REGISTERED NUMBER: |
K & T Lettings Ltd |
Financial Statements for the Year Ended 31st March 2024 |
REGISTERED NUMBER: |
K & T Lettings Ltd |
Financial Statements for the Year Ended 31st March 2024 |
K & T Lettings Ltd (Registered number: 12304138) |
Contents of the Financial Statements |
for the Year Ended 31st March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
K & T Lettings Ltd |
Company Information |
for the Year Ended 31st March 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
2 Oriel Court |
Omega Park |
Alton |
Hampshire |
GU34 2YT |
K & T Lettings Ltd (Registered number: 12304138) |
Balance Sheet |
31st March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Fair value reserve | 8 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
K & T Lettings Ltd (Registered number: 12304138) |
Balance Sheet - continued |
31st March 2024 |
The financial statements were approved by the director and authorised for issue on |
K & T Lettings Ltd (Registered number: 12304138) |
Notes to the Financial Statements |
for the Year Ended 31st March 2024 |
1. | STATEMENT OF COMPLIANCE |
K & T Lettings Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is 2 Oriel Court, Omega Park, Alton, Hampshire, GU34 2YT. The registration number is 12304138. |
The financial statements are presented in sterling, the functional currency of the company, and rounded to the nearest pound. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
The financial statements have been prepared under the historical cost convention, with the exception of investment properties which are held at fair value. |
Turnover |
Turnover represents rents receivable under operating leases for the year after appropriate adjustments have been made for deferred and accrued income. |
Investment property |
Investment property is included at fair value, any aggregate surplus of deficit arising from changes in fair value is recognised in profit or loss. Deferred tax is provided on these gains at the rate expected to apply when the property is sold. |
Financial instruments |
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. |
Cash and cash equivalents |
These comprise cash at bank. |
Debtors |
Short term debtors are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Income Statement when there is objective evidence that the asset is impaired. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction |
K & T Lettings Ltd (Registered number: 12304138) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st April 2023 |
Revaluations | 8,937 |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
The investment property is held at fair value which has been estimated by the director. |
K & T Lettings Ltd (Registered number: 12304138) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
4. | INVESTMENT PROPERTY - continued |
Fair value at 31st March 2024 is represented by: |
£ |
Valuation in 2022 | 14,852 |
Valuation in 2023 | 20,080 |
Valuation in 2024 | 8,937 |
Cost | 371,307 |
415,176 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Tax |
Directors' current accounts | 343,712 | 351,192 |
Accruals and deferred income |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1.00 | 100 | 100 |
K & T Lettings Ltd (Registered number: 12304138) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
8. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1st April 2023 | 47,572 |
Profit for the year |
Fair value movement | (7,239 | ) | 7,239 | - |
At 31st March 2024 | 63,773 |
9. | RELATED PARTY DISCLOSURES |
The Directors Loan Account is repayable on demand and no interest is payable. |