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Registration number: 04836611

Webb's Property Lettings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Webb's Property Lettings Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

Webb's Property Lettings Limited

(Registration number: 04836611)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

5

350,000

350,000

Current assets

 

Debtors

6

1,376

1,272

Cash at bank and in hand

 

949

613

 

2,325

1,885

Creditors: Amounts falling due within one year

7

(152,393)

(168,397)

Net current liabilities

 

(150,068)

(166,512)

Total assets less current liabilities

 

199,932

183,488

Creditors: Amounts falling due after more than one year

7

(80,513)

(26,723)

Provisions for liabilities

(30,284)

(36,196)

Net assets

 

89,135

120,569

Capital and reserves

 

Called up share capital

100

100

Other reserves

179,517

154,312

Retained earnings

(90,482)

(33,843)

Shareholders' funds

 

89,135

120,569

For the financial 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.

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 April 2024 and signed on its behalf by:
 

 

Webb's Property Lettings Limited

(Registration number: 04836611)
Balance Sheet as at 31 July 2023

.........................................
D T Webb
Director

 

Webb's Property Lettings Limited

Notes to the Financial Statements for the Year Ended 31 July 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 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.

 

Webb's Property Lettings Limited

Notes to the Financial Statements for the Year Ended 31 July 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.

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

Office equipment

25% on cost

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 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.

 

Webb's Property Lettings Limited

Notes to the Financial Statements for the Year Ended 31 July 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

1,010

1,010

At 31 July 2023

1,010

1,010

Depreciation

At 1 August 2022

1,010

1,010

At 31 July 2023

1,010

1,010

Net book value

At 31 July 2023

-

-

5

Investment properties

2023
£

At 1 August

350,000

Additions

31,117

Fair value adjustments

(31,117)

At 31 July

350,000

The property has been valued at fair value by the directors.

 

Webb's Property Lettings Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

6

Debtors

2023
£

2022
£

Prepayments

1,376

1,272

1,376

1,272

7

Creditors

Amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

10,479

7,500

Trade creditors

 

1,675

1,048

Accruals and deferred income

 

2,361

2,103

Other creditors

 

137,878

157,746

 

152,393

168,397

Amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

80,513

26,723

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

80,513

26,723

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,479

7,500

 

Webb's Property Lettings Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

9

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £90,992 (2022 - £34,223). Legal charge registered with Companies House states there is an amount secured regarding all monies due or to become due from the company to the chargee. The property known as 130 Leigh Hunt Drive, Southgate, London N14 6DJ - fixed charge over all rental income and the proceeds of sale of any lease of the property. There is a floating charge over the undertaking, all property assets and rights of the company.