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Registration number: 13730400

N&J Lettings Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

N&J Lettings Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 7

 

N&J Lettings Ltd

(Registration number: 13730400)
Statement of Financial Position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

135,817

132,831

Current assets

 

Cash at bank and in hand

 

3,003

12,274

Creditors: Amounts falling due within one year

5

(60,800)

(60,728)

Net current liabilities

 

(57,797)

(48,454)

Total assets less current liabilities

 

78,020

84,377

Creditors: Amounts falling due after more than one year

5

(90,038)

(90,038)

Net liabilities

 

(12,018)

(5,661)

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

(12,020)

(5,663)

Shareholders' deficit

 

(12,018)

(5,661)

For the financial year ending 30 November 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 23 August 2024 and signed on its behalf by:
 


Mr Nicholas Egerton
Director

 

N&J Lettings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
Greenford
Kingsley Avenue
Ilfracombe
Devon
EX34 8ET
England

Principal activity

The principal activity of the company is that of property letting.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

N&J Lettings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Long leasehold

No depreciation is applied to investment property

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in the profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

N&J Lettings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

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 statement of comprehensive income 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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

N&J Lettings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

4

Tangible assets

Long leasehold land and buildings
£

Total
£

Cost or valuation

At 1 December 2022

132,831

132,831

Additions

2,986

2,986

At 30 November 2023

135,817

135,817

Depreciation

Carrying amount

At 30 November 2023

135,817

135,817

At 30 November 2022

132,831

132,831

Included within the net book value of long leasehold land and buildings above is £135,817 (2022 - £132,831) in respect of investment property.

The property was purchased in March 2022. The directors believe the purchase cost plus the cost of improvements to be a fair approximation of its market value as at 30 November 2023.

 

N&J Lettings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

1,000

930

Other creditors

59,800

59,798

60,800

60,728

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

90,038

90,038

Creditors include bank borrowings which are secured over the investment property of £90,038 (2022 - £90,038).

6

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

90,038

90,038

Bank borrowings after five years

Included within non-current liabilities are bank borrowings due after 5 years totalling £90,038 (2022: £90,038)

 

N&J Lettings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

8

Related party transactions

Transactions with directors

2023

At 1 December 2022
£

Other payments made to company by director
£

At 30 November 2023
£

Directors

(59,798)

(2)

(59,800)

       
     

 

2022

At 8 November 2021
£

Other payments made to company by director
£

At 30 November 2022
£

Directors

-

(59,798)

(59,798)

       
     

 

The loan is interest free and repayable on demand.