We Let Limited
Registered number: 14958826
Statement of Financial Position
as at 30 June 2024
Notes 2024
£
Fixed assets
Tangible assets 3 395,273
Current assets
Debtors 4 1,346
Cash at bank and in hand 5,338
6,684
Creditors: amounts falling due within one year 5 (154,419)
Net current liabilities (147,735)
Total assets less current liabilities 247,538
Creditors: amounts falling due after more than one year 6 (247,515)
Net assets 23
Capital and reserves
Called up share capital 2
Profit and loss account 21
Shareholder's funds 23
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 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.
Kristian Moller-Butcher
Director
Approved by the board on 20 January 2025
We Let Limited
Notes to the Accounts
for the period from 24 June 2023 to 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the rendering of services. 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.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Investment property
Investment property is included at fair value.
2 Employees and directors 2024
Number
Average number of directors and persons employed by the company 2
3 Tangible fixed assets
Land and buildings
£
Cost
Additions 395,273
At 30 June 2024 395,273
Depreciation
At 30 June 2024 -
Net book value
At 30 June 2024 395,273
4 Debtors 2024
£
Prepayments 86
Other debtors 1,260
1,346
5 Creditors: amounts falling due within one year 2024
£
Accruals 1,520
Corporation tax 400
Other creditors 152,499
154,419
6 Creditors: amounts falling due after one year 2024
£
Bank loans 247,515
7 Loans 2024
£
Creditors include:
Secured bank loans 259,350
The loan is secured against the investment property.
8 Other information
We Let Limited is a private company limited by shares and incorporated in England. Its registered office is:
8 Ford Lane
Wrecclesham
Farnham
GU10 4SH
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