Registered number
SC321819
Lets Portal Limited
Unaudited Filleted Accounts
31 March 2023
Lets Portal Limited
Registered number: SC321819
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,292 1,520
Current assets
Debtors 4 5,974 2,694
Cash at bank and in hand 15,463 23,062
21,437 25,756
Creditors: amounts falling due within one year 5 (23,576) (19,915)
Net current (liabilities)/assets (2,139) 5,841
Total assets less current liabilities (847) 7,361
Creditors: amounts falling due after more than one year 6 (131,215) (128,619)
Net liabilities (132,062) (121,258)
Capital and reserves
Called up share capital 75 75
Capital redemption reserve 7 26 26
Profit and loss account (132,163) (121,359)
Shareholders' funds (132,062) (121,258)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Gavin Mitchell
Director
Approved by the board on 11 October 2023
Lets Portal Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 £.
Going concern
The accounts have been prepared on the going concern basis. This basis is considered appropriate in light of the commitment by the directors to continue to support the working capital requirements of the company with personal funds. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Website 33% straight line
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held with banks.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
Financial instruments comprise financial assets and financial liabilities which are recognised when the company becomes a party to the contractual provisions of the instrument. Financial instruments are classified as "basic" in accordance with FRS102 and are accounted for at amortised cost using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash flows over the life of the financial assets or liability to the net carrying amount on initial recognition. Discounting is not applied to short-term receivables and payables, where the effect is immaterial. Financial assets comprise cash, trade debtors, other debtors and accrued income. Financial liabilities comprise bank overdraft, trade creditors, other creditors and accruals.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Website Total
£ £ £
Cost
At 1 April 2022 10,554 216,198 226,752
At 31 March 2023 10,554 216,198 226,752
Depreciation
At 1 April 2022 9,034 216,198 225,232
Charge for the year 228 - 228
At 31 March 2023 9,262 216,198 225,460
Net book value
At 31 March 2023 1,292 - 1,292
At 31 March 2022 1,520 - 1,520
4 Debtors 2023 2022
£ £
Trade debtors - 502
Other debtors 5,974 2,192
5,974 2,694
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 753 659
Trade creditors 293 195
Taxation and social security costs 523 791
Other creditors 22,007 18,270
23,576 19,915
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 131,215 128,619
A director has given a personal guarantee in respect of a loan balance of £62,177 (2022: £60,947). The directors have a joint personal guarantee in place with Worldpay of £250,000 (2022: £250,000) to cover risks associated with the booking system.
7 Capital redemption reserve 2023 2022
£ £
At 1 April 2022 26 26
At 31 March 2023 26 26
8 Loans from directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Interest free loans from directors 15,967 - - 15,967
15,967 - - 15,967
An interest free loan of £15,967 repayable on demand is owed to the Directors at the year end.
9 Other information
Lets Portal Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
5 South Charlotte Street
Edinburgh
EH2 4AN
Lets Portal Limited SC321819 false 2022-04-01 2023-03-31 2023-03-31 VT Final Accounts April 2022 Gavin Mitchell No description of principal activity SC321819 2021-04-01 2022-03-31 SC321819 core:WithinOneYear 2022-03-31 SC321819 core:AfterOneYear 2022-03-31 SC321819 core:ShareCapital 2022-03-31 SC321819 core:OtherReservesSubtotal 2022-03-31 SC321819 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC321819 core:RevaluationReserve 2021-03-31 SC321819 2022-04-01 2023-03-31 SC321819 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC321819 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC321819 bus:Director40 2022-04-01 2023-03-31 SC321819 1 2022-04-01 2023-03-31 SC321819 2 2022-04-01 2023-03-31 SC321819 core:PlantMachinery 2022-04-01 2023-03-31 SC321819 core:Vehicles 2022-04-01 2023-03-31 SC321819 bus:Director1 1 2022-04-01 2023-03-31 SC321819 countries:England 2022-04-01 2023-03-31 SC321819 bus:FRS102 2022-04-01 2023-03-31 SC321819 bus:FullAccounts 2022-04-01 2023-03-31 SC321819 2023-03-31 SC321819 core:WithinOneYear 2023-03-31 SC321819 core:AfterOneYear 2023-03-31 SC321819 core:ShareCapital 2023-03-31 SC321819 core:OtherReservesSubtotal 2023-03-31 SC321819 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC321819 core:PlantMachinery 2023-03-31 SC321819 core:Vehicles 2023-03-31 SC321819 core:RevaluationReserve 2023-03-31 SC321819 bus:Director1 1 2023-03-31 SC321819 2022-03-31 SC321819 core:PlantMachinery 2022-03-31 SC321819 core:Vehicles 2022-03-31 SC321819 core:RevaluationReserve 2022-03-31 SC321819 bus:Director1 1 2022-03-31 iso4217:GBP xbrli:pure