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Registration number: 05321835

Let Us Let U Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Let Us Let U Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Let Us Let U Limited

Company Information

Director

Mr S P Fendyke

Company secretary

Mrs LC Fendyke

Registered office

Westbridge House
6-8 Bridge Street
Boston
Lincolnshire
PE21 8QF

Accountants

Cannon Williamson
Chartered Certified Accountants
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

 

Let Us Let U Limited

(Registration number: 05321835)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

4

348,728

375,031

Current assets

 

Debtors

5

1,199,401

1,044,636

Cash at bank and in hand

 

65,650

91,133

 

1,265,051

1,135,769

Creditors: Amounts falling due within one year

6

(146,920)

(147,548)

Net current assets

 

1,118,131

988,221

Total assets less current liabilities

 

1,466,859

1,363,252

Creditors: Amounts falling due after more than one year

6

(73,522)

(101,997)

Provisions for liabilities

(14,008)

(19,005)

Net assets

 

1,379,329

1,242,250

Capital and Reserves

 

Called up share capital

7

1

1

Capital redemption reserve

10

10

Retained Earnings

1,379,318

1,242,239

Shareholders' funds

 

1,379,329

1,242,250

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 28 September 2023
 

 

Let Us Let U Limited

(Registration number: 05321835)
Balance Sheet as at 31 March 2023 (continued)

.........................................
Mr S P Fendyke
Director

 

Let Us Let U Limited

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:
Westbridge House
6-8 Bridge Street
Boston
Lincolnshire
PE21 8QF
United Kingdom

These financial statements were authorised for issue by the director on 28 September 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.

Departures from Companies Act requirements

The company has adopted the revaluation model as set out in section 17 of FRS 102 with regard to owner occupied property. No depreciation is charged on the freehold property as the directors estimate that the residual value is equal to the revalued amount.

Going concern

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

Revenue recognition

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

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.

 

Let Us Let U Limited

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

2

Accounting policies (continued)

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.

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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

Fixtures & Fittings

33% and 10% straight line

Motor Vehicles

20% straight line

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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.

 

Let Us Let U Limited

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

2

Accounting policies (continued)

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

 

Let Us Let U Limited

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 16 (2022 - 15).

4

Tangible Assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

275,000

75,640

129,320

479,960

Additions

-

2,674

-

2,674

At 31 March 2023

275,000

78,314

129,320

482,634

Depreciation

At 1 April 2022

-

63,599

41,330

104,929

Charge for the year

-

6,100

22,877

28,977

At 31 March 2023

-

69,699

64,207

133,906

Carrying amount

At 31 March 2023

275,000

8,615

65,113

348,728

At 31 March 2022

275,000

12,041

87,990

375,031

Included within the net book value of land and buildings above is £275,000 (2022 - £275,000) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Land and Buildings was revalued on 31 March 2022. An independent valuer was not involved. .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £Nil (2022 - £281,541).

5

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

9

1,185,401

1,045,401

Prepayments

 

13,000

-

Other debtors

 

1,000

(765)

 

Let Us Let U Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

28,522

28,752

Taxation and social security

 

41,489

29,219

Accruals and deferred income

 

33,953

46,619

Other creditors

 

42,956

42,958

 

146,920

147,548

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,786

11,016

HP and finance lease liabilities

17,736

17,736

28,522

28,752

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

73,522

101,997

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

8

Loans and borrowings

 

Let Us Let U Limited

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

8

Loans and borrowings (continued)

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

21,731

32,470

Hire purchase contracts

51,791

69,527

73,522

101,997

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,786

11,016

Finance lease liabilities

17,736

17,736

28,522

28,752

9

Related party transactions

 

Let Us Let U Limited

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

9

Related party transactions (continued)

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

15,458

15,833