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COMPANY REGISTRATION NUMBER: 07785058
Letap Properties Limited
Filleted Unaudited Financial Statements
31 August 2024
Letap Properties Limited
Balance Sheet
31 August 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
3,250,000
3,250,000
Current assets
Cash at bank and in hand
29,572
28,903
Creditors: amounts falling due within one year
6
( 1,030,531)
( 1,058,364)
------------
------------
Net current liabilities
( 1,000,959)
( 1,029,461)
------------
------------
Total assets less current liabilities
2,249,041
2,220,539
Creditors: amounts falling due after more than one year
7
( 657,140)
( 716,955)
Provisions
Taxation including deferred tax
( 81,761)
( 81,761)
------------
------------
Net assets
1,510,140
1,421,823
------------
------------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
9
1,509,140
1,420,823
------------
------------
Shareholders funds
1,510,140
1,421,823
------------
------------
These 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 statement of income and retained earnings has not been delivered.
For the year ending 31 August 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 .
Letap Properties Limited
Balance Sheet (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 28 May 2025 , and are signed on behalf of the board by:
Mrs. M. Patel
Miss R. Patel
Director
Director
Company registration number: 07785058
Letap Properties Limited
Notes to the Financial Statements
Year ended 31 August 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 Kings View, 29 Fairmile Avenue, Cobham, Surrey, KT11 2JA.
2. Statement of compliance
These 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 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have assessed the company's ability to continue as a going concern which has included a review of expected future rental income, the continued support from the company's related parties and the current and expected bank facilities and based on this review, the directors confirm that the company has adequate resources to continue to operate for the foreseeable future, which covers a period of not less than twelve months from the date the financial statements are approved, and accordingly the going concern basis continues to be appropriate for the preparation of the financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key estimates and assumptions that have a significant impact on the amounts recognised in the financial statements are set out below. Valuation of investment properties: The valuation of the company's investment properties is inherently subjective due to, among other factors, the individual nature of each property, its location and the expected future rental revenues from that particular property. As a result, the valuations the company places on its investment properties are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market.
Revenue recognition
The turnover represents rents receivable from letting of investment properties during the year in accordance with the leases.
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.
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.
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
4. Employee numbers
The average number of persons employed by the company during the year, amounted to Nil.
5. Tangible assets
Investment properties
£
Cost
At 1 September 2023 and 31 August 2024
3,250,000
------------
Depreciation
At 1 September 2023 and 31 August 2024
------------
Carrying amount
At 31 August 2024
3,250,000
------------
At 31 August 2023
3,250,000
------------
The directors have reviewed the value of the investment properties at the balance sheet date, with reference to the fair value and consider the value to be £3,250,000 (2023: £3,250,000). The historical cost of the properties is £2,583,574 (2023: £2,583,574).
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
58,066
52,693
Accruals and deferred income
17,225
17,364
Corporation tax
26,740
25,807
Director loan accounts
485,500
519,500
Other creditors
443,000
443,000
------------
------------
1,030,531
1,058,364
------------
------------
Bank loans due within one year of £58,066 (2023: £52,693) for which security has been given. The bank loans are secured by a fixed charge over the company's investment properties and guarantees from related parties.
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
657,140
716,955
---------
---------
Bank loans due after more than one year of £657,140 (2023: £716,955) for which security has been given. The bank loans are secured by a fixed charge over the company's investment properties and guarantees from related parties.
8. Deferred tax
The deferred tax included in the balance sheet is as follows:
2024
2023
£
£
Included in provisions
81,761
81,761
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Fair value adjustment of investment property
81,761
81,761
--------
--------
9. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Included in profit and loss reserve are distributable profits of £924,475 (2023: £836,158) and non-distributable profits of £584,665 (2023: £584,665) in respect of revaluation gains on investment properties.
10. Related party transactions
During the year, the company carried out the following transactions with related parties. (1) Included in creditors due within one year, are loans of £485,500 (2023: £519,500) from the directors. These loans are interest-free and have no fixed repayment terms. (2) Other creditors due within one year include an interest-free loan provided by the father of both of the directors of the company. The balance owing at the balance sheet date was £443,000(2023: £443,000). (3) A guarantee for £100,000 has been given to the bank in relation to company's bank loans by one of the directors of the company and a family member.