Steers McGillan Lettings Limited 14105566 false 2022-05-13 2023-08-31 2023-08-31 The principal activity of the company is furnished holiday lettings. Digita Accounts Production Advanced 6.30.9574.0 true true 14105566 2022-05-13 2023-08-31 14105566 2023-08-31 14105566 bus:OrdinaryShareClass1 2023-08-31 14105566 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 14105566 core:FurnitureFittingsToolsEquipment 2023-08-31 14105566 bus:SmallEntities 2022-05-13 2023-08-31 14105566 bus:AuditExemptWithAccountantsReport 2022-05-13 2023-08-31 14105566 bus:FullAccounts 2022-05-13 2023-08-31 14105566 bus:SmallCompaniesRegimeForAccounts 2022-05-13 2023-08-31 14105566 bus:RegisteredOffice 2022-05-13 2023-08-31 14105566 bus:Director1 2022-05-13 2023-08-31 14105566 bus:Director2 2022-05-13 2023-08-31 14105566 bus:OrdinaryShareClass1 2022-05-13 2023-08-31 14105566 bus:PrivateLimitedCompanyLtd 2022-05-13 2023-08-31 14105566 core:RetainedEarningsAccumulatedLosses core:LandBuildings 2022-05-13 2023-08-31 14105566 core:RevaluationReserve core:LandBuildings 2022-05-13 2023-08-31 14105566 core:FurnitureFittings 2022-05-13 2023-08-31 14105566 core:FurnitureFittingsToolsEquipment 2022-05-13 2023-08-31 14105566 countries:EnglandWales 2022-05-13 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 14105566

Steers McGillan Lettings Limited

Unaudited Filleted Financial Statements

for the Period from 13 May 2022 to 31 August 2023

 

Steers McGillan Lettings Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Steers McGillan Lettings Limited

Company Information

Directors

R J McGillan

C J Steers McGillan

Registered office

Beau House
61b Englishcombe Lane
Bath
BA2 2EE

Accountants

Newsham Hanson Accountants Limited
Accountants and Business Advisors
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

 

Steers McGillan Lettings Limited

(Registration number: 14105566)
Balance Sheet as at 31 August 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

17,480

Investment property

5

800,000

 

817,480

Current assets

 

Cash at bank and in hand

 

4,472

Creditors: Amounts falling due within one year

6

(886,396)

Net current liabilities

 

(881,924)

Net liabilities

 

(64,444)

Capital and reserves

 

Called up share capital

7

100

Revaluation reserve

(55,236)

Retained earnings

(9,308)

Shareholders' deficit

 

(64,444)

For the financial period ending 31 August 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 period 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.

Approved and authorised by the Board on 30 January 2024 and signed on its behalf by:
 

.........................................
C J Steers McGillan
Director

 

Steers McGillan Lettings Limited

Notes to the Unaudited Financial Statements for the Period from 13 May 2022 to 31 August 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:
Beau House
61b Englishcombe Lane
Bath
BA2 2EE

These financial statements were authorised for issue by the Board on 30 January 2024.

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.

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 and fittings

20% reducing balance basis

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.

 

Steers McGillan Lettings Limited

Notes to the Unaudited Financial Statements for the Period from 13 May 2022 to 31 August 2023

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 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.

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 period, was 0.

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

21,850

21,850

At 31 August 2023

21,850

21,850

Depreciation

Charge for the period

4,370

4,370

At 31 August 2023

4,370

4,370

Carrying amount

At 31 August 2023

17,480

17,480

 

Steers McGillan Lettings Limited

Notes to the Unaudited Financial Statements for the Period from 13 May 2022 to 31 August 2023

5

Investment properties

2023
£

Additions

855,236

Fair value adjustments

(55,236)

At 31 August

800,000

The directors have valued the investment property based on the open market value

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Due within one year

 

Amounts owed to related parties

565,436

Other creditors

 

320,960

 

886,396

7

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary share of £1 each

100

100

     

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current period were as follows:

Revaluation reserve
£

Retained earnings
£

Surplus/deficit on property, plant and equipment revaluation

(55,236)

55,236

9

Control

The company is controlled by the directors who own 100% of the called up share capital.