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Registration number: 03492087

Cedar Lettings Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Cedar Lettings Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Cedar Lettings Limited

Company Information

Director

D Yanover

Registered office

251 West End Lane
London
NW6 1XN

Accountants

Sterlings Ltd
Chartered Accountants
Lawford House
Albert Place
London
N3 1QA

 

Cedar Lettings Limited

(Registration number: 03492087)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

14,217

18,984

Tangible assets

5

18,330

25,214

 

32,547

44,198

Current assets

 

Debtors

6

737,592

717,955

Cash at bank and in hand

 

378,217

327,053

 

1,115,809

1,045,008

Creditors: Amounts falling due within one year

7

(776,079)

(619,237)

Net current assets

 

339,730

425,771

Total assets less current liabilities

 

372,277

469,969

Creditors: Amounts falling due after more than one year

7

(337,055)

(467,819)

Net assets

 

35,222

2,150

Capital and reserves

 

Called up share capital

8

72

72

Share premium reserve

29,992

29,992

Profit and loss account

5,158

(27,914)

Shareholders' funds

 

35,222

2,150

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

Director's 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 director acknowledges his 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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 October 2023
 

 

Cedar Lettings Limited

(Registration number: 03492087)
Balance Sheet as at 31 August 2023

.........................................
D Yanover
Director

 

Cedar Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
251 West End Lane
London
NW6 1XN
England

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 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 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.

Tax

The tax expense for the period comprises current 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.

 

Cedar Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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

Fixtures and fittings

25% reducing balance

Computer equipment

25% on cost

Motor cars

25& reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 10 years

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.

 

Cedar Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2022 - 13).

 

Cedar Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2022

47,460

47,460

At 31 August 2023

47,460

47,460

Amortisation

At 1 September 2022

28,476

28,476

Amortisation charge

4,767

4,767

At 31 August 2023

33,243

33,243

Carrying amount

At 31 August 2023

14,217

14,217

At 31 August 2022

18,984

18,984

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

43,743

50,440

94,183

Additions

130

-

130

At 31 August 2023

43,873

50,440

94,313

Depreciation

At 1 September 2022

39,808

29,161

68,969

Charge for the year

1,694

5,320

7,014

At 31 August 2023

41,502

34,481

75,983

Carrying amount

At 31 August 2023

2,371

15,959

18,330

At 31 August 2022

3,935

21,279

25,214

6

Debtors

 

Cedar Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Current

2023
£

2022
£

Trade debtors

159,637

140,336

Prepayments

4,829

3,474

Other debtors

573,126

574,145

 

737,592

717,955

 

Cedar Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

2,684

10,735

Trade creditors

 

15,425

16,320

Taxation and social security

 

394,741

274,067

Accruals and deferred income

 

9,034

9,358

Other creditors

 

354,195

308,757

 

776,079

619,237

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

337,055

467,819

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

72

72

72

72

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

337,055

465,135

Other borrowings

-

2,684

337,055

467,819

 

Cedar Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

2023
£

2022
£

Current loans and borrowings

Other borrowings

2,684

10,735

Bank borrowings

Bounce Back Loan is denominated in pound sterling with a nominal interest rate of 2.5%, and the final instalment is due on 24 June 2026. The carrying amount at year end is £28,333 (2022 - £38,333).

The government guarantees 100% of the loan and there are no fees or interest to pay for the first 12 months.

Bank loan is denominated in pound sterling with a nominal interest rate of 4%, and the final instalment is due on 10 November 2025. The carrying amount at year end is £308,721 (2022 - £426,801).

10

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £2,684 (2022 - £13,419).

11

Related party transactions

 

Cedar Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Transactions with the director

2023

At 1 September 2022
£

Repayments by director
£

At 31 August 2023
£

D Yanover

498,490

(7,018)

491,472

       
     

 

2022

At 1 September 2021
£

Advances to director
£

At 31 August 2022
£

D Yanover

292,371

206,119

498,490

       
     

 

 

Cedar Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

18,333

18,334