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Registration number: 03165013

Capital Lettors Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Capital Lettors Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Capital Lettors Limited

Company Information

Directors

Mr RT Tancred

Mr Y Mourat

Registered office

Capital House
55 Beckenham Lane
Bromley
Kent
BR2 0DA

Accountants

Jordan Ludlow & Associates Limited
Accountants
9 Limes Road
Beckenham
Kent
BR3 6NS

 

Capital Lettors Limited

(Registration number: 03165013)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

533,775

563,475

Tangible assets

5

3,954

5,272

 

537,729

568,747

Current assets

 

Debtors

6

58,033

40,346

Cash at bank and in hand

 

64,929

229,620

 

122,962

269,966

Creditors: Amounts falling due within one year

7

(108,906)

(90,574)

Net current assets

 

14,056

179,392

Total assets less current liabilities

 

551,785

748,139

Creditors: Amounts falling due after more than one year

7

(53,347)

(302,098)

Net assets

 

498,438

446,041

Capital and reserves

 

Called up share capital

8

3

1

Retained earnings

498,435

446,040

Shareholders' funds

 

498,438

446,041

For the financial year ending 30 September 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 Profit and Loss Account.

 

Capital Lettors Limited

(Registration number: 03165013)
Balance Sheet as at 30 September 2023

Approved and authorised by the Board on 10 September 2024 and signed on its behalf by:
 

.........................................
Mr RT Tancred
Director

 

Capital Lettors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
Capital House
55 Beckenham Lane
Bromley
Kent
BR2 0DA
England

These financial statements were authorised for issue by the Board on 10 September 2024.

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.

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Capital Lettors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Tangible assets

Tangible assets are stated in the balance sheet 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

Office equipment

25% reducing balance, per annum

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

4% and 5% Straight line, per annum

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Capital Lettors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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 profit and loss account 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 11).

 

Capital Lettors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

650,000

650,000

At 30 September 2023

650,000

650,000

Amortisation

At 1 October 2022

86,525

86,525

Amortisation charge

29,700

29,700

At 30 September 2023

116,225

116,225

Carrying amount

At 30 September 2023

533,775

533,775

At 30 September 2022

563,475

563,475

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

40,560

40,560

At 30 September 2023

40,560

40,560

Depreciation

At 1 October 2022

35,288

35,288

Charge for the year

1,318

1,318

At 30 September 2023

36,606

36,606

Carrying amount

At 30 September 2023

3,954

3,954

At 30 September 2022

5,272

5,272

 

Capital Lettors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

55,683

37,996

Other debtors

2,350

2,350

 

58,033

40,346

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,000

19,660

Trade creditors

 

875

-

Taxation and social security

 

89,901

65,964

Accruals and deferred income

 

5,450

4,950

Other creditors

 

2,680

-

 

108,906

90,574

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

16,667

26,667

Other non-current financial liabilities

 

36,680

275,431

 

53,347

302,098

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

Ordinary A shares of £1 (2022 - £0) each

1

1

-

-

Ordinary B shares of £1 (2022 - £0) each

1

1

-

-

3

3

1

1

 

Capital Lettors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

16,667

26,667

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

17,917

Other borrowings

-

1,743

10,000

19,660

10

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £Nil (2022 - £35,000.00) per each Ordinary shares

-

35,000

Interim dividend of £44,500.00 (2022 - £Nil) per each Ordinary A shares

44,500

-

Interim dividend of £47,200.00 (2022 - £Nil) per each Ordinary B shares

47,200

-

91,700

35,000

 

Capital Lettors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

35,030

33,789

Contributions paid to money purchase schemes

33,750

17,500

68,780

51,289

Dividends paid to directors

2023
£

2022
£

Mr RT Tancred

Ordinary share

-

35,000

 

 

Other transactions with directors

As at 30th September 2023, the amounts payable to the director Mr R Tancred was £Nil (2022 - £1,743).