REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2024 |
for |
Yes Lets! (London) Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2024 |
for |
Yes Lets! (London) Limited |
Yes Lets! (London) Limited (Registered number: 06617160) |
Contents of the Financial Statements |
for the year ended 30 June 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Yes Lets! (London) 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! (London) Limited (Registered number: 06617160) |
Statement of Financial Position |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Debtors: amounts falling due within one year | 8 |
Debtors: amounts falling due after more than one year |
8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 13 | ( |
) | ( |
) |
NET ASSETS |
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! (London) Limited (Registered number: 06617160) |
Statement of Financial Position - continued |
30 June 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Yes Lets! (London) Limited (Registered number: 06617160) |
Notes to the Financial Statements |
for the year ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Yes Lets! (London) Limited ('The Company') are estate agents operating a Martin and Co franchise in Croydon. |
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 145 Brighton Road, Croydon, Surrey, CR2 6EF. 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 |
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. No material uncertainties that may cast doubt about the ability of the company to continue as a going concern have been identified by the directors. |
Therefore, the directors consider it appropriate to prepare the financial statements on the going concern basis. |
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 |
Goodwill capitalised in 2020 has been amortised in order to write the assets over its estimated useful life of five years. |
Franchise fees |
Franchise fees capitalised in 2020 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! (London) Limited (Registered number: 06617160) |
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. |
Dilapidation costs |
A provision is made to cover the expected costs of making good property dilapidations, where such work is required by the terms of the lease agreement. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Yes Lets! (London) Limited (Registered number: 06617160) |
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. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Yes Lets! (London) Limited (Registered number: 06617160) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
7. | FIXED ASSET INVESTMENTS - continued |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: 145 Brighton, Croydon, Surrey, CR2 6EF |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
8. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
Amounts owed by group undertakings are unsecured, interest free and receivable on demand. |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Other creditors |
Yes Lets! (London) Limited (Registered number: 06617160) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
11. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
12. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The above loan is secured against the assets of the company and also personally guaranteed by the directors. |
13. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 1,362 | 490 |
Dilapidation provision | 500 | 500 |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 July 2023 |
Charge to Income Statement during year |
Balance at 30 June 2024 |
14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Yes Lets! (London) Limited (Registered number: 06617160) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
During the year directors' loan interest of £528 (2023: £954) has been charged. |
15. | RELATED PARTY DISCLOSURES |
Yes Lets! (Sutton) Limited is a subsidiary company. Amounts due from Yes Lets! (Sutton) Limited to the company at the year end of £207,366 (2023: £186,630) are disclosed separately within debtors: amounts falling due within one year. |