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REGISTERED NUMBER: 05633452 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 November 2023

for

Safelettings Ltd

Safelettings Ltd (Registered number: 05633452)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Safelettings Ltd

Company Information
for the Year Ended 30 November 2023







DIRECTOR: Mr C Christodoulou





SECRETARY: Mr A Christodoulou





REGISTERED OFFICE: 1146 High Road
Whetstone
London
N20 0RA





REGISTERED NUMBER: 05633452 (England and Wales)





ACCOUNTANTS: Cymans
Chartered Certified Accountants
1146 High Road
Whetstone
London
N20 0RA

Safelettings Ltd (Registered number: 05633452)

Statement of Financial Position
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,612,000 1,612,000

CURRENT ASSETS
Debtors 5 1,250 -
Cash at bank and in hand 6,371 9,876
7,621 9,876
CREDITORS
Amounts falling due within one year 6 189,340 472,113
NET CURRENT LIABILITIES (181,719 ) (462,237 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,430,281

1,149,763

CREDITORS
Amounts falling due after more than one
year

7

(917,683

)

(662,195

)

PROVISIONS FOR LIABILITIES (81,883 ) (81,883 )
NET ASSETS 430,715 405,685

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 9 430,615 405,585
SHAREHOLDERS' FUNDS 430,715 405,685

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 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.

Safelettings Ltd (Registered number: 05633452)

Statement of Financial Position - continued
30 November 2023


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 16 August 2024 and were signed by:





Mr C Christodoulou - Director


Safelettings Ltd (Registered number: 05633452)

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

1. STATUTORY INFORMATION

Safelettings 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover represents rent receivable on an accrual basis.

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.

Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities, it is a departure from the general requirement of the Companies Act 2006 for the tangible assets to be depreciated. In the opinion of the director compliance with standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount of which otherwise have been charged cannot be separately identified or qualified.

The directors are of the opinion that the value stated in the accounts for land and buildings reflect the market value.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 (2022 - 1 ).

Safelettings Ltd (Registered number: 05633452)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022
and 30 November 2023 1,612,000
NET BOOK VALUE
At 30 November 2023 1,612,000
At 30 November 2022 1,612,000

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2018 369,263
Valuation in 2022 61,702
Cost 1,181,035
1,612,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 1,250 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts 117,477 367,717
Taxation and social security 5,871 5,087
Other creditors 65,992 99,309
189,340 472,113

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.23 30.11.22
£    £   
Bank loans 786,847 534,375
Other creditors 130,836 127,820
917,683 662,195

8. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
£    £   
Bank loans 904,324 902,092

The bank hold a fixed and floating charge over all current and future assets of the company until the loans are repaid.

Safelettings Ltd (Registered number: 05633452)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

9. RESERVES
Retained
earnings
£   

At 1 December 2022 405,585
Profit for the year 25,030
At 30 November 2023 430,615

Retained earnings comprises of the following:

Distributable reserves £87,404 (£56,503 in 2022)

Non distributable reserves £349,082 (£349,082 in 2022)