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Registration number: 09355874

Lettings Complete Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

image-name
 

Lettings Complete Limited

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Lettings Complete Limited

Company Information

Directors

Mr Simon John Davey

Miss Joanna Amanda Cox

Registered office

2/4 Ash Lane
Rustington
Littlehampton
West Sussex
BN16 3BZ

Accountants

Lucraft Hodgson & Dawes LLP
2/4 Ash Lane
Rustington
West Sussex
BN16 3BZ

 

Lettings Complete Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Simon John Davey

Miss Joanna Amanda Cox

Principal activity

The principal activity of the company is Letting agency

Small companies provision statement

This report has 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.

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

.........................................
Miss Joanna Amanda Cox
Director

 

Lettings Complete Limited

(Registration number: 09355874)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,474

4,665

Current assets

 

Debtors

5

113,600

115,101

Cash at bank and in hand

 

10,148

12,180

 

123,748

127,281

Creditors: Amounts falling due within one year

6

(91,302)

(92,525)

Net current assets

 

32,446

34,756

Total assets less current liabilities

 

35,920

39,421

Creditors: Amounts falling due after more than one year

6

(34,768)

(38,527)

Provisions for liabilities

(455)

(637)

Net assets

 

697

257

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

597

157

Shareholders' funds

 

697

257

For the financial year ending 31 December 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.

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

.........................................
Mr Simon John Davey
Director

 

Lettings Complete Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
2/4 Ash Lane
Rustington
Littlehampton
West Sussex
BN16 3BZ
United Kingdom

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

These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.

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 and deferred 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.

 

Lettings Complete Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Furniture fittings and equipment

33% on reducing basis

Motor vehicles

25% on reducing basis

Office equipment

25% on reducing basis

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.

 

Lettings Complete Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

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.

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.

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.

3

Staff numbers

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

 

Lettings Complete Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

3,112

19,067

22,179

At 31 December 2023

3,112

19,067

22,179

Depreciation

At 1 January 2023

2,803

14,711

17,514

Charge for the year

102

1,089

1,191

At 31 December 2023

2,905

15,800

18,705

Carrying amount

At 31 December 2023

207

3,267

3,474

At 31 December 2022

309

4,356

4,665

5

Debtors

Current

2023
£

2022
£

Trade debtors

7,511

8,027

Prepayments

-

139

Other debtors

106,089

106,935

 

113,600

115,101

6

Creditors

Creditors: amounts falling due within one year

 

Lettings Complete Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors (continued)

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

4,800

6,215

Trade creditors

 

2,708

2,926

Taxation and social security

 

80,809

80,399

Accruals and deferred income

 

2,985

2,985

 

91,302

92,525

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

34,768

38,527

 

34,768

38,527

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

34,768

38,527

34,768

38,527

2023
£

2022
£

Current loans and borrowings

Bank borrowings

4,800

6,215

4,800

6,215

8

Related party transactions

Transactions with directors

 

Lettings Complete Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

19,200

22,800

19,200

22,800