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Registration number: 07743677

Lettings Plus Property Management Services Ltd

trading as Lettings Plus Property Management Services

Annual Report and Unaudited Financial Statements

for the Year Ended 30 August 2023

 

Lettings Plus Property Management Services Ltd

trading as Lettings Plus Property Management Services

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Lettings Plus Property Management Services Ltd

trading as Lettings Plus Property Management Services

Company Information

Directors

Mr M D Hall

Miss A L Hall

Registered office

Westland Court
Shady Lane
Watford
Hertfordshire
WD17 1QR

Accountants

RS Partnership Ltd
Chartered Certified Accountants
10 Prospect Place
Welwyn
Hertfordshire
AL6 9EW

 

Lettings Plus Property Management Services Ltd

trading as Lettings Plus Property Management Services

(Registration number: 07743677)
Balance Sheet as at 30 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

1,875

Investment property

5

1,400,000

1,400,000

Investments

6

100

100

 

1,400,100

1,401,975

Current assets

 

Debtors

7

252,206

213,718

Cash at bank and in hand

 

3,136

3,885

 

255,342

217,603

Creditors: Amounts falling due within one year

8

(53,347)

(60,337)

Net current assets

 

201,995

157,266

Total assets less current liabilities

 

1,602,095

1,559,241

Creditors: Amounts falling due after more than one year

8

(961,350)

(961,350)

Provisions for liabilities

(13,300)

(13,300)

Net assets

 

627,445

584,591

Capital and reserves

 

Called up share capital

9

200

200

Other reserves

70,000

70,000

Retained earnings

557,245

514,391

Shareholders' funds

 

627,445

584,591

For the financial year ending 30 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 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 and the option not to file the Profit and Loss Account has been taken.

 

Lettings Plus Property Management Services Ltd

trading as Lettings Plus Property Management Services

(Registration number: 07743677)
Balance Sheet as at 30 August 2023

Approved and authorised by the Board on 9 April 2024 and signed on its behalf by:
 

.........................................
Mr M D Hall
Director

 

Lettings Plus Property Management Services Ltd

trading as Lettings Plus Property Management Services

Notes to the Unaudited Financial Statements for the Year Ended 30 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:
Westland Court
Shady Lane
Watford
Hertfordshire
WD17 1QR
England

The principal place of business is:
Westland Court
Shady Lane
Watford
Hertfordshire
WD17 1QR
England

These financial statements were authorised for issue by the Board on 9 April 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.

These financial statements are presented in Pounds Sterling (£), which is the Company’s functional
currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.

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.

 

Lettings Plus Property Management Services Ltd

trading as Lettings Plus Property Management Services

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

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.

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

Plant and machinery

20% straight line

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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Lettings Plus Property Management Services Ltd

trading as Lettings Plus Property Management Services

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Lettings Plus Property Management Services Ltd

trading as Lettings Plus Property Management Services

Notes to the Unaudited Financial Statements for the Year Ended 30 August 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.

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 directors) during the year, was 2 (2022 - 2).

 

Lettings Plus Property Management Services Ltd

trading as Lettings Plus Property Management Services

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

4

Tangible assets

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 31 August 2022

2,500

4,784

7,284

Disposals

(2,500)

-

(2,500)

At 30 August 2023

-

4,784

4,784

Depreciation

At 31 August 2022

625

4,784

5,409

Charge for the year

333

-

333

Eliminated on disposal

(958)

-

(958)

At 30 August 2023

-

4,784

4,784

Carrying amount

At 30 August 2023

-

-

-

At 30 August 2022

1,875

-

1,875

5

Investment properties

2023
£

At 31 August

1,400,000

At 30 August

1,400,000

The investment property was aquired June 2021 and consists of five leaseholds. The fair value of the investment property has been made by the director.

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

6

Investments

2023
£

2022
£

Investments in subsidiaries

100

100

 

Lettings Plus Property Management Services Ltd

trading as Lettings Plus Property Management Services

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

Subsidiaries

£

Cost or valuation

At 31 August 2022

100

Provision

Carrying amount

At 30 August 2023

100

At 30 August 2022

100

 

Lettings Plus Property Management Services Ltd

trading as Lettings Plus Property Management Services

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

7

Debtors

2023
£

2022
£

Trade debtors

1,290

6,101

Prepayments

1,150

1,195

Other debtors

206,423

206,422

Directors Loan Account

43,343

-

252,206

213,718

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

501

3,286

Taxation and social security

6,973

7,168

Accruals and deferred income

7,806

16,834

Other creditors

15,577

14,063

Corporation tax

11,079

12,452

Directors Loan Account

11,411

6,534

53,347

60,337

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

961,350

961,350

Creditors include bank loans which are secured of £961,350 (2022 - £961,350). They are secured by a fixed charge on 23 Westland Road, Watford, Hertfordshire, WD17 1QR.

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

         
 

Lettings Plus Property Management Services Ltd

trading as Lettings Plus Property Management Services

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

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

961,350

961,350