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REGISTERED NUMBER: SC602048 (Scotland)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

LETTS & CO. PROPERTIES LIMITED

LETTS & CO. PROPERTIES LIMITED (REGISTERED NUMBER: SC602048)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 JULY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LETTS & CO. PROPERTIES LIMITED

Company Information
FOR THE YEAR ENDED 31 JULY 2024







DIRECTOR: Ms S E Richardson





REGISTERED OFFICE: 32 King Street
Aberdeen
AB24 5AX





REGISTERED NUMBER: SC602048 (Scotland)





ACCOUNTANTS: Fyfe Moir & Associates
1st Floor, 5 Abercrombie Crt
Prospect Road,
Westhill
Aberdeenshire
Grampian
AB32 6FE

LETTS & CO. PROPERTIES LIMITED (REGISTERED NUMBER: SC602048)

Balance Sheet
31 JULY 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 27,165 34,065
Tangible assets 5 10,336 9,402
37,501 43,467

CURRENT ASSETS
Debtors 6 53,578 37,909
Cash at bank 89,016 87,393
142,594 125,302
CREDITORS
Amounts falling due within one year 7 124,302 116,618
NET CURRENT ASSETS 18,292 8,684
TOTAL ASSETS LESS CURRENT
LIABILITIES

55,793

52,151

PROVISIONS FOR LIABILITIES 8 1,336 777
NET ASSETS 54,457 51,374

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 54,456 51,373
SHAREHOLDERS' FUNDS 54,457 51,374

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LETTS & CO. PROPERTIES LIMITED (REGISTERED NUMBER: SC602048)

Balance Sheet - continued
31 JULY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 November 2024 and were signed by:





Ms S E Richardson - Director


LETTS & CO. PROPERTIES LIMITED (REGISTERED NUMBER: SC602048)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

Letts & Co. Properties Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 25% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 20% on cost
Computer equipment - 33% on cost

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 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.

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.

LETTS & CO. PROPERTIES LIMITED (REGISTERED NUMBER: SC602048)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2023
and 31 July 2024 69,000
AMORTISATION
At 1 August 2023 34,935
Amortisation for year 6,900
At 31 July 2024 41,835
NET BOOK VALUE
At 31 July 2024 27,165
At 31 July 2023 34,065

LETTS & CO. PROPERTIES LIMITED (REGISTERED NUMBER: SC602048)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2024

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 August 2023 1,761 1,143 4,482
Additions - 245 3,375
At 31 July 2024 1,761 1,388 7,857
DEPRECIATION
At 1 August 2023 1,224 368 3,477
Charge for year 440 336 590
At 31 July 2024 1,664 704 4,067
NET BOOK VALUE
At 31 July 2024 97 684 3,790
At 31 July 2023 537 775 1,005

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 August 2023 5,650 5,857 18,893
Additions - 1,173 4,793
At 31 July 2024 5,650 7,030 23,686
DEPRECIATION
At 1 August 2023 95 4,327 9,491
Charge for year 1,130 1,363 3,859
At 31 July 2024 1,225 5,690 13,350
NET BOOK VALUE
At 31 July 2024 4,425 1,340 10,336
At 31 July 2023 5,555 1,530 9,402

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Other debtors 28,538 18,401
Intercompany Loan Account 22,380 17,786
Prepayments and accrued income 2,660 1,722
53,578 37,909

LETTS & CO. PROPERTIES LIMITED (REGISTERED NUMBER: SC602048)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade creditors 181 552
Tax 14,001 5,036
Social security and other taxes - 224
VAT 10,318 8,743
Other creditors 253 235
Intercompany - Asset Transfer 89,000 89,000
Directors' current accounts 9,755 10,000
Accrued expenses 794 2,828
124,302 116,618

8. PROVISIONS FOR LIABILITIES
31.7.24 31.7.23
£    £   
Deferred tax 1,336 777

Deferred
tax
£   
Balance at 1 August 2023 777
Movement in year 559
Balance at 31 July 2024 1,336