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Company No: 07711022 (England and Wales)

JOHN LAKE GILT EDGED LETTINGS LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

JOHN LAKE GILT EDGED LETTINGS LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

JOHN LAKE GILT EDGED LETTINGS LIMITED

BALANCE SHEET

As at 30 June 2024
JOHN LAKE GILT EDGED LETTINGS LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 5,619 5,343
5,619 5,343
Current assets
Stocks 500 500
Debtors 4 3,195 1,711
Cash at bank and in hand 76,224 94,909
79,919 97,120
Creditors: amounts falling due within one year 5 ( 21,600) ( 54,733)
Net current assets 58,319 42,387
Total assets less current liabilities 63,938 47,730
Provision for liabilities ( 1,405) ( 1,336)
Net assets 62,533 46,394
Capital and reserves
Called-up share capital 6 500 500
Profit and loss account 62,033 45,894
Total shareholders' funds 62,533 46,394

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of John Lake Gilt Edged Lettings Limited (registered number: 07711022) were approved and authorised for issue by the Board of Directors on 04 December 2024. They were signed on its behalf by:

Mrs G C Bartlett
Director
Mr N W Bartlett
Director
JOHN LAKE GILT EDGED LETTINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
JOHN LAKE GILT EDGED LETTINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

John Lake Gilt Edged Lettings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Old Town Hall Manor Road, St Marychurch, Torquay, TQ1 3JS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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.

The company recognises revenue based on its value of the service provided to date.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid or recoverable using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line /reducing balance basis over its expected useful life, as follows:

Leasehold improvements 3 years straight line
Fixtures and fittings 25 % reducing balance
Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Total
£ £ £
Cost
At 01 July 2023 1,376 17,319 18,695
Additions 0 2,160 2,160
At 30 June 2024 1,376 19,479 20,855
Accumulated depreciation
At 01 July 2023 1,376 11,976 13,352
Charge for the financial year 0 1,884 1,884
At 30 June 2024 1,376 13,860 15,236
Net book value
At 30 June 2024 0 5,619 5,619
At 30 June 2023 0 5,343 5,343

4. Debtors

2024 2023
£ £
Prepayments 1,595 1,629
Other debtors 1,600 82
3,195 1,711

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 120 4,692
Accruals 3,615 3,300
Taxation and social security 13,491 14,744
Other creditors 4,374 31,997
21,600 54,733

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
500 Ordinary shares of £ 1.00 each 500 500

7. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 17,200 934

Other financial commitments

2024 2023
£ £
Office rent 6,000 6,000

The total amount of financial commitments not included in the balance sheet is £6,000 (2023 - £6,934). Total amount of financial commitments not included in the balance sheet are in respect of office rent and operating lease of motor vehicles.