Company registration number SC243054 (Scotland)
A & M LETTINGS LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
A & M LETTINGS LTD.
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
A & M LETTINGS LTD.
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
13,355
14,440
Investment property
4
1,290,708
1,512,238
1,304,063
1,526,678
Current assets
Debtors
5
3,222
3,143
Cash at bank and in hand
378,387
7,946
381,609
11,089
Creditors: amounts falling due within one year
6
(553,885)
(413,994)
Net current liabilities
(172,276)
(402,905)
Total assets less current liabilities
1,131,787
1,123,773
Creditors: amounts falling due after more than one year
7
(172,181)
(268,849)
Net assets
959,606
854,924
Capital and reserves
Called up share capital
2
2
Fair Value Reserve
8
132,891
146,867
Distributable profit and loss reserves
826,713
708,055
Total equity
959,606
854,924
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
A & M LETTINGS LTD.
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
Mr M Halsey
Director
Company Registration No. SC243054
A & M LETTINGS LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
A & M Lettings Ltd. is a private company limited by shares incorporated in Scotland. The registered office is Titanium 1, King's Inch Place, Renfrew, United Kingdom, PA4 8WF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rent receivable in respect of the period.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% on reducing balance
Computers
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
The directors are of the opinion that the fair value has not changed significantly since the date of the last valuation.
The aggregate surplus or deficit arising on revaluation is reported through the income statement and subsequently transferred to the fair value reserve except where a deficit is deemed to represent a permanent diminution in value, in which case it remains as a deduction within the distributable profit and loss reserves.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
A & M LETTINGS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax. Tax is recognised in the Income Statement, except that it relates to items recognised in other comprehensive income or directly in equity.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
A & M LETTINGS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 February 2023
61,512
7,886
69,398
Additions
1,713
1,713
Disposals
(2,764)
(2,764)
At 31 January 2024
60,461
7,886
68,347
Depreciation and impairment
At 1 February 2023
47,072
7,886
54,958
Depreciation charged in the year
2,285
2,285
Eliminated in respect of disposals
(2,251)
(2,251)
At 31 January 2024
47,106
7,886
54,992
Carrying amount
At 31 January 2024
13,355
13,355
At 31 January 2023
14,440
14,440
4
Investment property
2024
£
Fair value
At 1 February 2023
1,512,237
Disposals
(221,529)
At 31 January 2024
1,290,708
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
3,222
3,143
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
52,704
44,640
Taxation and social security
18,261
13,541
Other creditors
482,920
355,813
553,885
413,994
A & M LETTINGS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
172,181
268,849
The Bank of Scotland PLC holds registered Standard Securities over the properties in relation to the mortgages advanced by them.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable other than by instalments
-
101,652
8
Fair Value Reserve
2024
2023
£
£
At the beginning of the year
146,867
153,173
Reversal of fair value on adjustment of disposal
(13,976)
(6,306)
At the end of the year
132,891
146,867
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Amount due
479,608
353,003
Interest due
17,794
8,610
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Amount due
3,222
3,143
Interest due
1,427
77
The above loans are unsecured and carry no fixed terms of repayment. Interest has been applied on non-director loans at an agreed rate of 2.5% per annum.
A & M LETTINGS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
10
Parent company
The ultimate controlling party is Marann Holdings Ltd, a company registered in the UK and the 100% shareholder and direct parent company.