REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2024 |
for |
Yes Lets! (Sutton) Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2024 |
for |
Yes Lets! (Sutton) Limited |
Yes Lets! (Sutton) Limited (Registered number: 09487974) |
Contents of the Financial Statements |
for the year ended 30 June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Yes Lets! (Sutton) Limited |
Company Information |
for the year ended 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Datum House |
Electra Way |
Crewe |
Cheshire |
CW1 6ZF |
Yes Lets! (Sutton) Limited (Registered number: 09487974) |
Balance Sheet |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors: amounts falling due within one year | 7 |
Debtors: amounts falling due after more than one year |
7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Yes Lets! (Sutton) Limited (Registered number: 09487974) |
Balance Sheet - continued |
30 June 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Yes Lets! (Sutton) Limited (Registered number: 09487974) |
Notes to the Financial Statements |
for the year ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Yes Lets! (Sutton) Limited ('The Company') are estate agents operating a Martin and Co franchise in Sutton. |
The company is a private company limited by shares and is incorporated in England and Wales. The address of the principal place of business and of the registered office is 32 Stonecot Hill, Sutton, Surrey, SM3 9HE. The registered number can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Summary of significant accounting policies |
The principle accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented, unless otherwise stated. |
Basis of preparation |
The financial statements are prepared on the going concern basis under the historical cost convention and comply with the United Kingdom Accounting Standards and Companies Act 2006. |
Going concern |
The company has a significant net asset deficiency that predominantly relates to amounts owed to the directors and group companies. The directors and the group have undertaken to continue to support the company. After taking this support into consideration and after reviewing the company's forecasts and projections, the directors have a reasonable expectation that adequate resources will be available for the company to continue in operational existence for the foreseeable future. Therefore, the company continues to adopt the going concern basis in preparing its financial statements. |
Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable and represents commissions and fees, stated net of discounts and of Value Added Tax. |
Goodwill |
Franchise fees |
Franchise fees capitalised in 2016 have been amortised in order to write the assets over their estimated useful life of five years. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Yes Lets! (Sutton) Limited (Registered number: 09487974) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the end of the financial year. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the end of the financial year. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Impairment of assets |
Assets not measured at fair value are reviewed for any indications that the asset may be impaired at each statement of financial position date. If such indications exists the recoverable amount of the asset or the assets cash generating unit is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Any losses arising from impairment are recognised in the Statement of Comprehensive Income under the appropriate heading. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Yes Lets! (Sutton) Limited (Registered number: 09487974) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
5. | INTANGIBLE FIXED ASSETS |
Franchise |
Goodwill | fees | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
and 30 June 2024 |
AMORTISATION |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
6. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
7. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
Yes Lets! (Sutton) Limited (Registered number: 09487974) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Amounts owed to group undertakings are unsecured, interest free and payable on demand. |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 352 | 292 |
Dilapidations provision | 20,000 | - |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Charge to Income Statement during year |
Balance at 30 June 2024 |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the year directors' loans of £12,000 (2023: £24,000) have been written off. |
12. | RELATED PARTY DISCLOSURES |
Yes Lets! (London) Limited is the parent company. Amounts due to Yes Lets! (London) Limited from the company at the year end of £207,366 (2023: £186,630) are disclosed separately within creditors: amounts falling due within one year. |
13. | ULTIMATE PARENT COMPANY |
The company is an 80% subsidiary of Yes Lets! (London) Limited (a company incorporated in England and Wales), which is the ultimate parent company. Yes Lets! (London) Limited is under the control of P Brown and P Maruna, who at the date of this report beneficially hold 100% of the the issued share capital. |