1 June 2023 v2025.12.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBPSC4232282023-06-012024-05-31SC4232282024-05-31SC4232282023-05-31SC423228core:WithinOneYear2024-05-31SC423228core:WithinOneYear2023-05-31SC423228core:ShareCapital2024-05-31SC423228core:ShareCapital2023-05-31SC423228core:RevaluationReserve2024-05-31SC423228core:RevaluationReserve2023-05-31SC423228core:RetainedEarningsAccumulatedLosses2024-05-31SC423228core:RetainedEarningsAccumulatedLosses2023-05-31SC423228bus:Director12023-06-012024-05-31SC423228bus:RegisteredOffice2023-06-012024-05-31SC4232282022-06-012023-05-31SC423228core:CostValuation2023-06-01SC423228core:AdditionsToInvestments2024-05-31SC423228core:CostValuation2024-05-31SC42322812023-06-012024-05-31SC423228countries:Scotland2023-06-012024-05-31SC423228bus:AuditExemptWithAccountantsReport2023-06-012024-05-31SC423228bus:PrivateLimitedCompanyLtd2023-06-012024-05-31SC423228bus:SmallEntities2023-06-012024-05-31SC423228bus:FullAccounts2023-06-012024-05-31
Company registration number:
SC423228
I M Lettings Ltd
Unaudited Filleted Financial Statements for the year ended
31 May 2024
I M Lettings Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of I M Lettings Ltd
Year ended
31 May 2024
As described on the statement of financial position, the Board of Directors of
I M Lettings Ltd
are responsible for the preparation of the
financial statements
for the year ended
31 May 2024
, which comprise the income statement, statement of total comprehensive income, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Horizon Chartered Accountants
20-23 Woodside Place
Glasgow
G3 7QL
United Kingdom
Date:
26 February 2025
I M Lettings Ltd
Statement of Financial Position
31 May 2024
20242023
Note££
Fixed assets    
Investments 5
851,208
 
650,000
 
Current assets    
Debtors 6
1,225
  -  
Cash at bank and in hand
463
 
880
 
1,688
 
880
 
Creditors: amounts falling due within one year 7
(644,765
)
(498,059
)
Net current liabilities
(643,077
)
(497,179
)
Total assets less current liabilities 208,131   152,821  
Capital and reserves    
Called up share capital
14
 
14
 
Revaluation reserve
212,750
 
167,750
 
Profit and loss account
(4,633
)
(14,943
)
Shareholders funds
208,131
 
152,821
 
For the year ending
31 May 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
26 February 2025
, and are signed on behalf of the board by:
Irene Leslie
Director
Company registration number:
SC423228
I M Lettings Ltd
Notes to the Financial Statements
Year ended
31 May 2024

1 General information

The company is a private company limited by shares and is registered in Scotland. The address of the registered office is
c/o Horizon CA
,
20-23 Woodside Place
,
Glasgow
,
G3 7QL
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Rental income is recognised when it is received from tenants.

Current tax

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.

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

4 Average number of employees

The average number of persons employed by the company during the year was
2
(2023:
2.00
).

5 Investments

Other investments other than loans
£
Cost  
At
1 June 2023
650,000
 
Additions
201,208
 
At
31 May 2024
851,208
 
Impairment  
At
1 June 2023
and
31 May 2024
-  
Carrying amount  
At
31 May 2024
851,208
 
At 31 May 2023
650,000
 
The titles to certain properties are held in the name of the director in trust for the company.

6 Debtors

20242023
££
Other debtors
1,225
  -  

7 Creditors: amounts falling due within one year

20242023
££
Taxation and social security
2,419
 
1,106
 
Other creditors
642,346
 
496,953
 
644,765
 
498,059