Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-312022-02-01falseproperty lettings11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08661973 2022-02-01 2023-01-31 08661973 2021-02-01 2022-01-31 08661973 2023-01-31 08661973 2022-01-31 08661973 2021-02-01 08661973 c:Director1 2022-02-01 2023-01-31 08661973 d:FreeholdInvestmentProperty 2023-01-31 08661973 d:FreeholdInvestmentProperty 2022-01-31 08661973 d:CurrentFinancialInstruments 2023-01-31 08661973 d:CurrentFinancialInstruments 2022-01-31 08661973 d:Non-currentFinancialInstruments 2023-01-31 08661973 d:Non-currentFinancialInstruments 2022-01-31 08661973 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 08661973 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 08661973 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 08661973 d:Non-currentFinancialInstruments d:AfterOneYear 2022-01-31 08661973 d:ShareCapital 2023-01-31 08661973 d:ShareCapital 2022-01-31 08661973 d:OtherMiscellaneousReserve 2022-02-01 2023-01-31 08661973 d:OtherMiscellaneousReserve 2023-01-31 08661973 d:OtherMiscellaneousReserve 2022-01-31 08661973 d:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 08661973 d:RetainedEarningsAccumulatedLosses 2023-01-31 08661973 d:RetainedEarningsAccumulatedLosses 2022-01-31 08661973 c:FRS102 2022-02-01 2023-01-31 08661973 c:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 08661973 c:FullAccounts 2022-02-01 2023-01-31 08661973 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 08661973 d:OtherDeferredTax 2023-01-31 08661973 d:OtherDeferredTax 2022-01-31 iso4217:GBP xbrli:pure

Registered number: 08661973









LUDGATE LETS LIMITED








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2023

 
LUDGATE LETS LIMITED
REGISTERED NUMBER: 08661973

BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 5 
175,000
175,000

Current assets
  

Debtors
 6 
3,174
3,175

Cash at bank and in hand
 7 
1,415
2,827

  
4,589
6,002

Creditors: amounts falling due within one year
 8 
(40,843)
(39,759)

Net current liabilities
  
 
 
(36,254)
 
 
(33,757)

Total assets less current liabilities
  
138,746
141,243

Creditors: amounts falling due after more than one year
 9 
-
(7,097)

Provisions for liabilities
  

Deferred tax
 10 
(21,262)
(21,262)

Net assets
  
117,484
112,884


Capital and reserves
  

Called up share capital 
  
2
2

Other reserves
 11 
96,759
96,759

Profit and loss account
 11 
20,723
16,123

  
117,484
112,884


Page 1

 
LUDGATE LETS LIMITED
REGISTERED NUMBER: 08661973
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 October 2023.






Dr C Zabell
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
LUDGATE LETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

Ludgate Lets Limited is a private company limited by shares, incorporated in England, United Kingdom. The address of the registered office is Ludgate House, Hornbeam Lane, Chingford, London, E4 7QT. This is also the address of the principal place of business.  The company's principal activity was that of property lettings.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.



The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
LUDGATE LETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income. 

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

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.

Page 4

 
LUDGATE LETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.9

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.10

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 provisions of the instrument.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The director has made key assumptions regarding the valuations of the investment properties. The total values reflected in the accounts for freehold investment properties is £175,000 (2022 - £175,000) based on fair value.


4.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


5.


Investment property


Freehold investment property

£



Valuation


At 1 February 2022
175,000



At 31 January 2023
175,000

The 2023 valuations were made by the director, on an open market value for existing use basis.







Page 5

 
LUDGATE LETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

6.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
850
850

Due within one year

Other debtors
2,324
2,325

3,174
3,175



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,415
2,827



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
1,079
741

Other creditors
38,408
37,763

Accruals and deferred income
1,356
1,255

40,843
39,759



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
-
7,097


Page 6

 
LUDGATE LETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

10.


Deferred taxation




2023
2022


£

£






At beginning of year
(21,262)
(21,262)



At end of year
(21,262)
(21,262)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Investment property revaluation
(21,262)
(21,262)


11.


Reserves

Other reserves

Non-distributable profit reserves relating to the unrealised gain or loss on fair value adjustments of investment properties.  Deferred tax has been provided on the revaluation of investment properties.

Profit and loss account

Includes all current and prior periods retained profits and losses


12.


Related party transactions

During the year pitch fees were payable to Elms Caravan Company Limited totalling £2,569 (2022 - £2,408), a company in which Dr C Zabell is a director.

 
Page 7