Registered number
SC597197
Inwar Lets Limited
14 Woodlands Park
Thornliebank
Glasgow
Filleted Accounts
for the year ended 31 March 2024
Yousaf & Co Ltd
Chartered Certified Accountants
Registered Auditors
298-300 Maxwell Road
Glasgow
G41 1PJ
Ref: I091/TG
Inwar Lets Limited
Registered number: SC597197
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,648 2,354
Current assets
Debtors 4 39,890 57,208
Cash at bank and in hand 22,242 18,129
62,132 75,337
Creditors: amounts falling due within one year 5 (53,594) (63,364)
Net current assets 8,538 11,973
Total assets less current liabilities 12,186 14,327
Creditors: amounts falling due after more than one year 6 (19,224) (34,254)
Net Assets/ (Liabilities) (7,038) (19,927)
Capital and reserves
Called up share capital 100 100
Income and loss account (7,138) (20,027)
Shareholders' funds (7,038) (19,927)
The director is 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 director acknowledges his 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.
Mr Mohammed Zubair Inwar
Director
Approved by the board on 16 July 2024
Inwar Lets Limited
Notes to the Accounts
for the year ended 31 March 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).
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 rendering of services. s have. 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:
Office equipment 10% reducing balance method
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price).
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
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. Current tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 3
3 Tangible fixed assets
Office Equipment
£
Cost
At 1 April 2023 2,876
Additions 1,699
At 31 March 2024 4,575
Depreciation
At 1 April 2023 522
Charge for the year 405
At 31 March 2024 927
Net book value
At 31 March 2024 3,648
At 31 March 2023 2,354
4 Debtors 2024 2023
£ £
Trade debtors 39,423 57,050
Other debtors 467 158
39,890 57,208
5 Creditors: amounts falling due within one year 2024 2023
£ £
Deposits from tenants 39,422 57,050
Corporation tax 9,298 4,694
Other creditors 4,874 1,620
53,594 63,364
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loan 19,211 34,241
Director's loan account 13 13
19,224 34,254
14 Woodlands Park
Thornliebank
Glasgow
Scotland
G46 7RZ
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