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Registration number: 12421596

Lets Manage South Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Lets Manage South Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 10

 

Lets Manage South Limited

(Registration number: 12421596)
Balance Sheet as at 31 January 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

225,340

94,676

Current assets

 

Stocks

5

28,028

26,428

Debtors

6

618,558

565,719

Cash at bank and in hand

 

154,663

1

 

801,249

592,148

Creditors: Amounts falling due within one year

7

(376,628)

(317,229)

Net current assets

 

424,621

274,919

Total assets less current liabilities

 

649,961

369,595

Creditors: Amounts falling due after more than one year

7

(149,193)

(63,133)

Provisions for liabilities

(34,682)

(23,636)

Net assets

 

466,086

282,826

Capital and reserves

 

Called up share capital

100

100

Retained earnings

465,986

282,726

Shareholders' funds

 

466,086

282,826

For the financial year ending 31 January 2024 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.

Approved and authorised by the Board on 28 March 2024 and signed on its behalf by:
 

Mr J Blinman
Director

   
     
 

Lets Manage South Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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:
Freshford House
Redcliffe Way
Bristol
Avon
BS1 6NL
England

These financial statements were authorised for issue by the Board on 28 March 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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future despite the ongoing energy, interest rate and cost of living increases. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

Finance income and costs policy

Finance income and expenses are recognised using the effective interest method.

 

Lets Manage South Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

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.

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

Motor Vehicles

25 % Reducing balance

Plant and Machinery

25 % Reducing balance

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.

Debtors

Trade debtors are amounts due from customers for goods 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.

 

Lets Manage South Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Lets Manage South Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 3 (2023 - 3).

 

Lets Manage South Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

10,703

98,653

109,356

Additions

24,515

146,730

171,245

Disposals

-

(2,740)

(2,740)

At 31 January 2024

35,218

242,643

277,861

Depreciation

At 1 February 2023

3,578

11,102

14,680

Charge for the year

4,704

33,137

37,841

At 31 January 2024

8,282

44,239

52,521

Carrying amount

At 31 January 2024

26,936

198,404

225,340

At 31 January 2023

7,125

87,551

94,676

5

Stocks

2024
£

2023
£

Other inventories

28,028

26,428

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

243,594

531,748

Amounts owed by related parties

10

373,805

20,506

Other debtors

 

-

11,813

Prepayments

 

1,159

1,652

 

618,558

565,719

 

Lets Manage South Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

8

25,324

26,215

Trade creditors

 

21,833

80,178

Social security and other taxes

 

204,038

154,069

Other creditors

 

1,967

2,841

Accruals

 

30,183

2,950

Corporation tax liability

93,283

50,976

 

376,628

317,229

Due after one year

 

Loans and borrowings

8

149,193

63,133

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

149,193

63,133

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

-

8,568

Hire purchase contracts

25,324

17,647

25,324

26,215

Obligations under hire purchase contracts are secured against the assets to which they relate.

9

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are pensions of £377 (2023 - £356).

 

Lets Manage South Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

10

Related party transactions

Loans to related parties

Terms of loans to related parties

Other related parties are related by virtue of their common ownership.

Loans with key management and other related parties are interest free and repayable on demand.

2024

Key management
£

Other related parties
£

Total
£

At start of period

6,163

14,343

20,506

Advanced

708,613

247,406

956,019

Repaid

(595,937)

(6,783)

(602,720)

At end of period

118,839

254,966

373,805

2023

Key management
£

Other related parties
£

Total
£

At start of period

42,298

4,924

47,222

Advanced

5,618

9,419

15,037

Repaid

(41,753)

-

(41,753)

At end of period

6,163

14,343

20,506

 

Lets Manage South Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

11

Transition to FRS 102 1A

The company has historically not recognised deferred tax as required under FRS 105. Under FRS 102 1A, deferred tax should be recoginsed where applicable as an asset or liability in the balance sheet. The effect on the previous two periods balance sheets is summarised below.

Balance Sheet at 1 February 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

62,366

-

-

62,366

Current assets

Stocks

6,400

-

-

6,400

Debtors

190,319

-

-

190,319

Cash at bank and in hand

84,056

-

-

84,056

280,775

-

-

280,775

Creditors: Amounts falling due within one year

(137,848)

(15,518)

-

(153,366)

Net current assets/(liabilities)

142,927

(15,518)

-

127,409

Total assets less current liabilities

205,293

(15,518)

-

189,775

Creditors: Amounts falling due after more than one year

(31,470)

-

-

(31,470)

Net assets/(liabilities)

173,823

(15,518)

-

158,305

Capital and reserves

Called up share capital

(1)

-

-

(1)

Profit and loss account

(173,822)

15,518

-

(158,304)

Total equity

(173,823)

15,518

-

(158,305)

 

Lets Manage South Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Balance Sheet at 31 January 2023
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

94,676

-

-

94,676

Current assets

Stocks

26,428

-

-

26,428

Debtors

565,719

-

-

565,719

Cash at bank and in hand

1

-

-

1

592,148

-

-

592,148

Creditors: Amounts falling due within one year

(317,229)

(23,636)

-

(340,865)

Net current assets/(liabilities)

274,919

(23,636)

-

251,283

Total assets less current liabilities

369,595

(23,636)

-

345,959

Creditors: Amounts falling due after more than one year

(63,133)

-

-

(63,133)

Net assets/(liabilities)

306,462

(23,636)

-

282,826

Capital and reserves

Called up share capital

(100)

-

-

(100)

Profit and loss account

(306,362)

23,636

-

(282,726)

Total equity

(306,462)

23,636

-

(282,826)