Registered number
08344350
Letting Property Ltd
Filleted Accounts
31 January 2024
Letting Property Ltd
Registered number: 08344350
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 73,771 29,916
Investments 4 3,725,000 2,997,562
3,798,771 3,027,478
Current assets
Debtors 5 24,232 27,428
Cash at bank and in hand 16,621 211,159
40,853 238,587
Creditors: amounts falling due within one year 7 (138,599) (181,110)
Net current (liabilities)/assets (97,746) 57,477
Total assets less current liabilities 3,701,025 3,084,955
Creditors: amounts falling due after more than one year 8 (1,842,752) (1,816,554)
Provisions for liabilities (112,075) -
Net assets 1,746,198 1,268,401
Capital and reserves
Called up share capital 143,578 143,578
Share premium 1,168,597 1,168,597
Profit and loss account 434,023 (43,774)
Shareholders' funds 1,746,198 1,268,401
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Rogiero K Verma
Director
Approved by the board on 21 October 2024
Letting Property Ltd
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 18,581 26,181 44,762
Additions 9,659 66,348 76,007
Disposals - (16,987) (16,987)
At 31 January 2024 28,240 75,542 103,782
Depreciation
At 1 February 2023 8,256 6,590 14,846
Charge for the year 4,271 11,248 15,519
On disposals - (354) (354)
At 31 January 2024 12,527 17,484 30,011
Net book value
At 31 January 2024 15,713 58,058 73,771
At 31 January 2023 10,325 19,591 29,916
4 Investments
Other
investments
£
Cost
At 1 February 2023 2,997,562
Additions 141,527
Revaluation 585,911
At 31 January 2024 3,725,000
Historical cost
At 1 February 2023 2,997,562
At 31 January 2024 3,139,089
The Directors of the company had revalued Investment properties at fair value at the reporting date, based on the market value and data available from commercial property websites.
5 Debtors 2024 2023
£ £
Other debtors 24,232 27,428
6 Investments held as current assets 2024 2023
£ £
Fair value
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Unlisted investments 585,911 -
7 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 8,028 -
Trade creditors 249 5,627
Taxation and social security costs (1,487) -
Other creditors 131,809 175,483
138,599 181,110
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,806,092 1,816,554
Obligations under finance lease and hire purchase contracts 36,660 -
1,842,752 1,816,554
9 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 1,803,208 1,812,484
Bank Loans are secured on the company's assests.
10 Controlling party
Mr. Rogerio Kumar Verma is the ultimate controlling party.
11 Other information
Letting Property Ltd is a private company limited by shares and incorporated in England. Its registered office is:
20 Richmond Road,
Cardiff
CF24 3AS
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