3 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 38,453 35,772 537 36,309 2,144 2,681 xbrli:pure xbrli:shares iso4217:GBP 04643218 2023-04-01 2024-03-31 04643218 2024-03-31 04643218 2023-03-31 04643218 2022-04-01 2023-03-31 04643218 2023-03-31 04643218 2022-03-31 04643218 core:FurnitureFittings 2023-04-01 2024-03-31 04643218 bus:Director1 2023-04-01 2024-03-31 04643218 core:FurnitureFittings 2023-03-31 04643218 core:FurnitureFittings 2024-03-31 04643218 core:WithinOneYear 2024-03-31 04643218 core:WithinOneYear 2023-03-31 04643218 core:AfterOneYear 2024-03-31 04643218 core:AfterOneYear 2023-03-31 04643218 core:ShareCapital 2024-03-31 04643218 core:ShareCapital 2023-03-31 04643218 core:RetainedEarningsAccumulatedLosses 2024-03-31 04643218 core:RetainedEarningsAccumulatedLosses 2023-03-31 04643218 core:FurnitureFittings 2023-03-31 04643218 bus:SmallEntities 2023-04-01 2024-03-31 04643218 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04643218 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04643218 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04643218 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 04643218
Letts Wheeler Architecture & Design Limited
Filleted Unaudited Financial Statements
31 March 2024
Letts Wheeler Architecture & Design Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
2,559
1,834
Tangible assets
6
2,144
2,681
-------
-------
4,703
4,515
Current assets
Stocks
19,000
Debtors
7
299
269
Cash at bank and in hand
123,252
65,921
---------
--------
123,551
85,190
Creditors: amounts falling due within one year
8
40,766
29,869
---------
--------
Net current assets
82,785
55,321
--------
--------
Total assets less current liabilities
87,488
59,836
Creditors: amounts falling due after more than one year
9
505
673
Provisions
1,176
858
--------
--------
Net assets
85,807
58,305
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
85,805
58,303
--------
--------
Shareholders funds
85,807
58,305
--------
--------
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 income and retained earnings has not been delivered.
For the year ending 31 March 2024 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 .
Letts Wheeler Architecture & Design Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 31 July 2024 , and are signed on behalf of the board by:
Mr M Letts
Director
Company registration number: 04643218
Letts Wheeler Architecture & Design Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Studio 10, Ayr Street Workshops, Ayr Street, Nottingham, NG7 4FX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Computer software
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Intangible assets
Computer software
£
Cost
At 1 April 2023
3,668
Additions
1,822
-------
At 31 March 2024
5,490
-------
Amortisation
At 1 April 2023
1,834
Charge for the year
1,097
-------
At 31 March 2024
2,931
-------
Carrying amount
At 31 March 2024
2,559
-------
At 31 March 2023
1,834
-------
6. Tangible assets
Fixtures and fittings
£
Cost
At 1 April 2023 and 31 March 2024
38,453
--------
Depreciation
At 1 April 2023
35,772
Charge for the year
537
--------
At 31 March 2024
36,309
--------
Carrying amount
At 31 March 2024
2,144
--------
At 31 March 2023
2,681
--------
7. Debtors
2024
2023
£
£
Other debtors
299
269
----
----
8. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
16,397
6,178
Social security and other taxes
14,448
9,506
Other creditors
9,921
14,185
--------
--------
40,766
29,869
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
505
673
----
----
10. Directors' advances, credits and guarantees
At the balance sheet date, the company owed £6,551 (2023: £12,879) to the directors.
The Directors' loans are interest free and repayable on demand.