Company No:
Contents
Note | 29.02.2024 | |
£ | ||
Fixed assets | ||
Investment property | 3 |
|
304,577 | ||
Current assets | ||
Debtors | 4 |
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Cash at bank and in hand |
|
|
1,729 | ||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (313,275) | |
Total assets less current liabilities | (8,698) | |
Net liabilities | (
|
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Capital and reserves | ||
Called-up share capital | 6 |
|
Profit and loss account | (
|
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Total shareholder's deficit | (
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Director's responsibilities:
The financial statements of Lawlor Letting Ltd (registered number:
N Lawlor
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
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 £.
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.
The reporting period covers 13 months from incorporation on 8 February 2023 until the Company's financial period end of 29 February 2024.
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.
The fair value is determined annually by the director, on an open market value for existing use basis.
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.
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 |
|
Investment property | |
£ | |
Valuation | |
As at 08 February 2023 |
|
Additions | 304,577 |
As at 29 February 2024 |
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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.
29.02.2024 | |
£ | |
Other debtors |
|
29.02.2024 | |
£ | |
Other creditors |
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29.02.2024 | |
£ | |
Allotted, called-up and fully-paid | |
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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.