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Registration number: 09435743

Letetf Investments Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Letetf Investments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Letetf Investments Limited

Company Information

Director

Mrs V Brown

Registered office

Fawley House
2 Marlow Road
Bourne End
Bucks
SL8 5TD

Accountants

Sterling Grove Accountants Limited
Chartered Certified Accountants
Fawley House
2 Marlow Road
Bourne End
Bucks
SL8 5TD

 

Letetf Investments Limited

(Registration number: 09435743)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

180

Investment property

5

4,223,400

4,599,900

 

4,223,400

4,600,080

Current assets

 

Debtors

6

217,430

14,225

Cash at bank and in hand

 

6,258

2,660

 

223,688

16,885

Creditors: Amounts falling due within one year

7

(2,184,074)

(1,937,042)

Net current liabilities

 

(1,960,386)

(1,920,157)

Total assets less current liabilities

 

2,263,014

2,679,923

Provisions for liabilities

(140,533)

(192,567)

Net assets

 

2,122,481

2,487,356

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

908,116

1,004,239

Retained earnings

1,214,265

1,483,017

Shareholders' funds

 

2,122,481

2,487,356

For the financial year ending 28 February 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 her 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.

 

Letetf Investments Limited

(Registration number: 09435743)
Balance Sheet as at 28 February 2023

Approved and authorised by the director on 14 November 2023
 

.........................................
Mrs V Brown
Director

 

Letetf Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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:
Fawley House
2 Marlow Road
Bourne End
Bucks
SL8 5TD
England

These financial statements were authorised for issue by the director on 14 November 2023.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for rents receivable 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.

Government grants

Government grants are recognised under the accrual model of grant recognition. This model requires the grant to be classified as either a revenue-based grant or a capital-based grant.

Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

Tax

The tax expense for the period comprises current and deferred 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.

 

Letetf Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

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 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

Plant and machinery

33% on straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 at the transaction price, 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.

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.

 

Letetf Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 3).

 

Letetf Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2022

3,248

3,248

At 28 February 2023

3,248

3,248

Depreciation

At 1 March 2022

3,068

3,068

Charge for the year

180

180

At 28 February 2023

3,248

3,248

Carrying amount

At 28 February 2023

-

-

At 28 February 2022

180

180

5

Investment properties

2023
£

At 1 March

4,599,900

Disposals

(376,500)

At 28 February

4,223,400

Investment property was valued on the open market basis on 28 February 2023 by the company director. If investment property had not been valued it would have been included at the historical cost of £3,174.749.

There has been no valuation of investment property by an independent valuer.

6

Debtors

2023
£

2022
£

Other debtors

215,449

-

Prepayments

1,981

14,225

217,430

14,225

 

Letetf Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

988,872

1,061,891

Trade creditors

 

1,650

5,143

Amounts owed to related parties

1,093,847

687,975

Taxation and social security

 

526

-

Accruals and deferred income

 

6,300

6,300

Other creditors

 

77,757

94,568

Corporation tax

 

15,122

81,165

 

2,184,074

1,937,042

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

988,872

1,061,891

Bank borrowings

Lloyds Bank Loans is denominated in with a nominal interest rate of 6.6%, and the final instalment is due on 8 May 2023. The carrying amount at year end is £988,872 (2022 - £1,061,891).

Bank loan is secured by a charge over the company investment properties. Interest is charged at base rate plus 2.6%.
The loan is repayable in one single instalment of £988,872 on 8 May 2023.