Silverfin false 31/03/2023 01/04/2022 31/03/2023 Miss S O'Connell 12/01/2010 18 October 2023 The principal activity of the Company is property management and development. 07122894 2023-03-31 07122894 bus:Director1 2023-03-31 07122894 2022-03-31 07122894 core:CurrentFinancialInstruments 2023-03-31 07122894 core:CurrentFinancialInstruments 2022-03-31 07122894 core:Non-currentFinancialInstruments 2023-03-31 07122894 core:Non-currentFinancialInstruments 2022-03-31 07122894 core:ShareCapital 2023-03-31 07122894 core:ShareCapital 2022-03-31 07122894 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 07122894 core:FurtherSpecificReserve1ComponentTotalEquity 2022-03-31 07122894 core:RetainedEarningsAccumulatedLosses 2023-03-31 07122894 core:RetainedEarningsAccumulatedLosses 2022-03-31 07122894 core:FurnitureFittings 2022-03-31 07122894 core:FurnitureFittings 2023-03-31 07122894 core:CostValuation 2022-03-31 07122894 core:AdditionsToInvestments 2023-03-31 07122894 core:CostValuation 2023-03-31 07122894 core:ProvisionsForImpairmentInvestments 2022-03-31 07122894 core:ProvisionsForImpairmentInvestments 2023-03-31 07122894 bus:OrdinaryShareClass1 2023-03-31 07122894 bus:OrdinaryShareClass2 2023-03-31 07122894 bus:OrdinaryShareClass3 2023-03-31 07122894 2022-04-01 2023-03-31 07122894 bus:FullAccounts 2022-04-01 2023-03-31 07122894 bus:SmallEntities 2022-04-01 2023-03-31 07122894 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07122894 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07122894 bus:Director1 2022-04-01 2023-03-31 07122894 core:FurnitureFittings 2022-04-01 2023-03-31 07122894 2021-04-01 2022-03-31 07122894 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 07122894 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 07122894 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 07122894 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 07122894 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 07122894 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 07122894 bus:OrdinaryShareClass3 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07122894 (England and Wales)

LEO LETTINGS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

LEO LETTINGS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

LEO LETTINGS LIMITED

BALANCE SHEET

As at 31 March 2023
LEO LETTINGS LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 3,642 3,047
Investment property 4 690,001 690,001
Investments 5 50 0
693,693 693,048
Current assets
Debtors 6 844,461 751,231
Cash at bank and in hand 30,524 108,689
874,985 859,920
Creditors: amounts falling due within one year 7 ( 40,451) ( 26,501)
Net current assets 834,534 833,419
Total assets less current liabilities 1,528,227 1,526,467
Creditors: amounts falling due after more than one year 8 ( 1,077,063) ( 1,108,751)
Provision for liabilities ( 4,969) ( 4,856)
Net assets 446,195 412,860
Capital and reserves
Called-up share capital 9 100 100
Fair value reserve 74,021 74,021
Profit and loss account 372,074 338,739
Total shareholders' funds 446,195 412,860

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 financial statements of Leo Lettings Limited (registered number: 07122894) were approved and authorised for issue by the Director on 18 October 2023. They were signed on its behalf by:

Miss S O'Connell
Director
LEO LETTINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
LEO LETTINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Leo Lettings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Rental income is recognised in the month to which the rent relates.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 April 2022 8,887 8,887
Additions 1,779 1,779
Disposals ( 916) ( 916)
At 31 March 2023 9,750 9,750
Accumulated depreciation
At 01 April 2022 5,840 5,840
Charge for the financial year 798 798
Disposals ( 530) ( 530)
At 31 March 2023 6,108 6,108
Net book value
At 31 March 2023 3,642 3,642
At 31 March 2022 3,047 3,047

4. Investment property

Investment property
£
Valuation
As at 01 April 2022 690,001
As at 31 March 2023 690,001

Valuation

The investment properties were valued at £690,001 by the directors at 31 March 2023.

5. Fixed asset investments

Investments in associates Total
£ £
Carrying value before impairment
At 01 April 2022 0 0
Additions 50 50
At 31 March 2023 50 50
Provisions for impairment
At 01 April 2022 0 0
At 31 March 2023 0 0
Carrying value at 31 March 2023 50 50
Carrying value at 31 March 2022 0 0

6. Debtors

2023 2022
£ £
Trade debtors 82 82
Amounts owed by Group undertakings 840,416 750,466
Prepayments and accrued income 3,963 683
844,461 751,231

7. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to director 30,000 24,000
Accruals 2,401 1,924
Corporation tax 8,050 577
40,451 26,501

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 1,077,063 1,108,751

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
10 Ordinary C shares of £ 1.00 each 10 10
10 Ordinary B shares of £ 1.00 each 10 10
80 Ordinary A shares of £ 1.00 each 80 80
100 100