Registered number
11851063
Lettsom Limited
Unaudited Filleted Accounts
29 February 2024
Lettsom Limited
Registered number: 11851063
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 5 827,000 830,703
Current assets
Cash at bank and in hand 3,248 1,914
Creditors: amounts falling due within one year 6 (330,811) (348,619)
Net current liabilities (327,563) (346,705)
Total assets less current liabilities 499,437 483,998
Creditors: amounts falling due after more than one year 7 (521,270) (521,270)
Net liabilities (21,833) (37,272)
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 (17,015) -
Profit and loss account (4,918) (37,372)
Shareholders' funds (21,833) (37,272)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Julian Kenny
Director
Approved by the board on 21 November 2024
Lettsom Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
2 Going Concern
At 28th February 2024, the company had net liabilities of £21,833 (2023: £37,272) and the company continues to be reliant on the financial support of the directors. The direcotrs have confirmed there is no intention to withdraw this support and therefore the accounts should be prepared on a going concern basis.
3 Change in accounting policies
The company holds an investment property that was previously held at cost and depreciated annually, an adjustment is included in the accounts to 29th February 2024 to remove the depreciation and account on a fair value basis (as above) as required by the accounting standards.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
4 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
5 Tangible fixed assets
Land and buildings
£
Cost
At 1 March 2023 861,522
Surplus on revaluation (17,015)
Disposals (17,507)
At 29 February 2024 827,000
Depreciation
At 1 March 2023 30,819
On disposals (30,819)
At 29 February 2024 -
Net book value
At 29 February 2024 827,000
At 28 February 2023 830,703
Investment property has been revalued at 29th February 2024 based on an estimated value by the directors and will be held at fair value going forwards
6 Creditors: amounts falling due within one year 2024 2023
£ £
Other creditors 330,811 348,619
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 521,270 521,270
8 Revaluation reserve 2024 2023
£ £
Loss on revaluation of land and buildings (17,015) -
At 29 February 2024 (17,015) -
9 Related party transactions
Included in Other Creditors are loans from directors provided to the company totalling £329,247 (2023: £347,635.) These loans are interest free and repayable on demand.
10 Other information
Lettsom Limited is a private company limited by shares and incorporated in England. Its registered office is:
71 Camberwell Grove
London
SE5 8JE
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