Preston Marina Lettings Limited 09404614 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is property letting. Digita Accounts Production Advanced 6.30.9574.0 true 09404614 2023-05-01 2024-04-30 09404614 2024-04-30 09404614 core:CurrentFinancialInstruments 2024-04-30 09404614 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 09404614 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-04-30 09404614 bus:SmallEntities 2023-05-01 2024-04-30 09404614 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 09404614 bus:FilletedAccounts 2023-05-01 2024-04-30 09404614 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 09404614 bus:RegisteredOffice 2023-05-01 2024-04-30 09404614 bus:Director1 2023-05-01 2024-04-30 09404614 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 09404614 core:KeyManagementPersonnel 2023-05-01 2024-04-30 09404614 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-05-01 2024-04-30 09404614 countries:England 2023-05-01 2024-04-30 09404614 2023-04-30 09404614 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-30 09404614 2022-05-01 2023-04-30 09404614 2023-04-30 09404614 core:CurrentFinancialInstruments 2023-04-30 09404614 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 09404614 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-30 09404614 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-05-01 2023-04-30 09404614 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-04-30 iso4217:GBP xbrli:pure

Registration number: 09404614

Preston Marina Lettings Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 April 2024

Pages for filing with Registrar

 

Preston Marina Lettings Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

Preston Marina Lettings Limited

Company Information

Director

Mr D J Graham

Registered office

33 Victoria Quay
Ashton On Ribble
Preston
Lancashire
PR2 2YW

 

Preston Marina Lettings Limited

(Registration number: 09404614)
Abridged Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

484,166

484,166

Current assets

 

Debtors

3,085

4,046

Cash at bank and in hand

 

590,430

560,618

 

593,515

564,664

Prepayments and accrued income

 

345

-

Creditors: Amounts falling due within one year

(9,956)

(9,290)

Net current assets

 

583,904

555,374

Total assets less current liabilities

 

1,068,070

1,039,540

Provisions for liabilities

(8,360)

(8,360)

Accruals and deferred income

 

(2,847)

(2,700)

Net assets

 

1,056,863

1,028,480

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

1,055,863

1,027,480

Shareholders' funds

 

1,056,863

1,028,480

 

Preston Marina Lettings Limited

(Registration number: 09404614)
Abridged Balance Sheet as at 30 April 2024 (continued)

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 11 October 2024
 

.........................................
Mr D J Graham
Director

 

Preston Marina Lettings Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
33 Victoria Quay
Ashton On Ribble
Preston
Lancashire
PR2 2YW

The principal place of business is:
33 Victoria Quay
Ashton On Ribble
Preston
Lancashire
PR2 2YW

These financial statements were authorised for issue by the director on 11 October 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 abridged 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 abridged 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.

The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

 

Preston Marina Lettings Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director or external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

Preston Marina Lettings Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024 (continued)

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.

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.

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.

Financial instruments

Classification
The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company’s statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and liability simultaneously.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. As equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Preston Marina Lettings Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024 (continued)

4

Tangible assets

Investment properties

2024
£

At 1 May

484,166

The directors have considered the value and find that it is appropriate in the current market.

There has been no valuation of investment property by an independent valuer.

5 Company reserves

Within profit and loss reserve account totaling £1,055,863, there are amounts that are distributable and non-distributable to shareholders.

Amounts totalling £1,020,223 (2023: £991,839) are distributable and amounts totalling £35,640 (2023: £35,640) are non-distributable.

6

Related party transactions

Loans to related parties

2024

Key management
£

At start of period

961

Advances and repayments

(961)

At end of period

-

2023

Key management
£

At start of period

612

Advances and repayments

300

Interest at 2.25%

49

At end of period

961

Terms of loans to related parties

Loans owed by key management are repayable on demand.