Registration number:
Lopez Lettings Ltd
for the Year Ended 30 April 2024
Lopez Lettings Ltd
Contents
Company Information |
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Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
Lopez Lettings Ltd
Company Information
Director |
C LÓPEZ QUIÑOY |
Registered office |
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Accountants |
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Lopez Lettings Ltd
(Registration number: 11967899)
Abridged Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(2,349) |
(1,437) |
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Shareholders' deficit |
(2,249) |
(1,337) |
For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Lopez Lettings Ltd
(Registration number: 11967899)
Abridged Balance Sheet as at 30 April 2024
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
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Lopez Lettings Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 abridged 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 abridged 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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Lopez Lettings Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
Not depreciated as the value of the property is expected to increase. |
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.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Lopez Lettings Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024
Tangible assets |
Land and buildings |
Total |
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Cost or valuation |
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At 1 May 2023 |
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At 30 April 2024 |
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Depreciation |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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Included within the net book value of land and buildings above is £270,280 (2023 - £270,280) in respect of freehold land and buildings.
Creditors |
Creditors: amounts falling due after more than one year
Loans and borrowings include a Sterling Property Investment Loan Facility of £84,480. The loan is secured by:
A first legal charge over the property at 3 Forth Close, Chandlers Ford, Hampshire;
A guarantee for £82,000 by the director;
A debenture granted by the company including a fixed and floating charge over all of the assets of the company both now and in the future.
Interest is charged on a floating rate basis which shall not be less than 2.5%pa and is currently 6.8%pa.
The chargor covenants with the Security Trustee that it will pay or discharge on demand the secured obligations on the dates on which such Secured Obligations are expressed to become due and in the manner provided for in the document under which liability for such Secured Obligations arises.
Lopez Lettings Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Related party transactions |
Summary of transactions with other related parties
The director has paid certain of the expenses of the company and the amount outstanding of £3,165 (2023; £3,065) is included in other creditors. The loan is unsecured, free of interest and has no fixed terms of repayment. The director has given an undertaking not to require repayment untill such time as the company's finance permit.
Included in non-current loans and borrowings is a loan from the director of £189,500 due after more than 5 years. The loan is unsecured, free of interest and has no fixed terms of repayment. The director has given an undertaking not to require repayment untill such time as the company's finance permit.
Except as otherwise disclosed in these accounts, there were no transactions with related parties requiring disclosure in terms of S1a of FRS102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, or the Companies Act, 2006.