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2024-06-30
COMPANY REGISTRATION NUMBER:
03849102
EASY LET PROPERTIES LIMITED |
|
Filleted Unaudited Abridged Financial Statements |
|
EASY LET PROPERTIES LIMITED |
|
Abridged Financial Statements |
|
Year ended 30 June 2024
Officers and professional advisers |
1 |
|
|
Chartered certified accountants report to the director on the preparation of the unaudited statutory abridged financial statements |
2 |
|
|
Abridged statement of financial position |
3 |
|
|
Notes to the abridged financial statements |
5 |
|
|
EASY LET PROPERTIES LIMITED |
|
Officers and Professional Advisers |
|
Director |
Mr S. Karayiorghi |
|
|
Company secretary |
Mr A.C. Karageorghis |
|
|
Registered office |
111a, George Lane |
|
London |
|
E18 1AN |
|
|
Accountants |
OMG |
|
Chartered Certified Accountants |
|
111a, George Lane |
|
London |
|
E18 1AN |
|
|
EASY LET PROPERTIES LIMITED |
|
Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of
EASY LET PROPERTIES LIMITED |
|
Year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of EASY LET PROPERTIES LIMITED for the year ended 30 June 2024, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the director of EASY LET PROPERTIES LIMITED in accordance with the terms of our engagement letter dated 2 December 2005. Our work has been undertaken solely to prepare for your approval the abridged financial statements of EASY LET PROPERTIES LIMITED and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than EASY LET PROPERTIES LIMITED and its director for our work or for this report.
It is your duty to ensure that EASY LET PROPERTIES LIMITED has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of EASY LET PROPERTIES LIMITED. You consider that EASY LET PROPERTIES LIMITED is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the abridged financial statements of EASY LET PROPERTIES LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.
OMG
Chartered Certified Accountants
111a, George Lane
London
E18 1AN
19 March 2025
EASY LET PROPERTIES LIMITED |
|
Abridged Statement of Financial Position |
|
30 June 2024
Fixed assets
Tangible assets |
5 |
|
2,844,525 |
2,844,599 |
|
|
|
|
|
Current assets
Debtors |
35,090 |
|
35,310 |
Cash at bank and in hand |
71,996 |
|
25,644 |
|
--------- |
|
-------- |
|
107,086 |
|
60,954 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
157,018 |
|
151,873 |
|
--------- |
|
--------- |
Net current liabilities |
|
49,932 |
90,919 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
2,794,593 |
2,753,680 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
|
801,250 |
822,306 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
199,515 |
199,515 |
|
|
------------ |
------------ |
Net assets |
|
1,793,828 |
1,731,859 |
|
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
9 |
|
1,000 |
1,000 |
Revaluation reserve |
|
1,196,720 |
1,196,720 |
Profit and loss account |
|
596,108 |
534,139 |
|
|
------------ |
------------ |
Shareholders funds |
|
1,793,828 |
1,731,859 |
|
|
------------ |
------------ |
|
|
|
|
|
These abridged financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the 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.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 June 2024 in accordance with Section 444(2A) of the Companies Act 2006.
EASY LET PROPERTIES LIMITED |
|
Abridged Statement of Financial Position (continued) |
|
30 June 2024
These abridged financial statements were approved by the
board of directors
and authorised for issue on
19 March 2025
, and are signed on behalf of the board by:
Mr S. Karayiorghi |
|
Director |
|
|
|
Company registration number:
03849102
EASY LET PROPERTIES LIMITED |
|
Notes to the Abridged Financial Statements |
|
Year ended 30 June 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 111a, George Lane, London, E18 1AN.
2.
Statement of compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Revenue recognition
The turnover shown in the profit and loss represents rents receivable during the year.
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
Tax on profit
UK current tax on profits based on the results for the year at 19% & 25% :£20,681 (2023:£15,471 at 19.%).
5.
Tangible assets
|
£ |
Cost |
|
At 1 July 2023 and 30 June 2024 |
2,845,116 |
|
------------ |
Depreciation |
|
At 1 July 2023 |
517 |
Charge for the year |
74 |
|
------------ |
At 30 June 2024 |
591 |
|
------------ |
Carrying amount |
|
At 30 June 2024 |
2,844,525 |
|
------------ |
At 30 June 2023 |
2,844,599 |
|
------------ |
|
|
The investment properties owned by the company were valued by the director, on the basis of fair values of similar properties in the same areas.
6.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Accruals and deferred income |
969 |
2,650 |
Corporation tax |
20,681 |
15,471 |
Director loan accounts |
91,339 |
90,525 |
Other creditors |
44,029 |
43,227 |
|
--------- |
--------- |
|
157,018 |
151,873 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
801,250 |
822,306 |
|
--------- |
--------- |
|
|
|
The bank loan outstanding at the year-end amounted to £801,250 (2023:£822,306) and includes capital instalments within and after more than one year. This is secured on the properties owned by the company. Bank loans outstanding at the year-end include capital instalments due after more than five years of £671,083 (2023: £604,145).
8.
Deferred tax
The deferred tax included in the abridged statement of financial position is as follows:
|
2024 |
2023 |
|
£ |
£ |
Included in provisions |
199,515 |
199,515 |
|
--------- |
--------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2024 |
2023 |
|
£ |
£ |
Fair value adjustment of investment property |
199,515 |
199,515 |
|
--------- |
--------- |
|
|
|
9.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
1,000 |
1,000 |
1,000 |
1,000 |
|
------- |
------- |
------- |
------- |
|
|
|
|
|
10.
Related party transactions
As at year-end the director was owed £91,339 (2023:£90,525). These amounts were interest free, unsecured and repayable on demand.
11.
Controlling party
The company was under the control of Mr S. Karayiorghi,the managing director and majority shareholder, throughout the current and previous year.