Ablewhite Lettings Ltd 07437439 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is letting of investment property. Digita Accounts Production Advanced 6.30.9574.0 true true 07437439 2022-04-01 2023-03-31 07437439 2023-03-31 07437439 core:OtherReservesSubtotal 2023-03-31 07437439 core:RetainedEarningsAccumulatedLosses 2023-03-31 07437439 core:ShareCapital 2023-03-31 07437439 core:SharePremium 2023-03-31 07437439 core:CurrentFinancialInstruments 2023-03-31 07437439 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07437439 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 07437439 core:FurnitureFittingsToolsEquipment 2023-03-31 07437439 bus:SmallEntities 2022-04-01 2023-03-31 07437439 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07437439 bus:FullAccounts 2022-04-01 2023-03-31 07437439 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 07437439 bus:RegisteredOffice 2022-04-01 2023-03-31 07437439 bus:Director2 2022-04-01 2023-03-31 07437439 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07437439 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 07437439 core:PlantMachinery 2022-04-01 2023-03-31 07437439 countries:EnglandWales 2022-04-01 2023-03-31 07437439 2022-03-31 07437439 core:FurnitureFittingsToolsEquipment 2022-03-31 07437439 2021-04-01 2022-03-31 07437439 2022-03-31 07437439 core:OtherReservesSubtotal 2022-03-31 07437439 core:RetainedEarningsAccumulatedLosses 2022-03-31 07437439 core:ShareCapital 2022-03-31 07437439 core:SharePremium 2022-03-31 07437439 core:CurrentFinancialInstruments 2022-03-31 07437439 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 07437439 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 07437439 core:FurnitureFittingsToolsEquipment 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07437439

Ablewhite Lettings Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Ablewhite Lettings Ltd

(Registration number: 07437439)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

905

849

Investment property

5

9,671,832

7,942,447

 

9,672,737

7,943,296

Current assets

 

Debtors

6

139,936

45,985

Cash at bank and in hand

 

264,803

212,668

 

404,739

258,653

Creditors: Amounts falling due within one year

7

(1,508,675)

(2,976,281)

Net current liabilities

 

(1,103,936)

(2,717,628)

Total assets less current liabilities

 

8,568,801

5,225,668

Creditors: Amounts falling due after more than one year

7

(6,554,934)

(3,584,041)

Provisions for liabilities

(362,290)

(280,922)

Net assets

 

1,651,577

1,360,705

Capital and reserves

 

Called up share capital

10

103

103

Share premium reserve

531,650

531,650

Other reserves

1,094,830

859,380

Profit and loss account

24,994

(30,428)

Shareholders' funds

 

1,651,577

1,360,705

For the financial year ending 31 March 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 16 November 2023
 


Mr G A Ablewhite
Director

 

Ablewhite Lettings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
1st Floor
Woburn House
84 St Benedicts Street
Norwich
Norfolk
NR2 4AB

2

Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The presentation currency is sterling.

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.

Going concern

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

Revenue recognition

Turnover comprises rental income received or receivable in the ordinary course of the company's activities.

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 policies

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred Tax

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 at cost, less any subsequent accumulated depreciation and accumulated impairment losses.

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

 

Ablewhite Lettings Ltd

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

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

20% straight line

Investment property

Investment property is measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight-line basis.

Foreign currency transactions and balances

Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Cash

Cash comprises cash on hand and all deposits.

Debtors

Debtors are amounts due from tenants, solicitors and letting agents for rent receivable, amounts retained and other associated letting fees in the ordinary course of the business.

Debtors are recognised at the transaction price. 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.

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 at the transaction price.

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2022 - 0).

 

Ablewhite Lettings Ltd

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

4

Tangible assets

Plant and equipment
 £

Total
£

Cost

At 1 April 2022

2,605

2,605

Additions

667

667

At 31 March 2023

3,272

3,272

Depreciation

At 1 April 2022

1,756

1,756

Charge for the year

611

611

At 31 March 2023

2,367

2,367

Net book value

At 31 March 2023

905

905

At 31 March 2022

849

849

5

Investment property

2023
£

2022
£

At 1 April

7,942,447

6,928,136

Additions (at cost)

1,403,971

6,814

Fair value adjustments

325,414

1,007,497

At 31 March

9,671,832

7,942,447

The properties were valued by the director at their market value using current market data for similar properties in the same areas.

6

Debtors

2023
£

2022
£

Other debtors

132,324

23,411

Prepayments

7,612

22,574

 

139,936

45,985

 

Ablewhite Lettings Ltd

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

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Bank loans

-

488,916

Trade creditors

11,082

9,122

Taxation and social security

32,414

44,623

Other creditors

74,975

92,643

Directors' loans

1,383,046

2,314,397

Accruals

7,158

26,580

1,508,675

2,976,281

Creditors include bank loans which are secured by fixed, floating and negative pledges against the properties they relate to in the sum of £nil (2022 - £488,916).

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Bank loans

6,554,934

3,584,041

6,554,934

3,584,041

Creditors include bank loans which are secured by fixed, floating and negative pledges against the properties they relate to in the sum of £6,554,934 (2022 - £3,584,041). Of this amount £6,554,934 (2022 - £2,514,230) is repayable, other than by instalments, after more than five years.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £259,583 (2022 - £17,198).

9

Related party transactions

Director's loan

The director provided the company with a loan on which no interest was charged.

 

Ablewhite Lettings Ltd

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

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A Shares of £1 each

1

1.00

1

1.00

Ordinary B Shares of £1 each

1

1.00

1

1.00

Ordinary C Shares of £0.01 each

10,000

100.00

10,000

100.00

Ordinary D Shares of £0.01 each

10

.10

10

.10

Ordinary E Shares of £0.01 each

10

.10

10

.10

Ordinary F Shares of £0.01 each

10

.10

10

.10

Ordinary G Shares of £0.01 each

10

.10

10

.10

Ordinary H Shares of £0.01 each

10

.10

10

.10

Ordinary I Shares of £0.01 each

10

.10

10

.10

Ordinary J Shares of £0.01 each

10

.10

10

.10

Ordinary K Shares of £0.01 each

10

.10

10

.10

Ordinary L Shares of £0.01 each

10

.10

10

.10

Ordinary M Shares of £0.01 each

10

.10

10

.10

Ordinary N Shares of £0.01 each

10

.10

10

.10

Ordinary O Shares of £0.01 each

10

.10

10

.10

Ordinary P Shares of £0.01 each

10

.10

10

.10

Ordinary Q Shares of £0.01 each

10

.10

10

.10

 

10,142

103.40

10,142

103.40