Company registration number 09149959 (England and Wales)
LYDIA LETS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
LYDIA LETS LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
LYDIA LETS LTD
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,368
1,711
Investment property
4
1,225,000
1,225,000
1,226,368
1,226,711
Current assets
-
-
Creditors: amounts falling due within one year
5
(1,643,925)
(1,511,444)
Net current liabilities
(1,643,925)
(1,511,444)
Total assets less current liabilities
(417,557)
(284,733)
Creditors: amounts falling due after more than one year
6
(582,889)
(588,592)
Net liabilities
(1,000,446)
(873,325)
Capital and reserves
Called up share capital
4
4
Profit and loss reserves
(1,000,450)
(873,329)
Total equity
(1,000,446)
(873,325)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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.

The financial statements were approved and signed by the director and authorised for issue on 3 November 2024
P Simms
Director
Company registration number 09149959 (England and Wales)
LYDIA LETS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 August 2022
4
(750,411)
(750,407)
Year ended 31 July 2023:
Loss and total comprehensive income
-
(122,918)
(122,918)
Balance at 31 July 2023
4
(873,329)
(873,325)
Year ended 31 July 2024:
Loss and total comprehensive income
-
(127,121)
(127,121)
Balance at 31 July 2024
4
(1,000,450)
(1,000,446)
LYDIA LETS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information

Lydia Lets Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

1.1
Accounting convention

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are prepared in sterling, which is the functional currency of this company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

1.2
Going concern

The financial statements have been prepared on the going concern basis. The company has continued support from the director which is sufficient to ensure the company is able to meet its business plans and honour its debts as they fall due within the agreed terms for the foreseeable future. Consequently, the director is satisfied that the company has adequate funds to operate for the foreseeable future and the going concern basis is appropriate for the preparation of the financial statementstrue

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:

Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance

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.

1.5
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

 

Current or deferred taxation assets and liabilities are not discounted.

Current tax

Current tax is recognised at the amount of tax payable using the tax rates and laws that

have been enacted or substantively enacted by the balance sheet date.

LYDIA LETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

 

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

 

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.

1.6
Leases

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

 

 

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 August 2023 and 31 July 2024
5,974
1,557
7,531
Depreciation and impairment
At 1 August 2023
4,671
1,149
5,820
Depreciation charged in the year
261
82
343
At 31 July 2024
4,932
1,231
6,163
Carrying amount
At 31 July 2024
1,042
326
1,368
At 31 July 2023
1,303
408
1,711
LYDIA LETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
4
Investment property
2024
£
Fair value
At 1 August 2023
1,225,000
Additions
28,420
Revaluations
(28,420)
At 31 July 2024
1,225,000

The investment property was valued on an open market basis on 31 July 2024 by the director.

5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
19,148
19,149
Trade creditors
10,608
13,636
Other creditors
1,614,169
1,478,659
1,643,925
1,511,444
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
582,889
588,592

The bank loans are secured by a fixed and floating charge over the company's assets.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
(340,820)
(347,068)
Payable other than by instalments
(165,476)
(164,931)
(506,296)
(511,999)
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