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Registration number: 05116703

Sarah Kenny Residential Lettings Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

Pages for filing with Registrar

 

Sarah Kenny Residential Lettings Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Sarah Kenny Residential Lettings Limited

Company Information

Directors

S M F Kenny

P J Allen

V S Kenny

Registered office

30 Regent Street
Clifton
Bristol
BS8 4HU

Registered number

05116703

Accountants

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Sarah Kenny Residential Lettings Limited

(Registration number: 05116703)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

12,947

15,398

Investment property

5

225,000

225,000

Investments

6

2

7,335

 

237,949

247,733

Current assets

 

Debtors

7

64,973

154,123

Cash at bank and in hand

 

1,113,768

741,854

 

1,178,741

895,977

Creditors: Amounts falling due within one year

8

(376,877)

(348,309)

Net current assets

 

801,864

547,668

Total assets less current liabilities

 

1,039,813

795,401

Provisions for liabilities

(9,483)

(9,483)

Net assets

 

1,030,330

785,918

Capital and reserves

 

Called up share capital

1,000

1,000

Non-distributable reserve

-

7,335

Profit and loss account

1,029,330

777,583

Total equity

 

1,030,330

785,918

 

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 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 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 Board on 14 January 2025 and signed on its behalf by:
 

.........................................

P J Allen
Director

 

Sarah Kenny Residential Lettings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
30 Regent Street
Clifton
Bristol
BS8 4HU

2

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2023 - 22).

4

Tangible fixed assets

Fixtures and fittings
 £

Motor vehicles
 £

Office equipment
 £

Total
£

Cost

At 1 May 2023

2,332

39,673

24,212

66,217

Additions

-

-

13,356

13,356

Disposals

-

-

(11,200)

(11,200)

At 30 April 2024

2,332

39,673

26,368

68,373

Depreciation

At 1 May 2023

2,096

26,956

21,767

50,819

Charge for the year

120

8,261

7,426

15,807

Eliminated on disposal

-

-

(11,200)

(11,200)

At 30 April 2024

2,216

35,217

17,993

55,426

Carrying amount

At 30 April 2024

116

4,456

8,375

12,947

At 30 April 2023

236

12,717

2,445

15,398

5

Investment properties

2024
£

At 1 May

225,000

At 30 April

225,000

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)

6

Investments

2024
£

2023
£

Unlisted investments

2

2

Listed investments

-

7,333

2

7,335

Listed investments

£

Cost or valuation

At 1 May 2023

7,333

Revaluation

2,772

Disposals

(10,105)

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).

7

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)

8

Creditors

2024
£

2023
£

Trade creditors

38,688

31,884

Corporation tax

174,492

144,326

Taxation and social security

87,031

81,775

Other creditors

5,381

4,537

Accruals

70,709

79,339

Directors' loan accounts

576

6,448

376,877

348,309

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         

10

Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

9,494

10,850

11

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.