Registration number:
Lettings HQ Properties Limited
for the Year Ended 30 June 2024
Lettings HQ Properties Limited
(Registration number: 10051373)
Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment properties |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.
Lettings HQ Properties Limited
(Registration number: 10051373)
Balance Sheet as at 30 June 2024 (continued)
.........................................
R L Pickering
Director
Lettings HQ Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Accounting policies |
Statutory information
Lettings HQ Properties Limited is a private company, limited by shares, domiciled in England and Wales, company number 10051373. The registered office is at 2 Whirlow Croft, Sheffield, S11 9AG.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.
Revenue recognition
Turnover represents income arising from property lettings. Revenue is recognised on a straight line basis over the lease term.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Lettings HQ Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)
1 |
Accounting policies (continued) |
Asset class |
Depreciation method and rate |
Fixtures and fittings |
15% reducing balance |
Motor vehicles |
25% reducing balance |
Computer equipment |
15% reducing balance |
Investment properties
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Lettings HQ Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)
Tangible assets |
Fixtures and fittings |
Computer equipment |
Motor vehicles |
Total |
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Cost |
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At 1 July 2023 |
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Additions |
- |
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Disposals |
- |
- |
( |
( |
At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
( |
At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Investment properties |
2024 |
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Valuation |
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At 1 July 2023 |
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Additions |
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Fair value adjustments |
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At 30 June 2024 |
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During the year the fair value of the investment properties were revalued by Brownhill Vickers, who are external to the company. The basis of this valuation was existing use basis. The investment properties have a historical cost of £6,088,889 (2023: £4,305,059).
Debtors |
2024 |
2023 |
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Prepayments |
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- |
Other debtors |
- |
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Lettings HQ Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)
Creditors |
2024 |
2023 |
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Due within one year |
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Bank loans |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Directors' loan account |
153,177 |
352,920 |
Other creditors |
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- |
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2024 |
2023 |
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Due after one year |
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Bank loans |
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The bank borrowings are secured by a charge over the company's assets.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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1,700,002 |
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1,700,002 |
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1 |
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1 |
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1 |
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1 |
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1 |
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1 |
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1 |
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1 |
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Related party transactions |
During the period the directors had an interest free loan account with the company. At the balance sheet date the amount due to the directors was £153,177 (2023: £352,920).