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Registration number: 11678679

Paul Fosh Lettings Ltd

Filleted Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 April 2024

 

Paul Fosh Lettings Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Paul Fosh Lettings Ltd

Company Information

Director

Mr PA Fosh

Registered office

108 Lower Dock Street
Newport
South Wales
NP20 2AG

Accountants

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Paul Fosh Lettings Ltd

(Registration number: 11678679)
Abridged Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

95,729

111,979

Tangible assets

5

5,046

2,885

 

100,775

114,864

Current assets

 

Debtors

5,015

47,902

Cash at bank and in hand

 

14,132

13,844

 

19,147

61,746

Prepayments and accrued income

 

6,217

38,673

Creditors: Amounts falling due within one year

6.1

(80,354)

(132,627)

Net current liabilities

 

(54,990)

(32,208)

Total assets less current liabilities

 

45,785

82,656

Creditors: Amounts falling due after more than one year

6.2

(74,672)

(97,278)

Accruals and deferred income

 

(1,800)

(16,725)

Net liabilities

 

(30,687)

(31,347)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(30,787)

(31,447)

Shareholders' deficit

 

(30,687)

(31,347)

 

Paul Fosh Lettings Ltd

(Registration number: 11678679)
Abridged Balance Sheet as at 30 April 2024

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 18 November 2024
 

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

Mr PA Fosh
Director

 

Paul Fosh Lettings Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
108 Lower Dock Street
Newport
South Wales
NP20 2AG

These financial statements were authorised for issue by the director on 18 November 2024.

2

Accounting policies

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

Going concern

Total liabilities exceed current assets at the balance sheet date. The director considers that the company, with his continued support, has sufficient liquid assets to meet its liabilities as and when they fall due. Accordingly the director considers that it is appropriate to prepare the accounts on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

 

Paul Fosh Lettings Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

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.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Paul Fosh Lettings Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 5).

 

Paul Fosh Lettings Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 May 2023

137,750

Additions acquired separately

20,000

At 30 April 2024

157,750

Amortisation

At 1 May 2023

25,771

Amortisation charge

36,250

At 30 April 2024

62,021

Carrying amount

At 30 April 2024

95,729

At 30 April 2023

111,979

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

3,778

3,778

Additions

3,572

3,572

At 30 April 2024

7,350

7,350

Depreciation

At 1 May 2023

893

893

Charge for the year

1,411

1,411

At 30 April 2024

2,304

2,304

Carrying amount

At 30 April 2024

5,046

5,046

At 30 April 2023

2,885

2,885

 

Paul Fosh Lettings Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

6

Creditors

Creditors: amounts falling due within one year

Creditors include bank loans which are secured of £12,430 (2023 - £9,891).

Creditors: amounts falling due after more than one year

Creditors include bank loans which are secured of £74,672 (2023 - £88,672).

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

8

Related party transactions

Other transactions with the director

During the year the director made unsecured, interest free, repayable on demand loans to the company. At the balance sheet date the amount owed to the director was £729 (2023 - £729).