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REGISTERED NUMBER: 11795498 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

SHARP PROPERTY (LETS) LTD

SHARP PROPERTY (LETS) LTD (REGISTERED NUMBER: 11795498)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SHARP PROPERTY (LETS) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTOR: M W Scrancher





SECRETARY:





REGISTERED OFFICE: 21 Coverdale
Carlton Colville
Lowestoft
Suffolk
NR33 8TD





REGISTERED NUMBER: 11795498 (England and Wales)





ACCOUNTANTS: Juler Tooke
Lothing House
Quay View Business Park
Barnards Way
Lowestoft
Suffolk
NR32 2HD

SHARP PROPERTY (LETS) LTD (REGISTERED NUMBER: 11795498)

BALANCE SHEET
31 JANUARY 2024

31.1.24 31.1.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 264 311
Investment property 5 540,000 460,000
540,264 460,311

CURRENT ASSETS
Debtors 6 280 302
Cash at bank 71,190 52,832
71,470 53,134
CREDITORS
Amounts falling due within one year 7 (393,685 ) (393,324 )
NET CURRENT LIABILITIES (322,215 ) (340,190 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

218,049

120,121

PROVISIONS FOR LIABILITIES (31,630 ) (16,430 )
NET ASSETS 186,419 103,691

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 186,409 103,681
186,419 103,691

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SHARP PROPERTY (LETS) LTD (REGISTERED NUMBER: 11795498)

BALANCE SHEET - continued
31 JANUARY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 April 2024 and were signed by:





M W Scrancher - Director


SHARP PROPERTY (LETS) LTD (REGISTERED NUMBER: 11795498)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Sharp Property (Lets) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

SHARP PROPERTY (LETS) LTD (REGISTERED NUMBER: 11795498)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023
and 31 January 2024 595
DEPRECIATION
At 1 February 2023 284
Charge for year 47
At 31 January 2024 331
NET BOOK VALUE
At 31 January 2024 264
At 31 January 2023 311

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023 460,000
Revaluations 80,000
At 31 January 2024 540,000
NET BOOK VALUE
At 31 January 2024 540,000
At 31 January 2023 460,000

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2022 51,474
Valuation in 2023 35,000
Valuation in 2024 80,000
Cost 373,526
540,000

If investment property had not been revalued it would have been included at the following historical cost:

31.1.24 31.1.23
£    £   
Cost 373,526 373,526

Investment property was valued on an open market basis on 31 January 2024 by the director during a fair value review .

SHARP PROPERTY (LETS) LTD (REGISTERED NUMBER: 11795498)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Other debtors 280 302

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade creditors 1,351 1,334
Taxation and social security 4,216 4,178
Other creditors 388,118 387,812
393,685 393,324

8. ULTIMATE CONTROLLING PARTY

The controlling party is M W Scrancher.

The ultimate controlling party is M W Scrancher.

The company was under the control of the director Mr M Scrancher as the holder of the entire share capital of the company throughout the entire period.

The company operates a loan account with the director and as at the 31 January 2024, the balance was correctly stated at £388,118.