Caseware UK (AP4) 2023.0.135 2023.0.135 52022-12-01falsetrueThe principal activity of the company in the period under review are those of property dealing, letting and letting management.5trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11009980 2022-12-01 2023-11-30 11009980 2021-12-01 2022-11-30 11009980 2023-11-30 11009980 2022-11-30 11009980 2021-12-01 11009980 2 2022-12-01 2023-11-30 11009980 d:Director2 2022-12-01 2023-11-30 11009980 e:FurnitureFittings 2022-12-01 2023-11-30 11009980 e:FurnitureFittings 2023-11-30 11009980 e:FurnitureFittings 2022-11-30 11009980 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 11009980 e:FreeholdInvestmentProperty 2023-11-30 11009980 e:FreeholdInvestmentProperty 2022-11-30 11009980 e:FreeholdInvestmentProperty 2 2022-12-01 2023-11-30 11009980 e:CurrentFinancialInstruments 2023-11-30 11009980 e:CurrentFinancialInstruments 2022-11-30 11009980 e:CurrentFinancialInstruments e:WithinOneYear 2023-11-30 11009980 e:CurrentFinancialInstruments e:WithinOneYear 2022-11-30 11009980 e:ShareCapital 2023-11-30 11009980 e:ShareCapital 2022-11-30 11009980 e:ShareCapital 2021-12-01 11009980 e:InvestmentPropertiesRevaluationReserve 2022-12-01 2023-11-30 11009980 e:InvestmentPropertiesRevaluationReserve 2023-11-30 11009980 e:InvestmentPropertiesRevaluationReserve 2 2022-12-01 2023-11-30 11009980 e:InvestmentPropertiesRevaluationReserve 2022-11-30 11009980 e:InvestmentPropertiesRevaluationReserve 2021-12-01 11009980 e:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 11009980 e:RetainedEarningsAccumulatedLosses 2023-11-30 11009980 e:RetainedEarningsAccumulatedLosses 2 2022-12-01 2023-11-30 11009980 e:RetainedEarningsAccumulatedLosses 2021-12-01 2022-11-30 11009980 e:RetainedEarningsAccumulatedLosses 2022-11-30 11009980 e:RetainedEarningsAccumulatedLosses 2021-12-01 11009980 d:FRS102 2022-12-01 2023-11-30 11009980 d:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 11009980 d:FullAccounts 2022-12-01 2023-11-30 11009980 d:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 11009980 e:AcceleratedTaxDepreciationDeferredTax 2023-11-30 11009980 e:AcceleratedTaxDepreciationDeferredTax 2022-11-30 11009980 e:OtherDeferredTax 2023-11-30 11009980 e:OtherDeferredTax 2022-11-30 11009980 2 2022-12-01 2023-11-30 11009980 f:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 11009980










Dedman Lettings Ltd








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 30 November 2023

 
Dedman Lettings Ltd
 
  
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of Dedman Lettings Ltd for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dedman Lettings Ltd for the year ended 30 November 2023 which comprise  the Balance Sheet, the Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Dedman Lettings Ltd, as a body, in accordance with the terms of our engagement letter dated 15 August 2023Our work has been undertaken solely to prepare for your approval the financial statements of Dedman Lettings Ltd and state those matters that we have agreed to state to the Board of Directors of Dedman Lettings Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dedman Lettings Ltd and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Dedman Lettings Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Dedman Lettings Ltd. You consider that Dedman Lettings Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Dedman Lettings Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  




Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
30 July 2024
Page 1

 
Dedman Lettings Ltd
Registered number: 11009980

Balance Sheet
As at 30 November 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,753
1,277

Investment property
 5 
6,227,344
6,275,714

  
6,231,097
6,276,991

Current assets
  

Debtors: amounts falling due within one year
 6 
39,566
77,732

Cash at bank and in hand
  
293,123
703,625

Suspense account
  
13,405
-

  
346,094
781,357

Creditors: amounts falling due within one year
 7 
(5,813,823)
(6,285,883)

Net current liabilities
  
 
 
(5,467,729)
 
 
(5,504,526)

Total assets less current liabilities
  
763,368
772,465

Provisions for liabilities
  

Deferred tax
 8 
(6,727)
(18,200)

  
 
 
(6,727)
 
 
(18,200)

Net assets
  
756,641
754,265


Capital and reserves
  

Called up share capital 
  
10
10

Investment property reserve
 9 
17,532
53,767

Profit and loss account
 9 
739,099
700,488

  
756,641
754,265


Page 2

 
Dedman Lettings Ltd
Registered number: 11009980

Balance Sheet (continued)
As at 30 November 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





R Dedman
Director

Date: 30 July 2024

The notes on pages 5 to 11 form part of these financial statements.

