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Registration number: 10957117

21ST Century Lettings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

21ST Century Lettings Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

21ST Century Lettings Limited

Company Information

Director

S Heap

Registered office

93 The Boulevard
Stoke-On-Trent
Staffordshire
ST6 6BD

 

21ST Century Lettings Limited

(Registration number: 10957117)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

3,898

5,198

Investment property

6

2,633,798

1,928,391

 

2,637,696

1,933,589

Current assets

 

Debtors

7

12,600

-

Cash at bank and in hand

 

58,038

17,494

 

70,638

17,494

Creditors: Amounts falling due within one year

8

(862,291)

(662,441)

Net current liabilities

 

(791,653)

(644,947)

Total assets less current liabilities

 

1,846,043

1,288,642

Creditors: Amounts falling due after more than one year

8

(1,639,862)

(1,135,208)

Net assets

 

206,181

153,434

Capital and reserves

 

Called up share capital

2

2

Retained earnings

206,179

153,432

Shareholders' funds

 

206,181

153,434

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.

Approved and authorised by the director on 1 April 2025
 

.........................................
S Heap
Director

   
     
 

21ST Century Lettings 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.

The address of its registered office is:
93 The Boulevard
Stoke-On-Trent
Staffordshire
ST6 6BD

These financial statements were authorised for issue by the director on 1 April 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.

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.

 

21ST Century Lettings 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

Motor vehicles

25% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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

 

21ST Century Lettings Limited

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,300

1,732

 

21ST Century Lettings Limited

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

5

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

9,240

9,240

At 31 March 2024

9,240

9,240

Depreciation

At 1 April 2023

4,042

4,042

Charge for the year

1,300

1,300

At 31 March 2024

5,342

5,342

Carrying amount

At 31 March 2024

3,898

3,898

At 31 March 2023

5,198

5,198

6

Investment properties

2024
£

At 1 April

1,928,391

Additions

705,407

At 31 March

2,633,798

The investment properties are included in the accounts at cost. The Director believes this is a fair valaution as the properties cannot be independently valued without undue effort or cost.

There has been no valuation of investment property by an independent valuer.

7

Debtors

Current

2024
£

2023
£

Other debtors

12,600

-

 

12,600

-

 

21ST Century Lettings Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

6,243

5,200

Trade creditors

 

3,420

3,060

Taxation and social security

 

28,457

20,539

Other creditors

 

824,171

633,642

 

862,291

662,441

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

1,639,862

1,135,208

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £1,607,086 (2023 - £1,097,932).

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,639,862

1,135,208

Current loans and borrowings

2024
£

2023
£

Bank borrowings

6,243

5,200