| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 May 2024 |
| for |
| Lets Buy Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 May 2024 |
| for |
| Lets Buy Limited |
| Lets Buy Limited (Registered number: 02614922) |
| Contents of the Financial Statements |
| for the Year Ended 31 May 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Report of the Accountants | 8 |
| Lets Buy Limited |
| Company Information |
| for the Year Ended 31 May 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Suite 1 |
| The Golf Club |
| Darkes Lane |
| Potters Bar |
| EN6 1DE |
| Lets Buy Limited (Registered number: 02614922) |
| Balance Sheet |
| 31 May 2024 |
| 31.5.24 | 31.5.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Capital redemption reserve | 11 |
| Fair value reserve | 11 |
| Retained earnings | 11 |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Lets Buy Limited (Registered number: 02614922) |
| Balance Sheet - continued |
| 31 May 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Lets Buy Limited (Registered number: 02614922) |
| Notes to the Financial Statements |
| for the Year Ended 31 May 2024 |
| 1. | STATUTORY INFORMATION |
| Lets Buy Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about Lets Buy Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Turnover |
| Turnover reported amounts derived from rents charged to tenants during the year, and is recognized at the date the rental period occurred. This is stated after trade discounts and other sales taxes. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Fixtures and fittings:- 25% on reducing balances |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Lets Buy Limited (Registered number: 02614922) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INVESTMENT PROPERTY |
| Land and |
| buildings |
| £ |
| COST OR VALUATION |
| At 1 June 2023 |
| and 31 May 2024 |
| NET BOOK VALUE |
| At 31 May 2024 |
| At 31 May 2023 |
| Cost or valuation at 31 May 2024 is represented by: |
| Land and |
| buildings |
| £ |
| Valuation in 2004 | 527,273 |
| Valuation in 2006 | 69,346 |
| Valuation in 2018 | 1,733,905 |
| Valuation in 2019 | 45,992 |
| Valuation in 2022 | (83,367 | ) |
| Cost | 816,851 |
| 3,110,000 |
| The Investment properties were valued on an open market basis on 31 May 2024 by the directors. . |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Amounts owed by group undertakings |
| Amounts owed by connected | 1,200,309 | 1,182,022 |
| Directors' current accounts | 598,165 | 625,384 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Bank loans and overdrafts |
| Amounts owed to connected | 243,482 | 208,445 |
| Taxation and social security |
| Other creditors |
| Lets Buy Limited (Registered number: 02614922) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Bank loans |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Bank loans | 1,693,106 | 1,931,107 |
| The bank loans and overdrafts are secured by way of First Legal charge over the properties owned by the company and a Debenture over the company's assets. |
| 9. | PROVISIONS FOR LIABILITIES |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Deferred tax | 573,287 | 573,287 |
| Deferred |
| tax |
| £ |
| Balance at 1 June 2023 |
| written back on disposal |
| Balance at 31 May 2024 |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.5.24 | 31.5.23 |
| value: | £ | £ |
| Ordinary | £1 | 50 | 50 |
| 11. | RESERVES |
| Capital | Fair |
| Retained | redemption | value |
| earnings | reserve | reserve | Totals |
| £ | £ | £ | £ |
| At 1 June 2023 | 3,707,455 |
| Deficit for the year | ( |
) | ( |
) |
| At 31 May 2024 | 3,632,988 |
| Lets Buy Limited (Registered number: 02614922) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023: |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Lets Buy Limited |
| Report of the Accountants to the Directors of |
| Lets Buy Limited |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 May 2024 set out on pages three to nine and you consider that the company is exempt from an audit. |
| 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 information and explanations supplied to us. |
| Suite 1 |
| The Golf Club |
| Darkes Lane |
| Potters Bar |
| EN6 1DE |
| Date: ............................................. |