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Sage Accounts Production Advanced 2023 - FRS102_2023
693
120
141,142
141,142
141,142
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SC556113
2023-02-01
2024-01-31
SC556113
2024-01-31
SC556113
2023-01-31
SC556113
2022-02-01
2023-01-31
SC556113
2023-01-31
SC556113
2022-01-31
SC556113
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2023-02-01
2024-01-31
SC556113
bus:LeadAgentIfApplicable
2023-02-01
2024-01-31
SC556113
bus:Director1
2023-02-01
2024-01-31
SC556113
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2024-01-31
SC556113
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2023-01-31
SC556113
core:RetainedEarningsAccumulatedLosses
2023-01-31
SC556113
core:RetainedEarningsAccumulatedLosses
2022-01-31
SC556113
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2024-01-31
SC556113
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2023-01-31
SC556113
core:ShareCapital
2024-01-31
SC556113
core:ShareCapital
2023-01-31
SC556113
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-01-31
SC556113
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-01-31
SC556113
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2023-02-01
2024-01-31
SC556113
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2023-02-01
2024-01-31
SC556113
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2023-02-01
2024-01-31
SC556113
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2024-01-31
SC556113
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2023-02-01
2024-01-31
COMPANY REGISTRATION NUMBER:
SC556113
Unaudited Financial Statements |
|
Year ended 31 January 2024
Statement of income and retained earnings |
2 |
|
|
Statement of financial position |
3 |
|
|
Notes to the financial statements |
4 |
|
|
The following pages do not form part of the financial statements
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements |
8 |
|
|
Year ended 31 January 2024
The director presents her report and the unaudited financial statements of the company for the year ended
31 January 2024
.
Principal activities
The principal activity of the company during the period was that of property renovation and letting.
Director
The director who served the company during the year was as follows:
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
25 September 2024
and signed on behalf of the board by:
Registered office: |
32 Newmills Crescent |
Balerno |
EH14 5SX |
|
Statement of Income and Retained Earnings |
|
Year ended 31 January 2024
|
2024 |
2023 |
Note |
£ |
£ |
Turnover |
5,400 |
4,590 |
|
|
|
|
------- |
------- |
Gross profit |
5,400 |
4,590 |
|
|
|
Administrative expenses |
313 |
316 |
|
------- |
------- |
Operating profit |
5,087 |
4,274 |
|
|
|
Interest payable and similar expenses |
4 |
4,394 |
4,394 |
|
------- |
------- |
Profit/(loss) before taxation |
693 |
(
120) |
|
|
|
|
Tax on profit/(loss) |
– |
– |
|
---- |
---- |
Profit/(loss) for the financial year and total comprehensive income |
693 |
(
120) |
|
---- |
---- |
|
|
|
Retained losses at the start of the year |
(
5,760) |
(
5,640) |
|
------- |
------- |
Retained losses at the end of the year |
(
5,067) |
(
5,760) |
|
------- |
------- |
|
|
|
All the activities of the company are from continuing operations.
Statement of Financial Position |
|
31 January 2024
Fixed assets
Tangible assets |
5 |
|
141,142 |
141,142 |
|
|
|
|
|
Current assets
Cash at bank and in hand |
1,335 |
|
642 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
147,444 |
|
147,444 |
|
---------- |
|
---------- |
Net current liabilities |
|
146,109 |
146,802 |
|
|
---------- |
---------- |
Total assets less current liabilities |
|
(
4,967) |
(
5,660) |
|
|
------- |
------- |
Net liabilities |
|
(
4,967) |
(
5,660) |
|
|
------- |
------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
(
5,067) |
(
5,760) |
|
|
------- |
------- |
Shareholders deficit |
|
(
4,967) |
(
5,660) |
|
|
------- |
------- |
|
|
|
|
These financial statements have been prepared 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'.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
25 September 2024
, and are signed on behalf of the board by:
Company registration number:
SC556113
Notes to the Financial Statements |
|
Year ended 31 January 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 32 Newmills Crescent, Balerno, EH14 5SX.
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 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.
Going concern
The accounts are prepared on a going concern basis as the director has confirmed she will continue to support the company and provide funding if required.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
Investment property
Investment property is initially recorded 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 profit or loss.
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.
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.
4.
Interest payable and similar expenses
|
2024 |
2023 |
|
£ |
£ |
Interest on banks loans and overdrafts |
4,394 |
4,394 |
|
------- |
------- |
|
|
|
5.
Tangible assets
|
Investment property |
|
£ |
Cost |
|
At 1 February 2023 and 31 January 2024 |
141,142 |
|
---------- |
Depreciation |
|
At 1 February 2023 and 31 January 2024 |
– |
|
---------- |
Carrying amount |
|
At 31 January 2024 |
141,142 |
|
---------- |
At 31 January 2023 |
141,142 |
|
---------- |
|
|
The property was purchased in April 2017 and the director is of the opinion that there has been no change in value since that date.
6.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
116,420 |
116,420 |
Accruals and deferred income |
300 |
300 |
Director loan accounts |
30,724 |
30,724 |
|
---------- |
---------- |
|
147,444 |
147,444 |
|
---------- |
---------- |
|
|
|
The director's loan account is interest free with no specific terms for repayment. The bank loan is secured in favour of Aldermore Bank plc, by way of a floating charge over the company's assets.
Year ended 31 January 2024
The following pages do not form part of the financial statements.
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
CW Lets Ltd |
|
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of CW Lets Ltd for the year ended 31 January 2024, as set out on pages 2 to 6 from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of CW Lets Ltd. Our work has been undertaken solely to prepare for your approval the financial statements of CW Lets Ltd and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CW Lets Ltd and its director for our work or for this report.
It is your duty to ensure that CW Lets Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of CW Lets Ltd. You consider that CW Lets Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of CW Lets Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GIBSON McKERRELL BURROWS LIMITED
Chartered Accountants
28 Rutland Square
Edinburgh
EH1 2BW
25 September 2024