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Registration number: 10315085

Direct Lettings Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Direct Lettings Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Direct Lettings Limited

Company Information

Director

Mrs Rebecca Reddy

Registered office

7 Attwood Lane
Greenwich
Attwood Lane
London
SE10 0UT

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

Direct Lettings Limited

(Registration number: 10315085)
Balance Sheet as at 31 March 2024

Note

31 March
2024
£

31 March
2023
£

Current assets

 

Debtors

4

23,929

33,800

Cash at bank and in hand

 

959

1,191

 

24,888

34,991

Creditors: Amounts falling due within one year

5

(13,157)

(13,260)

Total assets less current liabilities

 

11,731

21,731

Creditors: Amounts falling due after more than one year

5

(11,631)

(21,631)

Net assets

 

100

100

Capital and reserves

 

Called up share capital

6

100

100

Shareholders' funds

 

100

100

For the financial 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.

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 her 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.

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 3 December 2024
 

.........................................
Mrs Rebecca Reddy
Director

 

Direct Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
7 Attwood Lane
Greenwich
Attwood Lane
London
SE10 0UT
England

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 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 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

The financial statements have been prepared on a going concern basis.

Judgements

The directors consider that there are no key judgements that management have made in the process of applying the company’s accounting policies and that may have had a significant effect on the amounts recognised in the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

 

Direct Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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.

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.

 

Direct Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables, cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 2).

 

Direct Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Debtors

31 March
2024
£

31 March
2023
£

Other debtors

23,929

33,800

23,929

33,800

Current

31 March
2024
£

31 March
2023
£

Other debtors

23,929

33,800

 

23,929

33,800

 

Direct Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Creditors

Creditors: amounts falling due within one year

Note

31 March
2024
£

31 March
2023
£

Due within one year

 

Loans and borrowings

7

10,000

10,000

Taxation and social security

 

1,268

709

Accruals and deferred income

 

144

-

Other creditors

 

1,745

2,551

 

13,157

13,260

Creditors: amounts falling due after more than one year

Note

31 March
2024
£

31 March
2023
£

Due after one year

 

Loans and borrowings

7

11,631

21,631

6

Share capital

Allotted, called up and fully paid shares

 

31 March
2024

31 March
2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

Direct Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Loans and borrowings

31 March
2024
£

31 March
2023
£

Non-current loans and borrowings

Bank borrowings

11,631

21,631

31 March
2024
£

31 March
2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

8

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

Other payments made to company by director
£

At 31 March 2024
£

Mrs Rebecca Reddy

Amount (due to) / owed by the Director

(2,313)

2,443

130

       
     

 

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

Mrs Rebecca Reddy

Amount (due to) / owed by the Director

(3,021)

708

(2,313)