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Company registration number: 07696366
Boston Lets Limited
Formerly known as Lincs Lets Limited
Unaudited filleted financial statements
31 July 2023
Boston Lets Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Boston Lets Limited
Directors and other information
Director Mr Stephen Lea Epton
Company number 07696366
Registered office 75 High Street
Boston
Lincs
PE21 8SX
Business address 65 Field Street
Boston
Lincs
PE21 6TR
Accountants Lister & Co
75 High Street
Boston
Lincolnshire
PE21 8SX
Boston Lets Limited
Report to the director on the preparation of the
unaudited statutory financial statements of Boston Lets Limited
Year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Boston Lets Limited for the year ended 31 July 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of Boston Lets Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Boston Lets Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Boston Lets Limited and its director as a body for our work or for this report.
It is your duty to ensure that Boston Lets Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Boston Lets Limited. You consider that Boston Lets Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Boston Lets Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Lister & Co
ACCA
75 High Street
Boston
Lincolnshire
PE21 8SX
7 February 2024
Boston Lets Limited
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 1,032,178 1,031,251
_______ _______
1,032,178 1,031,251
Current assets
Debtors 6 275,123 92,531
Cash at bank and in hand 7,880 123,367
_______ _______
283,003 215,898
Creditors: amounts falling due
within one year 7 ( 54,875) ( 57,298)
_______ _______
Net current assets 228,128 158,600
_______ _______
Total assets less current liabilities 1,260,306 1,189,851
Creditors: amounts falling due
after more than one year 8 ( 584,608) ( 606,978)
Provisions for liabilities ( 15,614) ( 15,438)
_______ _______
Net assets 660,084 567,435
_______ _______
Capital and reserves
Called up share capital 9 100 100
Revaluation reserve 64,800 64,800
Profit and loss account 595,184 502,535
_______ _______
Shareholder funds 660,084 567,435
_______ _______
For the year ending 31 July 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 February 2024 , and are signed on behalf of the board by:
Mr Stephen Lea Epton
Director
Company registration number: 07696366
Boston Lets Limited
Notes to the financial statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 75 High Street, Boston, Lincs, PE21 8SX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for residential rents received (exempt from vat) and property management services provided.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Investment Property - 0 % straight line
Office Equiptment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 August 2022 1,030,000 4,307 1,034,307
Additions - 1,114 1,114
_______ _______ _______
At 31 July 2023 1,030,000 5,421 1,035,421
_______ _______ _______
Depreciation
At 1 August 2022 - 3,056 3,056
Charge for the year - 187 187
_______ _______ _______
At 31 July 2023 - 3,243 3,243
_______ _______ _______
Carrying amount
At 31 July 2023 1,030,000 2,178 1,032,178
_______ _______ _______
At 31 July 2022 1,030,000 1,251 1,031,251
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 128,126 91,107
Other debtors 146,997 1,424
_______ _______
275,123 92,531
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 23,617 24,196
Trade creditors 524 609
Social security and other taxes 24,384 28,482
Other creditors 6,350 4,011
_______ _______
54,875 57,298
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 584,608 606,978
_______ _______
The Bank hold a first charge against the companies property portfolio. The Loan is to be repaid in instalments over 20 Years.
Included within creditors: amounts falling due after more than one year is an amount of £ 490,142 (2022 £ 502,018 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
10. Directors advances, credits and guarantees
The Directors Current Account was repaid in full within 9 Months of the Year End.