Company Registration No. 10248978 (England and Wales)
SEDDONS LETTINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
SEDDONS LETTINGS LIMITED
COMPANY INFORMATION
Directors
Ms E Seddon Davey
Mr R Hann
Mr D Barclay
Company number
10248978
Registered office
8 Fore Street
Tiverton
Devon
EX16 6LH
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
Place of business
8 Fore Street
Tiverton
Devon
EX16 6LH
6 High Street
Cullompton
Devon
EX15 1AA
SEDDONS LETTINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SEDDONS LETTINGS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,377
-
0
Current assets
Debtors
4
3,123
130,517
Cash at bank and in hand
105,374
15,632
108,497
146,149
Creditors: amounts falling due within one year
5
(59,597)
(104,535)
Net current assets
48,900
41,614
Total assets less current liabilities
52,277
41,614
Creditors: amounts falling due after more than one year
6
(23,333)
(33,333)
Net assets
28,944
8,281
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
28,844
8,181
Total equity
28,944
8,281

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

SEDDONS LETTINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 November 2023 and are signed on its behalf by:
Mr R Hann
Director
Company Registration No. 10248978
SEDDONS LETTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Seddons Lettings Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2
Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the period,

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Computers

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

SEDDONS LETTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.6
Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases
SEDDONS LETTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 5 (2022 - 6).

3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
-
0
Additions
3,556
At 31 March 2023
3,556
Depreciation and impairment
At 1 April 2022
-
0
Depreciation charged in the year
179
At 31 March 2023
179
Carrying amount
At 31 March 2023
3,377
At 31 March 2022
-
0
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,969
1,148
Unpaid share capital
100
100
Other debtors
-
0
127,199
Prepayments and accrued income
1,054
2,070
3,123
130,517
SEDDONS LETTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
23,422
65,800
Corporation tax
5,916
9,029
Other taxation and social security
9,881
16,301
Other creditors
8,722
1,749
Accruals and deferred income
1,656
1,656
59,597
104,535
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,333
33,333

 

7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued
100 Ordinary shares of £1 each
100
100
2023-03-312022-04-01false27 November 2023CCH SoftwareCCH Accounts Production 2023.200Property lettingMs E Seddon DaveyMr R HannMr D Barclay102489782022-04-012023-03-3110248978bus:Director12022-04-012023-03-3110248978bus:Director22022-04-012023-03-3110248978bus:Director32022-04-012023-03-3110248978bus:RegisteredOffice2022-04-012023-03-31102489782023-03-31102489782022-03-3110248978core:OtherPropertyPlantEquipment2023-03-3110248978core:OtherPropertyPlantEquipment2022-03-3110248978core:CurrentFinancialInstruments2023-03-3110248978core:CurrentFinancialInstruments2022-03-3110248978core:Non-currentFinancialInstruments2023-03-3110248978core:Non-currentFinancialInstruments2022-03-3110248978core:ShareCapital2023-03-3110248978core:ShareCapital2022-03-3110248978core:RetainedEarningsAccumulatedLosses2023-03-3110248978core:RetainedEarningsAccumulatedLosses2022-03-31102489782021-04-012022-03-3110248978core:OtherPropertyPlantEquipment2022-03-3110248978core:OtherPropertyPlantEquipment2022-04-012023-03-3110248978bus:PrivateLimitedCompanyLtd2022-04-012023-03-3110248978bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3110248978bus:FRS1022022-04-012023-03-3110248978bus:AuditExemptWithAccountantsReport2022-04-012023-03-3110248978bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP