Registration number:
Lettings Plus Property Management Services Ltd
trading as
for the Year Ended 30 August 2023
Lettings Plus Property Management Services Ltd
trading as Lettings Plus Property Management Services
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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 |
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Accountants |
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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 |
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Fixed assets |
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Tangible assets |
- |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
200 |
200 |
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Other reserves |
70,000 |
70,000 |
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Retained earnings |
557,245 |
514,391 |
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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:
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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
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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
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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
Tangible assets |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 31 August 2022 |
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Disposals |
( |
- |
( |
At 30 August 2023 |
- |
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Depreciation |
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At 31 August 2022 |
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Charge for the year |
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- |
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Eliminated on disposal |
( |
- |
( |
At 30 August 2023 |
- |
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Carrying amount |
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At 30 August 2023 |
- |
- |
- |
At 30 August 2022 |
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- |
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Investment properties |
2023 |
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At 31 August |
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At 30 August |
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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.
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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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 |
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At 31 August 2022 |
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Provision |
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Carrying amount |
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At 30 August 2023 |
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At 30 August 2022 |
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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
Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Directors Loan Account |
43,343 |
- |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Corporation tax |
11,079 |
12,452 |
Directors Loan Account |
11,411 |
6,534 |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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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.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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200 |
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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
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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