Silverfin false false 29/02/2024 08/02/2023 29/02/2024 N Lawlor 08/02/2023 23 October 2024 The principal activity of the Company was that of letting residential properties. SC758034 2024-02-29 SC758034 bus:Director1 2024-02-29 SC758034 core:CurrentFinancialInstruments 2024-02-29 SC758034 core:ShareCapital 2024-02-29 SC758034 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC758034 2023-02-07 SC758034 bus:OrdinaryShareClass1 2024-02-29 SC758034 2023-02-08 2024-02-29 SC758034 bus:FilletedAccounts 2023-02-08 2024-02-29 SC758034 bus:SmallEntities 2023-02-08 2024-02-29 SC758034 bus:AuditExemptWithAccountantsReport 2023-02-08 2024-02-29 SC758034 bus:PrivateLimitedCompanyLtd 2023-02-08 2024-02-29 SC758034 bus:Director1 2023-02-08 2024-02-29 SC758034 bus:OrdinaryShareClass1 2023-02-08 2024-02-29 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC758034 (Scotland)

LAWLOR LETTING LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 08 FEBRUARY 2023 TO 29 FEBRUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

LAWLOR LETTING LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 08 FEBRUARY 2023 TO 29 FEBRUARY 2024

Contents

LAWLOR LETTING LTD

BALANCE SHEET

AS AT 29 FEBRUARY 2024
LAWLOR LETTING LTD

BALANCE SHEET (continued)

AS AT 29 FEBRUARY 2024
Note 29.02.2024
£
Fixed assets
Investment property 3 304,577
304,577
Current assets
Debtors 4 1,229
Cash at bank and in hand 500
1,729
Creditors: amounts falling due within one year 5 ( 315,004)
Net current liabilities (313,275)
Total assets less current liabilities (8,698)
Net liabilities ( 8,698)
Capital and reserves
Called-up share capital 6 1
Profit and loss account ( 8,699 )
Total shareholder's deficit ( 8,698)

For the financial period ending 29 February 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 financial statements of Lawlor Letting Ltd (registered number: SC758034) were approved and authorised for issue by the Director on 23 October 2024. They were signed on its behalf by:

N Lawlor
Director
LAWLOR LETTING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 08 FEBRUARY 2023 TO 29 FEBRUARY 2024
LAWLOR LETTING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 08 FEBRUARY 2023 TO 29 FEBRUARY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Lawlor Letting Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 227 West George Street, Glasgow, G2 2ND, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £8,698. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The reporting period covers 13 months from incorporation on 8 February 2023 until the Company's financial period end of 29 February 2024.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

2. Employees

Period from
08.02.2023 to
29.02.2024
Number
Monthly average number of persons employed by the Company during the period, including the director 1

3. Investment property

Investment property
£
Valuation
As at 08 February 2023 0
Additions 304,577
As at 29 February 2024 304,577

Investment property comprises of a residential property. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 29 February 2024 by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

4. Debtors

29.02.2024
£
Other debtors 1,229

5. Creditors: amounts falling due within one year

29.02.2024
£
Other creditors 315,004

6. Called-up share capital

29.02.2024
£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 0.01 each 1

7. Related party transactions

Transactions with the entity's director

29.02.2024
£
Amounts owed to key management personnel 312,784

This loan is interest free and has no fixed repayment terms.