Company registration number 10912503 (England and Wales)
Collings Letting Services Limited
Unaudited financial statements
For the year ended 31 March 2024
Collings Letting Services Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 6
Collings Letting Services Limited
Balance sheet
As at 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
140,000
125,000
Current assets
Debtors
4
622
185
Cash at bank and in hand
202
585
824
770
Creditors: amounts falling due within one year
5
(54,898)
(48,306)
Net current liabilities
(54,074)
(47,536)
Total assets less current liabilities
85,926
77,464
Creditors: amounts falling due after more than one year
6
(38,990)
(42,583)
Provisions for liabilities
(8,800)
(5,950)
Net assets
38,136
28,931
Capital and reserves
Called up share capital
7
4
4
Other reserves
37,524
25,374
Profit and loss reserves
608
3,553
Total equity
38,136
28,931
Collings Letting Services Limited
Balance sheet (continued)
As at 31 March 2024
- 2 -

For the financial year ended 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 of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 2 December 2024 and are signed on its behalf by:
Mr G  Collings
Director
Company registration number 10912503 (England and Wales)
Collings Letting Services Limited
Statement of changes in equity
For the year ended 31 March 2024
- 3 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
4
25,374
1,951
27,329
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
1,602
1,602
Balance at 31 March 2023
4
25,374
3,553
28,931
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
9,205
9,205
Transfers
-
15,000
(15,000)
-
Other movements
-
(2,850)
2,850
-
Balance at 31 March 2024
4
37,524
608
38,136
COLLINGS LETTING SERVICES LIMITED
Collings Letting Services Limited
Notes to the financial statements
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Collings Letting Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 17 Alvaston Business Park, Middlewich Road, Cheshire, CW5 6PF, Nantwich.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rents and services provided in the normal course of business.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account and transferred from the profit and loss reserve into other reserves to maintain a separate reserve for fair value gains.

1.5
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.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on the taxable profit for the year.

COLLINGS LETTING SERVICES LIMITED
Collings Letting Services Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Investment property
2024
£
Fair value
At 1 April 2023
125,000
Revaluations
15,000
At 31 March 2024
140,000

The fair value of investment property was measured by the directors as at the year end on an open market basis.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
93,676
93,676
Accumulated depreciation
-
-
Carrying amount
93,676
93,676
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
622
185
COLLINGS LETTING SERVICES LIMITED
Collings Letting Services Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
3,597
3,445
Taxation and social security
-
0
376
Other creditors
51,301
44,485
54,898
48,306

Other Creditors include £48,500 (2023 - £42,500) owed to a connected company, Collings Construction Management Limited.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
38,990
42,583

The bank borrowings are secured on the investment property.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
22,874
27,202
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A share of £1 each
1
1
1
1
B share of £1 each
1
1
1
1
C share of £1 each
1
1
1
1
D share of £1 each
1
1
1
1
4
4
4
4
8
Other reserves

Other reserves represent the fair value increase of investment property above its original cost less the associated deferred tax liability. At the year end this amounted to £37,524 (2023 - £25,374). This reserve does not form part of distributable reserves.

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