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Registration number: 04801610

Easylet Property Management UK Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Easylet Property Management UK Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Easylet Property Management UK Limited

Company Information

Director

Mr Gregory Cox

Registered office

Fortune Building
4 Tor Hill Road
Castle Circus
Torquay
Devon
TQ2 5RA

Accountants

Neil Wilson & Co Chartered Accountants
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

 

Easylet Property Management UK Limited

(Registration number: 04801610)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,710,087

2,677,036

Current assets

 

Debtors

5

11,367

16,772

Cash at bank and in hand

 

293,719

282,446

 

305,086

299,218

Creditors: Amounts falling due within one year

6

(1,142,321)

(1,196,378)

Net current liabilities

 

(837,235)

(897,160)

Total assets less current liabilities

 

1,872,852

1,779,876

Creditors: Amounts falling due after more than one year

6

(462,563)

(462,563)

Net assets

 

1,410,289

1,317,313

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

1,410,288

1,317,312

Shareholders' funds

 

1,410,289

1,317,313

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 January 2025
 

.........................................
Mr Gregory Cox
Director

 

Easylet Property Management UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Fortune Building
4 Tor Hill Road
Castle Circus
Torquay
Devon
TQ2 5RA

These financial statements were authorised for issue by the director on 30 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Easylet Property Management UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance basis

Fixtures and fittings

10% straight line basis

Office equipment

10% straight line basis

Motor vehicles

18% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Easylet Property Management UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2023 - 7).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 April 2023

2,670,935

10,617

10,747

1,711

Additions

32,756

1,554

-

-

At 31 March 2024

2,703,691

12,171

10,747

1,711

Depreciation

At 1 April 2023

-

10,617

4,731

1,626

Charge for the year

-

155

1,083

21

At 31 March 2024

-

10,772

5,814

1,647

Carrying amount

At 31 March 2024

2,703,691

1,399

4,933

64

At 31 March 2023

2,670,935

-

6,016

85

 

Easylet Property Management UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Total
£

Cost or valuation

At 1 April 2023

2,694,010

Additions

34,310

At 31 March 2024

2,728,320

Depreciation

At 1 April 2023

16,974

Charge for the year

1,259

At 31 March 2024

18,233

Carrying amount

At 31 March 2024

2,710,087

At 31 March 2023

2,677,036

Included within the net book value of land and buildings above is £2,703,691 (2023 - £2,670,935) in respect of freehold land and buildings.
 

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

-

-

Amounts owed by related parties

9

1,525

675

Other debtors

 

9,842

16,097

   

11,367

16,772

 

Easylet Property Management UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

11,172

15,528

Trade creditors

 

49,919

-

Taxation and social security

 

41,100

30,676

Accruals and deferred income

 

4,500

2,000

Other creditors

 

1,035,630

1,148,174

 

1,142,321

1,196,378

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

462,563

462,563

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

462,563

462,563

2024
£

2023
£

Current loans and borrowings

Bank borrowings

11,172

15,528

 

Easylet Property Management UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

Mr Gregory Cox

Director loan

(1,058,822)

114,945

(943,877)

       
     

 

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

Mr Gregory Cox

Director loan

(988,320)

(70,502)

(1,058,822)

       
     

 

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Contributions paid to money purchase schemes

2,448

-