1 April 2023 false No description of principal activity Taxfiler 2024.6 10042047business:PrivateLimitedCompanyLtd2023-04-012024-03-31 100420472023-03-31 100420472023-04-012024-03-31 10042047business:AuditExemptWithAccountantsReport2023-04-012024-03-31 10042047business:FilletedAccounts2023-04-012024-03-31 100420472024-03-31 100420472023-03-31 10042047core:WithinOneYear2024-03-31 10042047core:WithinOneYear2023-03-31 10042047core:AfterOneYear2024-03-31 10042047core:AfterOneYear2023-03-31 10042047core:ShareCapitalcore:PreviouslyStatedAmount2024-03-31 10042047core:ShareCapitalcore:PreviouslyStatedAmount2023-03-31 10042047core:RevaluationReservecore:PreviouslyStatedAmount2024-03-31 10042047core:RevaluationReservecore:PreviouslyStatedAmount2023-03-31 10042047core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-03-31 10042047core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-03-31 10042047core:PreviouslyStatedAmount2024-03-31 10042047core:PreviouslyStatedAmount2023-03-31 10042047business:SmallEntities2023-04-012024-03-31 10042047business:Director12023-04-012024-03-31 10042047countries:EnglandWales2023-04-012024-03-31 10042047business:RegisteredOffice2023-04-012024-03-31 100420472022-04-012023-03-31 iso4217:GBP xbrli:pure
Company Registration No. 10042047 (England and Wales)
Letfolio Ltd Unaudited accounts for the year ended 31 March 2024
Letfolio Ltd Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Investment property
125,000 
125,000 
Current assets
Cash at bank and in hand
2,228 
2,274 
Creditors: amounts falling due within one year
(80,968)
(85,787)
Net current liabilities
(78,740)
(83,513)
Total assets less current liabilities
46,260 
41,487 
Creditors: amounts falling due after more than one year
(1,687)
(1,687)
Provisions for liabilities
Deferred tax
(7,087)
(7,087)
Net assets
37,486 
32,713 
Capital and reserves
Called up share capital
100 
100 
Revaluation reserve
37,300 
37,300 
Profit and loss account
86 
(4,687)
Shareholders' funds
37,486 
32,713 
For the year ending 31 March 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 22 November 2024 and were signed on its behalf by
Mr Nilesh Desai Director Company Registration No. 10042047
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Letfolio Ltd Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Letfolio Ltd is a private company, limited by shares, registered in England and Wales, registration number 10042047. The registered office is 20-22 Wenlock Road, London, N1 7GU, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Financial instruments
The company has elected to apply the provisions of section 11 ' Basic Financial Instruments' and section 12 'Other Financial Instruments issues' of FRS 102 to all of its financial instruments. Basic financial assets, which includes debtors, cash and bank balances, are initially measured a transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement consists a financing transaction, where the transaction is measured at the present valve of the future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Taxation
The tax expenses represents the sum of the tax currently payable. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further includes 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 reporting end date.
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Letfolio Ltd Notes to the Accounts for the year ended 31 March 2024
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
4
Investment property
2024 
£ 
Fair value at 1 April 2023
125,000 
At 31 March 2024
125,000 
5
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Trade creditors
- 
300 
Taxes and social security
1,119 
500 
Loans from directors
79,549 
84,987 
Accruals
300 
- 
80,968 
85,787 
6
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
1,687 
1,687 
7
Average number of employees
During the year the average number of employees was 1 (2023: 1).
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