sheet as at 31 January 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 October 2023 and signed on its behalf by:
 

.........................................
Mr Anthony Dean Brain
Director

.........................................
Mr Matthew Edward Wiggall
Director

 

Fresh Estate & Letting Agents Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10 West Street
Gorseinon
Swansea
SA4 4AA

The principal place of business is:
139 Woodfield Street
Morriston
Swansea
SA6 8AL

These financial statements were authorised for issue by the Board on 17 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Fresh Estate & Letting Agents Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property

Fixtures & Fittings

20% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Fresh Estate & Letting Agents Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 9).

 

Fresh Estate & Letting Agents Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2022

87,203

28,212

10,100

125,515

Additions

-

1,099

-

1,099

At 31 January 2023

87,203

29,311

10,100

126,614

Depreciation

At 1 February 2022

-

24,357

4,710

29,067

Charge for the year

-

1,555

2,020

3,575

At 31 January 2023

-

25,912

6,730

32,642

Carrying amount

At 31 January 2023

87,203

3,399

3,370

93,972

At 31 January 2022

87,203

3,855

5,390

96,448

Included within the net book value of land and buildings above is £87,203 (2022 - £87,203) in respect of freehold land and buildings.
 

5

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

 

Fresh Estate & Letting Agents Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

Ordinary A of £1 each

10

10

10

10

Ordinary B of £1 each

10

10

10

10

Ordinary C of £1 each

10

10

10

10

Ordinary D of £1 each

10

10

10

10

Ordinary E` of £1 each

10

10

10

10

 

150

150

150

150

7

Dividends

   

2023

 

2022

   

£

 

£

Final dividend of £230,582.00 (2022 - £224,918.00) per ordinary share

 

230,582

 

224,918

Interim dividend of £3.00 (2022 - £4.00) per ordinary share

 

-

 

-

   

230,582

 

224,918

         
   

2023

 

2022

   

£

 

£

Final dividend of £230,582 (2022 - £224,918) per ordinary share

 

230,582

 

224,918

Interim dividend of £3 (2022 - £4) per ordinary share

 

-

 

-

   

230,582

 

224,918

         

8

Related party transactions

 

Fresh Estate & Letting Agents Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

Transactions with directors

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Mr Matthew Edward Wiggall

Directors Loan Account

1,065

-

13,916

14,981

         
       

Mr Anthony Dean Brain

Directors Loan Account

7,348

(560)

-

6,788

         
       

 

2022

At 1 February 2021
£

Advances to director
£

At 31 January 2022
£

Mr Matthew Edward Wiggall

Directors Loan Account

13,631

(12,566)

1,065

       
     

Mr Anthony Dean Brain

Directors Loan Account

8,032

(685)

7,348

       
     

 

 

Fresh Estate & Letting Agents Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

18,108

17,666

Contributions paid to money purchase schemes

24,600

14,600

42,708

32,266

Dividends paid to directors

   

2023
£

 

2022
£

Mr Matthew Edward Wiggall

       

Ordinary Dividends Paid

 

27,900

 

23,000

         

Mr Anthony Dean Brain

       

Ordinary Dividend Paid

 

40,623

 

41,022