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Filleted
Registration number: 10872613

Elliston Lettings Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Elliston Lettings Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Elliston Lettings Ltd

Company Information

Directors

Mr M A Sauro

Mr P A Sauro

Registered office

9 Elliston Terrace
Carmarthen
SA31 1HA

Accountants

LHP Accountants Ltd
Chartered Certified Accountants
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

Elliston Lettings Ltd

(Registration number: 10872613)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

282,252

520,367

Investment property

5

246,956

-

 

529,208

520,367

Current assets

 

Debtors

6

51,783

61,447

Cash at bank and in hand

 

3,088

4,301

 

54,871

65,748

Creditors: Amounts falling due within one year

7

(173,850)

(188,672)

Net current liabilities

 

(118,979)

(122,924)

Total assets less current liabilities

 

410,229

397,443

Creditors: Amounts falling due after more than one year

7

(309,641)

(332,041)

Net assets

 

100,588

65,402

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

100,488

65,302

Shareholders' funds

 

100,588

65,402

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.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Elliston Lettings Ltd

(Registration number: 10872613)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 1 December 2023 and signed on its behalf by:
 

Mr M A Sauro
Director

Mr P A Sauro
Director

 
     
 

Elliston Lettings Ltd

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 & Wales.

The address of its registered office is:
9 Elliston Terrace
Carmarthen
SA31 1HA

These financial statements were authorised for issue by the Board on 1 December 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.

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.

Tax

The tax expense for the period comprises current 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.

 

Elliston Lettings Ltd

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

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

Land and buildings

No depreciation

Fixtures and fittings

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use 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 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.

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.

 

Elliston Lettings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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. 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.

3

Staff numbers

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

 

Elliston Lettings Ltd

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

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 April 2022

519,938

916

520,854

Additions

8,948

-

8,948

Transfers

(246,956)

-

(246,956)

At 31 March 2023

281,930

916

282,846

Depreciation

At 1 April 2022

-

487

487

Charge for the year

-

107

107

At 31 March 2023

-

594

594

Carrying amount

At 31 March 2023

281,930

322

282,252

At 31 March 2022

519,938

429

520,367

Included within the net book value of land and buildings above is £281,930 (2022 - £519,938) in respect of freehold land and buildings.
 

5

Investment properties

2023
£

Transfers to and from Tangible assets

246,956

At 31 March

246,956

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

 

Elliston Lettings Ltd

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

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

4,041

4,193

Amounts owed by related parties

10

47,430

56,430

Prepayments

 

312

608

Other debtors

 

-

216

   

51,783

61,447

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

22,096

21,883

Trade creditors

 

8,982

1,555

Taxation and social security

 

443

1,014

Amounts owed to related parties

10

92,759

90,209

Directors' loan accounts

10

408

-

Other creditors

 

49,162

74,011

 

173,850

188,672

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

309,641

332,041

 

Elliston Lettings Ltd

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

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

309,641

332,041

2023
£

2022
£

Current loans and borrowings

Bank borrowings

22,096

21,883

10

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Other payments made to company by director
£

At 31 March 2023
£

Mr P Sauro's interest free loan repayable on demand

108

(312)

(204)

Mr M Sauro's interest free loan repayable on demand

108

(312)

(204)

 

216

(624)

(408)

     

 

 

Elliston Lettings Ltd

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

2022

At 1 April 2021
£

Other payments made to company by director
£

At 31 March 2022
£

Mr P Sauro's interest free loan repayable on demand

420

(312)

108

Mr M Sauro's interest free loan repayable on demand

420

(312)

108

 

840

(624)

216

     

 

Loans to related parties

 

Other related parties

2023
£

2022
£

At start of period

56,430

-

Advanced

-

56,430

Repaid

(9,000)

-

At end of period

47,430

56,430

Terms of loans to related parties

Loans owed by other related parties are interest free with no fixed repayments and repayable on demand.

Loans from related parties

 

Other related parties

2023
£

2022
£

At start of period

90,209

82,931

Advanced

2,550

11,000

Repaid

-

(3,722)

At end of period

92,759

90,209

Terms of loans from related parties

Loans owed to other related parties are interest free with no fixed repayments and repayable on demand.