0 false false false false false false false false false false true false false false false false false 2024-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 4,252 693 141,142 141,142 141,142 xbrli:pure xbrli:shares iso4217:GBP SC556113 2024-02-01 2024-10-31 SC556113 2024-10-31 SC556113 2024-01-31 SC556113 2023-02-01 2024-01-31 SC556113 2024-01-31 SC556113 2023-01-31 SC556113 bus:RegisteredOffice 2024-02-01 2024-10-31 SC556113 bus:Director1 2024-02-01 2024-10-31 SC556113 core:WithinOneYear 2024-10-31 SC556113 core:WithinOneYear 2024-01-31 SC556113 core:LandBuildings core:OwnedOrFreeholdAssets 2024-02-01 2024-10-31 SC556113 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC556113 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC556113 core:RetainedEarningsAccumulatedLosses 2024-10-31 SC556113 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC556113 core:ShareCapital 2024-10-31 SC556113 core:ShareCapital 2024-01-31 SC556113 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-31 SC556113 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-31 SC556113 bus:SmallEntities 2024-02-01 2024-10-31 SC556113 bus:AuditExempt-NoAccountantsReport 2024-02-01 2024-10-31 SC556113 bus:SmallCompaniesRegimeForAccounts 2024-02-01 2024-10-31 SC556113 bus:PrivateLimitedCompanyLtd 2024-02-01 2024-10-31 SC556113 bus:FullAccounts 2024-02-01 2024-10-31
COMPANY REGISTRATION NUMBER: SC556113
CW Lets Ltd
Unaudited Financial Statements
31 October 2024
CW Lets Ltd
Financial Statements
Period from 1 February 2024 to 31 October 2024
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
CW Lets Ltd
Director's Report
Period from 1 February 2024 to 31 October 2024
The director presents her report and the unaudited financial statements of the company for the period ended 31 October 2024 .
Principal activities
The principal activity of the company during the period was that of property renovation and letting. The property was sold during the period and it is the directors intention to strike the company off.
Director
The director who served the company during the period was as follows:
Mrs K Wilson
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 12 February 2025 and signed on behalf of the board by:
Mrs K Wilson
Director
Registered office:
32 Newmills Crescent
Balerno
EH14 5SX
CW Lets Ltd
Statement of Income and Retained Earnings
Period from 1 February 2024 to 31 October 2024
Period from
1 Feb 24 to
Year to
31 Oct 24
31 Jan 24
Note
£
£
Turnover
1,300
5,400
-------
-------
Gross profit
1,300
5,400
Administrative expenses
( 3,069)
313
-------
-------
Operating profit
4,369
5,087
Interest payable and similar expenses
3,634
4,394
-------
-------
Profit before taxation
735
693
Tax on profit
4,987
-------
----
(Loss)/profit for the financial period and total comprehensive income
( 4,252)
693
-------
----
Retained losses at the start of the period
( 5,067)
( 5,760)
-------
-------
Retained losses at the end of the period
( 9,319)
( 5,067)
-------
-------
All the activities of the company are from continuing operations.
CW Lets Ltd
Statement of Financial Position
31 October 2024
31 Oct 24
31 Jan 24
Note
£
£
£
Fixed assets
Tangible assets
5
141,142
Current assets
Cash at bank and in hand
5,275
1,335
Creditors: amounts falling due within one year
6
14,494
147,444
---------
----------
Net current liabilities
9,219
146,109
-------
----------
Total assets less current liabilities
( 9,219)
( 4,967)
-------
-------
Net liabilities
( 9,219)
( 4,967)
-------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 9,319)
( 5,067)
-------
-------
Shareholders deficit
( 9,219)
( 4,967)
-------
-------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the period ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 12 February 2025 , and are signed on behalf of the board by:
Mrs K Wilson
Director
Company registration number: SC556113
CW Lets Ltd
Notes to the Financial Statements
Period from 1 February 2024 to 31 October 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 32 Newmills Crescent, Balerno, EH14 5SX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts are prepared on a going concern basis as the director has confirmed she will continue to support the company and provide funding if required.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are 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. Deferred tax is measured 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to Nil (2024: Nil).
5. Tangible assets
Investment property
£
Cost
At 1 February 2024
141,142
Disposals
( 141,142)
----------
At 31 October 2024
----------
Depreciation
At 1 February 2024 and 31 October 2024
----------
Carrying amount
At 31 October 2024
----------
At 31 January 2024
141,142
----------
The property was purchased in April 2017 and the director is of the opinion that there has been no change in value since that date.The property was sold in the period
6. Creditors: amounts falling due within one year
31 Oct 24
31 Jan 24
£
£
Bank loans and overdrafts
116,420
Accruals and deferred income
300
300
Corporation tax
4,987
Director loan accounts
9,207
30,724
---------
----------
14,494
147,444
---------
----------
The director's loan account is interest free with no specific terms for repayment. The bank loan is secured in favour of Aldermore Bank plc, by way of a floating charge over the company's assets.