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REGISTERED NUMBER: 07597867 (England and Wales)









EXECUTIVE LETS SOUTH WEST LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






EXECUTIVE LETS SOUTH WEST LTD (REGISTERED NUMBER: 07597867)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


EXECUTIVE LETS SOUTH WEST LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: C Whitaker
M L Whitaker





REGISTERED OFFICE: 27 Mutley Plain
Plymouth
Devon
PL4 6JG





REGISTERED NUMBER: 07597867 (England and Wales)





ACCOUNTANTS: Mark Holt & Co Limited
Chartered Accountants
7 Sandy Court
Ashleigh Way
Langage Business Park
Plymouth
Devon
PL7 5JX

EXECUTIVE LETS SOUTH WEST LTD (REGISTERED NUMBER: 07597867)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 150,000 -
Tangible assets 6 7,790 8,342
157,790 8,342

CURRENT ASSETS
Debtors 7 311,765 260,526

CREDITORS
Amounts falling due within one year 8 91,134 83,824
NET CURRENT ASSETS 220,631 176,702
TOTAL ASSETS LESS CURRENT LIABILITIES 378,421 185,044

PROVISIONS FOR LIABILITIES 1,900 1,700
NET ASSETS 376,521 183,344

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 376,421 183,244
376,521 183,344

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 February 2025 and were signed on its behalf by:





C Whitaker - Director


EXECUTIVE LETS SOUTH WEST LTD (REGISTERED NUMBER: 07597867)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Executive Lets South West Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration receivable, net of discounts and value added tax. Turnover represents revenue earned from the rendering of services relating to property management and letting. Where income has been received but the service has not yet been provided, the income is deferred on the Balance Sheet.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised evenly over its estimated useful life of 5 years. It has now been amortised to nil.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and impairment losses.

Depreciation is provided on all fixed assets at the following rates:

Leasehold land and buildings 2% straight line
Plant and machinery 25% reducing balance

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors
Debtors comprise simple current financial instruments only, and are carried in the accounts at transaction price less impairment, which is considered to be approximate to fair value.

Creditors
Creditors comprise simple financial instruments only. Current liabilities are carried in the accounts at transaction price, which is considered to approximate to fair value. Bank loans and other similar financial liabilities are measured initially at fair value net of transaction cost, and are subsequently measured at amortised cost, using the effective interest rate method.


EXECUTIVE LETS SOUTH WEST LTD (REGISTERED NUMBER: 07597867)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Pension costs and other post-retirement benefits
Short- term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

Provisions for liabilities
Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance costs in profit or loss in the period it arises.

The Company recognises a provision for annual leave accrued by employees for services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months, measured at the salary costs payable for the period of absence.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

5. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 July 2023 850,000 - 850,000
Additions - 150,000 150,000
At 30 June 2024 850,000 150,000 1,000,000
AMORTISATION
At 1 July 2023
and 30 June 2024 850,000 - 850,000
NET BOOK VALUE
At 30 June 2024 - 150,000 150,000
At 30 June 2023 - - -

EXECUTIVE LETS SOUTH WEST LTD (REGISTERED NUMBER: 07597867)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

6. TANGIBLE FIXED ASSETS
Short Plant and
leasehold machinery Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 8,629 37,240 45,869
DEPRECIATION
At 1 July 2023 1,803 35,724 37,527
Charge for year 173 379 552
At 30 June 2024 1,976 36,103 38,079
NET BOOK VALUE
At 30 June 2024 6,653 1,137 7,790
At 30 June 2023 6,826 1,516 8,342

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 311,765 260,526

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 90,550 83,451
Other creditors 584 373
91,134 83,824

9. OTHER FINANCIAL COMMITMENTS

In a previous year the company entered into a trademark licence agreement, whereby 3% of turnover was payable as a licence fee each year to the shareholders. This trademark was purchased from the shareholders by the company on 28th June 2024 for £150,000, and this is shown within intangible fixed asset additions. For the current year, the licence fee payable was pro-rated for the period prior to acquisition.