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Company registration number: 13748393
Leeds Living Rentals Ltd
Unaudited filleted financial statements
30 November 2023
Leeds Living Rentals Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Leeds Living Rentals Ltd
Directors and other information
Directors Mr J A Cragg
Mr T Cragg
Company number 13748393
Registered office 56 Lidgett Lane
Garforth
Leeds
West Yorkshire
LS25 1LL
Accountants SMH Howard Matthews Ltd
Lidgett House
56 Lidgett Lane
Leeds
West Yorkshire
LS25 1LL
Bankers Revolut Ltd
7 Westferry Circus
Canary Wharf
London
E14 4HD
Leeds Living Rentals Ltd
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 779,706 380,816
_______ _______
779,706 380,816
Current assets
Debtors 6 300 165
Cash at bank and in hand 57 1,279
_______ _______
357 1,444
Creditors: amounts falling due
within one year 7 ( 206,528) ( 95,521)
_______ _______
Net current liabilities ( 206,171) ( 94,077)
_______ _______
Total assets less current liabilities 573,535 286,739
Creditors: amounts falling due
after more than one year 8 ( 575,950) ( 287,975)
_______ _______
Net liabilities ( 2,415) ( 1,236)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 2,515) ( 1,336)
_______ _______
Shareholders deficit ( 2,415) ( 1,236)
_______ _______
For the 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 August 2024 , and are signed on behalf of the board by:
Mr T Cragg
Director
Company registration number: 13748393
Leeds Living Rentals Ltd
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lidgett House, 56 Lidgett Lane, Garforth, Leeds, West Yorkshire, LS25 1LL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is rental income receivable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are carried at revalued amounts and recorded at the fair value at the date of revaluation.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a 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.
4. Staff costs
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 1,537 2,643
_______ _______
5. Tangible assets
Freehold property Total
£ £
Cost
At 1 December 2022 380,816 380,816
Additions 398,890 398,890
_______ _______
At 30 November 2023 779,706 779,706
_______ _______
Depreciation
At 1 December 2022 and 30 November 2023 - -
_______ _______
Carrying amount
At 30 November 2023 779,706 779,706
_______ _______
At 30 November 2022 380,816 380,816
_______ _______
6. Debtors
2023 2022
£ £
Other debtors 300 165
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Other creditors 206,528 95,521
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 575,950 287,975
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr J A Cragg ( 18,308) ( 10,000) 842 ( 27,466)
Mr T Cragg ( 77,213) ( 113,896) 12,047 ( 179,062)
_______ _______ _______ _______
( 95,521) ( 123,896) 12,889 ( 206,528)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr J A Cragg - ( 18,444) 136 ( 18,308)
Mr T Cragg - ( 82,830) 5,617 ( 77,213)
_______ _______ _______ _______
- ( 101,274) 5,753 ( 95,521)
_______ _______ _______ _______