Registration number:
Sarah Kenny Residential Lettings Limited
for the Year Ended 30 April 2024
Pages for filing with Registrar
Sarah Kenny Residential Lettings Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
Sarah Kenny Residential Lettings Limited
Company Information
Directors |
S M F Kenny P J Allen V S Kenny |
Registered office |
|
Registered number |
05116703 |
Accountants |
|
Sarah Kenny Residential Lettings Limited
(Registration number: 05116703)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
12,947 |
15,398 |
|
Investment property |
225,000 |
225,000 |
|
Investments |
2 |
7,335 |
|
237,949 |
247,733 |
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Non-distributable reserve |
- |
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Sarah Kenny Residential Lettings Limited
(Registration number: 05116703)
Balance Sheet as at 30 April 2024 (continued)
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.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised for issue by the
.........................................
Director
Sarah Kenny Residential Lettings Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies
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.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis.
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 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.
Sarah Kenny Residential Lettings Limited
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
2 |
Accounting policies (continued) |
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Office equipment |
50% on cost |
Fixtures and fittings |
20% on cost |
Motor vehicles |
25% on cost |
Goodwill
Goodwill, being the amount recognised upon incorporation of a previous trading business, is amortised over its useful life.
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Goodwill |
straight line over remaining useful life - 4 years |
Sarah Kenny Residential Lettings Limited
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
2 |
Accounting policies (continued) |
Investment property
Investments
Investments in subsidiaries are measured at cost. Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured less any 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 recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Sarah Kenny Residential Lettings Limited
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
2 |
Accounting policies (continued) |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
Sarah Kenny Residential Lettings Limited
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible fixed assets |
Fixtures and fittings |
Motor vehicles |
Office equipment |
Total |
|
Cost |
||||
At 1 May 2023 |
|
|
|
|
Additions |
- |
- |
|
|
Disposals |
- |
- |
( |
( |
At 30 April 2024 |
|
|
|
|
Depreciation |
||||
At 1 May 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
At 30 April 2024 |
|
|
|
|
Carrying amount |
||||
At 30 April 2024 |
|
|
|
|
At 30 April 2023 |
|
|
|
|
Investment properties |
2024 |
|
At 1 May |
|
At 30 April |
|
The investment property is carried at fair value determined by the directors with reference to the condition and location of the property, as well as current observable market prices. There has been no valuation by independent valuer.
Sarah Kenny Residential Lettings Limited
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
Investments |
2024 |
2023 |
|
Unlisted investments |
|
|
Listed investments |
- |
7,333 |
|
|
Listed investments |
£ |
Cost or valuation |
|
At 1 May 2023 |
|
Revaluation |
|
Disposals |
( |
At 30 April 2024 |
- |
Listed investments are non-convertible ordinary shares listed on the London Stock Exchange measured at fair value through the profit or loss. The quoted market price amounted to nil (2023 - £88).
Debtors: amounts falling due within one year |
2024 |
2023 |
|
Trade debtors |
15,734 |
11,464 |
Other debtors |
4,424 |
99,313 |
Prepayments |
41,965 |
40,273 |
Deferred tax asset |
2,850 |
3,073 |
64,973 |
154,123 |
Sarah Kenny Residential Lettings Limited
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
Creditors |
2024 |
2023 |
|
Trade creditors |
|
|
Corporation tax |
174,492 |
144,326 |
Taxation and social security |
|
|
Other creditors |
5,381 |
4,537 |
Accruals |
|
|
Directors' loan accounts |
576 |
6,448 |
|
|
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
1,000 |
|
1,000 |
Obligations under leases |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
|
|
Client Money |
At the Balance Sheet date the company held £2,526,405 (2023 - £2,377,402) in designated bank accounts held on behalf of clients. These cash balances are excluded from the company's own Balance Sheet assets on page 2, as the company does not hold a beneficial interest in them.