Registered number
06390338
The Letting Agency Ltd
Unaudited Filleted Accounts
31 December 2023
The Letting Agency Ltd
Registered number: 06390338
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 184,299 -
Tangible assets 4 150 97
Investments 5 700 700
185,149 797
Current assets
Debtors 6 90,427 84,216
Cash at bank and in hand 91,145 89,195
181,572 173,411
Creditors: amounts falling due within one year 7 (79,008) (66,105)
Net current assets 102,564 107,306
Total assets less current liabilities 287,713 108,103
Provisions for liabilities (112) (83)
Net assets 287,601 108,020
Capital and reserves
Called up share capital 241 186
Share premium 191,945 -
Profit and loss account 95,415 107,834
Shareholders' funds 287,601 108,020
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P A Lindley
Director
Approved by the board on 14 August 2024
The Letting Agency Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and fittings over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 11 11
3 Intangible fixed assets Goodwill
£
Cost
Additions 192,000
At 31 December 2023 192,000
Amortisation
Provided during the year 7,701
At 31 December 2023 7,701
Net book value
At 31 December 2023 184,299
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Total
£
Cost
At 1 January 2023 1,674
Additions 166
At 31 December 2023 1,840
Depreciation
At 1 January 2023 1,577
Charge for the year 113
At 31 December 2023 1,690
Net book value
At 31 December 2023 150
At 31 December 2022 97
5 Investments
Other
investments
£
Cost
At 1 January 2023 700
At 31 December 2023 700
6 Debtors 2023 2022
£ £
Trade debtors 5,712 1,595
Amounts owed by group undertakings and undertakings in which the company has a participating interest 82,544 81,915
Other debtors 2,171 706
90,427 84,216
7 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 5,097 4,902
Taxation and social security costs 61,441 52,758
Other creditors 12,470 8,445
79,008 66,105
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 1 6,704
9 Other information
The Letting Agency Ltd is a private company limited by shares and incorporated in England. Its registered office is:
10 The Pavement
St. Ives
Cambs
PE27 5AD
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