Company registration number SC243054 (Scotland)
A & M LETTINGS LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
A & M LETTINGS LTD.
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
A & M LETTINGS LTD.
BALANCE SHEET
AS AT 31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
14,440
14,822
Investment properties
4
1,512,238
1,562,949
1,526,678
1,577,771
Current assets
Debtors
5
3,143
360,200
Cash at bank and in hand
7,946
1,921
11,089
362,121
Creditors: amounts falling due within one year
6
(413,994)
(332,785)
Net current (liabilities)/assets
(402,905)
29,336
Total assets less current liabilities
1,123,773
1,607,107
Creditors: amounts falling due after more than one year
7
(268,849)
(717,279)
Net assets
854,924
889,828
Capital and reserves
Called up share capital
2
2
Fair Value Reserve
8
146,867
153,173
Distributable profit and loss reserves
708,055
736,653
Total equity
854,924
889,828
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
A & M LETTINGS LTD.
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023
31 January 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 October 2023 and are signed on its behalf by:
Mr M Halsey
Director
Company Registration No. SC243054
A & M LETTINGS LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information
A & M Lettings Ltd. is a private company limited by shares incorporated in Scotland. The registered office is Titanium 1, King's Inch Place, Renfrew, Renfrewshire, United Kingdom, PA4 8WF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rent receivable in respect of the period.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% on reducing balance
Computers
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
The directors are of the opinion that the fair value has not changed significantly since the date of the last valuation.
The aggregate surplus or deficit arising on revaluation is reported through the income statement and subsequently transferred to the fair value reserve except where a deficit is deemed to represent a permanent diminution in value, in which case it remains as a deduction within the distributable profit and loss reserves.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
A & M LETTINGS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax. Tax is recognised in the Income Statement, except that it relates to items recognised in other comprehensive income or directly in equity.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
A & M LETTINGS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 February 2022
60,146
7,886
68,032
Additions
2,072
2,072
Disposals
(706)
(706)
At 31 January 2023
61,512
7,886
69,398
Depreciation and impairment
At 1 February 2022
45,324
7,886
53,210
Depreciation charged in the year
2,386
2,386
Eliminated in respect of disposals
(638)
(638)
At 31 January 2023
47,072
7,886
54,958
Carrying amount
At 31 January 2023
14,440
14,440
At 31 January 2022
14,822
14,822
4
Investment property
2023
£
Fair value
At 1 February 2022
1,562,949
Disposals
(50,711)
At 31 January 2023
1,512,238
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
3,143
360,200
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
44,640
56,766
Taxation and social security
13,541
13,918
Other creditors
355,813
262,101
413,994
332,785
A & M LETTINGS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
268,849
717,279
The Bank of Scotland PLC holds registered Standard Securities over the properties in relation to the mortgages advanced by them.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable other than by instalments
101,652
-
8
Fair Value Reserve
2023
2022
£
£
At the beginning of the year
153,173
153,173
Reversal of fair value on adjustment of disposal
(6,306)
-
At the end of the year
146,867
153,173
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Amount due
353,003
259,393
Interest due
8,610
6,327
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Amount due
3,143
360,195
Interest due
77
8,780
The above loans are unsecured and carry no fixed terms of repayment. Interest has been applied on non-director loans at an agreed rate of 2.5% per annum.
A & M LETTINGS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 7 -
10
Parent company
The ultimate controlling party is Marann Holdings Ltd, a company registered in the UK and the 100% shareholder and direct parent company.