Master Crafters Lettings Ltd Filleted Accounts Cover
Master Crafters Lettings Ltd
Company No. 12708442
Information for Filing with The Registrar
30 June 2024
Master Crafters Lettings Ltd Directors Report Registrar
The Directors present their report and the accounts for the year ended 30 June 2024.
Principal activities
The principal activity of the company during the year under review was letting of residential property.
Directors
The Directors who served at any time during the year were as follows:
L. Lubbock
N. Norman
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
L. Lubbock
Director
15 November 2024
Master Crafters Lettings Ltd Balance Sheet Registrar
at
30 June 2024
Company No.
12708442
Notes
2024
2023
£
£
Fixed assets
Tangible assets
4
-23,000
Investment property
5
360,000180,000
360,000203,000
Current assets
Debtors
6
-38,905
Cash at bank and in hand
2,6364,311
2,63643,216
Creditors: Amount falling due within one year
7
(43,728)
(53,957)
Net current liabilities
(41,092)
(10,741)
Total assets less current liabilities
318,908192,259
Creditors: Amounts falling due after more than one year
8
(253,275)
(137,025)
Provisions for liabilities
Deferred taxation
(13,681)
(10,475)
Net assets
51,95244,759
Capital and reserves
Called up share capital
100100
Fair value reserve
62,46547,761
Profit and loss account
(10,613)
(3,102)
Total equity
51,95244,759
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 15 November 2024 and signed on its behalf by:
L. Lubbock
Director
15 November 2024
Master Crafters Lettings Ltd Notes to the Accounts Registrar
for the year ended 30 June 2024
1
General information
Master Crafters Lettings Ltd is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 12708442
Its registered office is:
99 Yarmouth Road
Lowestoft
Suffolk
NR32 4AF
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Freehold investment property
Investment properties are revalued annually and any surplus or deficit is dealt with through the fair value reserve account.

No depreciation is provided in respect of investment properties.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3
Employees
2024
2023
Number
Number
The average monthly number of employees (including directors) during the year was:
22
4
Tangible fixed assets
Motor vehicles
Total
£
£
Cost or revaluation
At 1 July 2023
23,00023,000
Disposals
(23,000)
(23,000)
At 30 June 2024
--
Depreciation
Net book values
At 30 June 2024
--
At 30 June 2023
23,000
23,000
5
Investment property
Freehold Investment Property
£
Valuation
At 1 July 2023
180,000
Additions
161,847
Revaluation
18,153
At 30 June 2024
360,000
6
Debtors
2024
2023
£
£
Loans to directors
-35,394
Other debtors
-1,843
Prepayments and accrued income
-1,668
-38,905
7
Creditors:
amounts falling due within one year
2024
2023
£
£
Loans from directors
3,1952,700
Other creditors
39,99350,717
Accruals and deferred income
540540
43,72853,957
8
Creditors:
amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
253,275137,025
253,275137,025
9
Share Capital
The company has 100 £1 ordinary shares in issue, which are fully paid up at par.
10
Reserves
Fair value Reserve
Total other reserves
£
£
At 1 July 2022
47,761
47,761
At 30 June 2023 and 1 July 2023
47,761
47,761
Movement on fair value reserve
14,704
14,704
At 30 June 2024
62,46562,465
11
Dividends
2024
2023
£
£
Dividends for the period:
Dividends paid in the period
4,000
-
4,000
-
Dividends by type:
Equity dividends
4,000-
4,000
-
12
Advances and credits to directors
2024
£
At 1 July 2023
35,394
Amounts repaid in the period
35,394
13
Related party disclosures
Transactions with related parties
Included within other creditors is an interest-free loan from Master Crafters Building Contractors Limited of £39,993 (2023 - £50,717), a company controlled by the directors
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