M & V Lettings Limited 07428472 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is investment in and letting of property. Digita Accounts Production Advanced 6.30.9574.0 true true 07428472 2022-12-01 2023-11-30 07428472 2023-11-30 07428472 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 07428472 bus:SmallEntities 2022-12-01 2023-11-30 07428472 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 07428472 bus:FullAccounts 2022-12-01 2023-11-30 07428472 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 07428472 bus:RegisteredOffice 2022-12-01 2023-11-30 07428472 bus:Director1 2022-12-01 2023-11-30 07428472 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 07428472 countries:EnglandWales 2022-12-01 2023-11-30 07428472 2022-11-30 07428472 2021-12-01 2022-11-30 07428472 2022-11-30 07428472 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 iso4217:GBP xbrli:pure

Registration number: 07428472

M & V Lettings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

M & V Lettings Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

M & V Lettings Limited

(Registration number: 07428472)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

260,000

203,000

Current assets

 

Cash at bank and in hand

 

15,527

17,528

Creditors: Amounts falling due within one year

5

(127,067)

(127,447)

Net current liabilities

 

(111,540)

(109,919)

Total assets less current liabilities

 

148,460

93,081

Provisions for liabilities

(23,877)

(13,047)

Net assets

 

124,583

80,034

Capital and reserves

 

Called up share capital

100

100

Other reserves

101,789

55,619

Retained earnings

22,694

24,315

Shareholders' funds

 

124,583

80,034

For the financial year ending 30 November 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 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 director acknowledges her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 February 2024
 

.........................................
J L Austin
Director

 

M & V Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
7a King Street
Frome
Somerset
BA11 1BH

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 and deferred 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.

 

M & V Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

4

Investment properties

2023
£

At 1 December

203,000

Fair value adjustments

57,000

At 30 November

260,000

The property has been valued at fair value by the directors

 

M & V Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Creditors

Amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

1,344

1,096

Other creditors

125,634

125,634

Corporation tax

89

717

127,067

127,447