COMPANY REGISTRATION NUMBER:
14505234
Letchford Estates Limited |
|
Filleted Unaudited Financial Statements |
|
Letchford Estates Limited |
|
30 November 2023
Fixed assets
Tangible assets |
5 |
|
450,327 |
|
|
|
|
Current assets
Debtors |
6 |
231 |
|
Cash at bank and in hand |
4,988 |
|
|
------- |
|
|
5,219 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
147,529 |
|
|
--------- |
|
Net current liabilities |
|
142,310 |
|
|
--------- |
Total assets less current liabilities |
|
308,017 |
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
309,000 |
|
|
--------- |
Net liabilities |
|
(
983) |
|
|
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
1 |
Profit and loss account |
|
(
984) |
|
|
---- |
Shareholders deficit |
|
(
983) |
|
|
---- |
|
|
|
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 30 November 2023 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Letchford Estates Limited |
|
Balance Sheet (continued) |
|
30 November 2023
These financial statements were approved by the
board of directors
and authorised for issue on
21 October 2024
, and are signed on behalf of the board by:
Company registration number:
14505234
Letchford Estates Limited |
|
Notes to the Financial Statements |
|
Year ended 30 November 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sandal Coach House, Smith Well Lane, Heptonstall, Hebden Bridge, HX7 7PD.
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. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements have been rounded to the nearest £.
Going concern
The financial statements are prepared on the going concern basis because the director has indicated that he won't withdraw funds due to him until such time as the company can make repayment without affecting its ability to continue to trade. On this basis he considers that adequate finance is available to enable the company to continue to trade for the foreseeable future.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements under FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts. These estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.
Revenue recognition
The turnover shown in the profit and loss account comprises the rental income due in the accounting period.
Income tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Deferred tax assets are only recognised where the director considers that the amount will be recovered in the future.
Tangible assets
The company's tangible assets are investment properties. They are stated at their fair value at the balance sheet date.
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
.
5.
Tangible assets
|
Freehold property |
|
£ |
Cost |
|
At 1 December 2022 |
– |
Additions |
450,327 |
|
--------- |
At 30 November 2023 |
450,327 |
|
--------- |
Depreciation |
|
At 1 December 2022 and 30 November 2023 |
– |
|
--------- |
Carrying amount |
|
At 30 November 2023 |
450,327 |
|
--------- |
|
|
The company's freehold properties are investment properties. They are carried in the balance sheet at their fair value at the balance sheet date. At the balance sheet date the director considers that the fair value is the same as the original cost
.
6.
Debtors
|
2023 |
|
£ |
Other debtors |
231 |
|
---- |
|
|
Included in debtors is an amount of £231 which the director considers will not be recovered within one year of the balance sheet date.
7.
Creditors:
amounts falling due within one year
|
2023 |
|
£ |
Other creditors |
147,529 |
|
--------- |
|
|
Included in 'Other Creditors' is amount of £146,689 due to the director. The amount is unsecured, repayable on demand and no interest is charged.
8.
Creditors:
amounts falling due after more than one year
|
2023 |
|
£ |
Bank loans and overdrafts |
309,000 |
|
--------- |
|
|