Lettings HQ Properties Limited 10051373 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is property management and letting. Digita Accounts Production Advanced 6.30.9574.0 true 10051373 2023-07-01 2024-06-30 10051373 2024-06-30 10051373 bus:OrdinaryShareClass1 2024-06-30 10051373 bus:OrdinaryShareClass2 2024-06-30 10051373 bus:OrdinaryShareClass3 2024-06-30 10051373 bus:OrdinaryShareClass4 2024-06-30 10051373 bus:OrdinaryShareClass5 2024-06-30 10051373 core:RetainedEarningsAccumulatedLosses 2024-06-30 10051373 core:RevaluationReserve 2024-06-30 10051373 core:ShareCapital 2024-06-30 10051373 core:CurrentFinancialInstruments 2024-06-30 10051373 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 10051373 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 10051373 core:FurnitureFittings 2024-06-30 10051373 core:MotorVehicles 2024-06-30 10051373 core:OfficeEquipment 2024-06-30 10051373 bus:SmallEntities 2023-07-01 2024-06-30 10051373 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 10051373 bus:FilletedAccounts 2023-07-01 2024-06-30 10051373 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 10051373 bus:Director2 2023-07-01 2024-06-30 10051373 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 10051373 bus:OrdinaryShareClass2 2023-07-01 2024-06-30 10051373 bus:OrdinaryShareClass3 2023-07-01 2024-06-30 10051373 bus:OrdinaryShareClass4 2023-07-01 2024-06-30 10051373 bus:OrdinaryShareClass5 2023-07-01 2024-06-30 10051373 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10051373 core:ComputerEquipment 2023-07-01 2024-06-30 10051373 core:FurnitureFittings 2023-07-01 2024-06-30 10051373 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 10051373 core:MotorVehicles 2023-07-01 2024-06-30 10051373 core:OfficeEquipment 2023-07-01 2024-06-30 10051373 countries:AllCountries 2023-07-01 2024-06-30 10051373 2023-06-30 10051373 core:FurnitureFittings 2023-06-30 10051373 core:MotorVehicles 2023-06-30 10051373 core:OfficeEquipment 2023-06-30 10051373 2022-07-01 2023-06-30 10051373 2023-06-30 10051373 bus:OrdinaryShareClass1 2023-06-30 10051373 bus:OrdinaryShareClass2 2023-06-30 10051373 bus:OrdinaryShareClass3 2023-06-30 10051373 bus:OrdinaryShareClass4 2023-06-30 10051373 bus:OrdinaryShareClass5 2023-06-30 10051373 core:RetainedEarningsAccumulatedLosses 2023-06-30 10051373 core:RevaluationReserve 2023-06-30 10051373 core:ShareCapital 2023-06-30 10051373 core:CurrentFinancialInstruments 2023-06-30 10051373 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 10051373 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 10051373 core:FurnitureFittings 2023-06-30 10051373 core:MotorVehicles 2023-06-30 10051373 core:OfficeEquipment 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10051373

Lettings HQ Properties Limited

Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Lettings HQ Properties Limited

(Registration number: 10051373)

Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

66,588

94,622

Investment properties

4

8,165,000

5,405,000

 

8,231,588

5,499,622

Current assets

 

Debtors

5

5,370

13,550

Cash at bank and in hand

 

161,253

386,170

 

166,623

399,720

Creditors: Amounts falling due within one year

6

(343,809)

(513,739)

Net current liabilities

 

(177,186)

(114,019)

Total assets less current liabilities

 

8,054,402

5,385,603

Creditors: Amounts falling due after more than one year

6

(3,916,613)

(2,224,249)

Provisions for liabilities

(489,849)

(218,417)

Net assets

 

3,647,940

2,942,937

Capital and reserves

 

Called up share capital

7

1,700,006

1,700,006

Revaluation reserve

1,602,908

970,635

Retained earnings

345,026

272,296

Shareholders' funds

 

3,647,940

2,942,937

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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)

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 29 October 2024 and signed on its behalf by:
 

.........................................

R L Pickering

Director

 

Lettings HQ Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

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

Investment properties are carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors with the assistance of external valuers as detailed in note 3 of the financial statements. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liabiltiy of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the income staement.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Lettings HQ Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

3

Tangible assets

Fixtures and fittings
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost

At 1 July 2023

7,040

2,536

104,250

113,826

Additions

-

899

49,326

50,225

Disposals

-

-

(72,000)

(72,000)

At 30 June 2024

7,040

3,435

81,576

92,051

Depreciation

At 1 July 2023

3,881

627

14,696

19,204

Charge for the year

474

388

10,783

11,645

Eliminated on disposal

-

-

(5,386)

(5,386)

At 30 June 2024

4,355

1,015

20,093

25,463

Carrying amount

At 30 June 2024

2,685

2,420

61,483

66,588

At 30 June 2023

3,159

1,909

89,554

94,622

4

Investment properties

2024
£

Valuation

At 1 July 2023

5,405,000

Additions

1,783,830

Fair value adjustments

976,170

At 30 June 2024

8,165,000

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).

5

Debtors

2024
£

2023
£

Prepayments

5,370

-

Other debtors

-

13,550

 

5,370

13,550

 

Lettings HQ Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

6

Creditors

2024
£

2023
£

Due within one year

Bank loans

5,645

5,506

Trade creditors

2,585

44,814

Taxation and social security

69,272

105,930

Accruals and deferred income

90,454

4,569

Directors' loan account

153,177

352,920

Other creditors

22,676

-

343,809

513,739

2024
£

2023
£

Due after one year

Bank loans

3,916,613

2,224,249

The bank borrowings are secured by a charge over the company's assets.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,700,002

1,700,002

1,700,002

1,700,002

Ordinary A shares of £1 each

1

1

1

1

Ordinary B shares of £1 each

1

1

1

1

Ordinary C shares of £1 each

1

1

1

1

Ordinary D shares of £1 each

1

1

1

1

1,700,006

1,700,006

1,700,006

1,700,006

8

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).