Page 3

 
Dedman Lettings Ltd
 

Statement of Changes in Equity
For the Year Ended 30 November 2023


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 December 2021
10
53,767
508,915
562,692


Comprehensive income for the year

Profit for the year
-
-
191,573
191,573



At 1 December 2022
10
53,767
700,488
754,265


Comprehensive income for the year

Profit for the year
-
-
2,376
2,376

Transfer from non-distributable reserves
-
(36,235)
36,235
-


At 30 November 2023
10
17,532
739,099
756,641


The notes on pages 5 to 11 form part of these financial statements.

Page 4

 
Dedman Lettings Ltd
 

 
Notes to the Financial Statements
For the Year Ended 30 November 2023

1.


General information

Dedman Lettings Limited is a private company, limited by shares and incorporated in England and Wales, registration number 11009980. The registered office address is Old House Manor Estate, Cowfold Road, Coolham, Horsham, England, RH13 8QL.
The principal activities of the company in the period under review are those of property dealing, letting and letting management.
The accounts are presented in sterling and rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover represents net rental income and service charges receivable in the year on properties owned by the Company, and management fees receivable in the year for letting services to third party landlords.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 5

 
Dedman Lettings Ltd
 

 
Notes to the Financial Statements
For the Year Ended 30 November 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
straight line

 
2.7

Investment property

Investment property is carried at fair value determined annually by internal valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 
Dedman Lettings Ltd
 

 
Notes to the Financial Statements
For the Year Ended 30 November 2023

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets
Page 7

 
Dedman Lettings Ltd
 

 
Notes to the Financial Statements
For the Year Ended 30 November 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)


Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

Page 8

 
Dedman Lettings Ltd
 

 
Notes to the Financial Statements
For the Year Ended 30 November 2023

4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 December 2022
1,556


Additions
3,040



At 30 November 2023

4,596



Depreciation


At 1 December 2022
279


Charge for the year on owned assets
564



At 30 November 2023

843



Net book value



At 30 November 2023
3,753



At 30 November 2022
1,277


5.


Investment property


Freehold and long term leasehold investment property

£



Valuation


At 1 December 2022
6,275,714


Deficit on revaluation
(48,370)



At 30 November 2023
6,227,344

The 2023 valuations were made by the Directors, on an open market value for existing use basis.




Page 9

 
Dedman Lettings Ltd
 

 
Notes to the Financial Statements
For the Year Ended 30 November 2023

6.


Debtors

2023
2022
£
£


Trade debtors
1,396
67,690

Prepayments and accrued income
38,170
10,042

39,566
77,732



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
5,725
9,016

Corporation tax
13,687
45,156

Other taxation and social security
29,419
20,028

Other creditors
5,756,092
6,194,185

Accruals and deferred income
8,900
17,498

5,813,823
6,285,883



8.


Deferred taxation




2023


£






At beginning of year
(18,200)


Charged to profit or loss
11,473



At end of year
(6,727)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(6,727)
(277)

Investment property revaluations
-
(17,923)

(6,727)
(18,200)

Page 10

 
Dedman Lettings Ltd
 

 
Notes to the Financial Statements
For the Year Ended 30 November 2023

9.


Reserves

Investment property revaluation reserve

The company uses the revaluation model for the measurement of its investment properties. This reserve records the revaluation surplus recognised less the related provision for deferred tax. This is a non-distributable reserve.

Profit and loss account

The profit and loss account comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholder. This is a distributable reserve.


10.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £1,977 (2022: £1,906). Contributions totalling £Nil  (2022: £Nil) were payable to the fund at the balance sheet date.


11.


Related party transactions

The balance due to Dedman Properties Limited, a company in which a Director of Dedman Lettings Ltd is also a Director, at the year end was £5,754,249 (2022: £6,036,815), within "Other Creditors" (Note7).  
Also at the year end, a balance of £1,640 (2022: £8,203) was due to one of the Directors by the company.


Page 11