PTP Accounts Production v24.3.2.46 11222837 Board of Directors 1.6.23 31.5.24 31.5.24 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh112228372023-05-31112228372024-05-31112228372023-06-012024-05-31112228372022-05-31112228372022-06-012023-05-31112228372023-05-3111222837ns15:EnglandWales2023-06-012024-05-3111222837ns14:PoundSterling2023-06-012024-05-3111222837ns10:Director12023-06-012024-05-3111222837ns10:PrivateLimitedCompanyLtd2023-06-012024-05-3111222837ns10:SmallEntities2023-06-012024-05-3111222837ns10:AuditExemptWithAccountantsReport2023-06-012024-05-3111222837ns10:SmallCompaniesRegimeForDirectorsReport2023-06-012024-05-3111222837ns10:SmallCompaniesRegimeForAccounts2023-06-012024-05-3111222837ns10:FullAccounts2023-06-012024-05-3111222837ns10:OrdinaryShareClass12023-06-012024-05-3111222837ns10:Director22023-06-012024-05-3111222837ns10:CompanySecretary12023-06-012024-05-3111222837ns10:RegisteredOffice2023-06-012024-05-3111222837ns5:CurrentFinancialInstruments2024-05-3111222837ns5:CurrentFinancialInstruments2023-05-3111222837ns5:Non-currentFinancialInstruments2024-05-3111222837ns5:Non-currentFinancialInstruments2023-05-3111222837ns5:ShareCapital2024-05-3111222837ns5:ShareCapital2023-05-3111222837ns5:FurtherSpecificReserve3ComponentTotalEquity2024-05-3111222837ns5:FurtherSpecificReserve3ComponentTotalEquity2023-05-3111222837ns5:RetainedEarningsAccumulatedLosses2024-05-3111222837ns5:RetainedEarningsAccumulatedLosses2023-05-3111222837ns5:WithinOneYearns5:CurrentFinancialInstruments2024-05-3111222837ns5:WithinOneYearns5:CurrentFinancialInstruments2023-05-3111222837ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-05-3111222837ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-05-3111222837ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-05-3111222837ns5:DeferredTaxation2023-05-3111222837ns5:DeferredTaxation2024-05-3111222837ns10:OrdinaryShareClass12024-05-3111222837ns5:RetainedEarningsAccumulatedLosses2023-05-3111222837ns5:FurtherSpecificReserve3ComponentTotalEquity2023-05-3111222837ns5:RetainedEarningsAccumulatedLosses2023-06-012024-05-31112228371ns10:Director12023-05-31112228371ns10:Director12022-05-31112228371ns10:Director12023-06-012024-05-31112228371ns10:Director12022-06-012023-05-31112228371ns10:Director12024-05-31112228371ns10:Director12023-05-31
REGISTERED NUMBER: 11222837 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

Lets Buy 2 Ltd

Lets Buy 2 Ltd (Registered number: 11222837)






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 2 Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTORS: Mrs P G Michaelides
L Michaelides





SECRETARY:





REGISTERED OFFICE: 18-20 Frognal
Hampstead
London
NW3 6AG





REGISTERED NUMBER: 11222837 (England and Wales)





ACCOUNTANTS: Tasos Papaloizou Chartered Accountants
Suite 1
The Golf Club
Darkes Lane
Potters Bar
EN6 1DE

Lets Buy 2 Ltd (Registered number: 11222837)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 35,000,000 35,000,000

CURRENT ASSETS
Debtors 5 221,378 171,226
Cash at bank 178,797 191,011
400,175 362,237
CREDITORS
Amounts falling due within one year 6 1,575,698 874,144
NET CURRENT LIABILITIES (1,175,523 ) (511,907 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

33,824,477

34,488,093

CREDITORS
Amounts falling due after more than one
year

7

(28,036,758

)

(28,169,195

)

PROVISIONS FOR LIABILITIES 10 (963,765 ) (963,765 )
NET ASSETS 4,823,954 5,355,133

CAPITAL AND RESERVES
Called up share capital 11 100 100
Fair value reserve 12 3,201,672 3,201,672
Retained earnings 12 1,622,182 2,153,361
SHAREHOLDERS' FUNDS 4,823,954 5,355,133

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

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 2 Ltd (Registered number: 11222837)

Balance Sheet - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2025 and were signed on its behalf by:





L Michaelides - Director


Lets Buy 2 Ltd (Registered number: 11222837)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Lets Buy 2 Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Lets Buy 2 Ltd (Registered number: 11222837)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 35,000,000
NET BOOK VALUE
At 31 May 2024 35,000,000
At 31 May 2023 35,000,000

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2020 15,266,727
Valuation in 2021 (4,000,000 )
Valuation in 2022 (4,391,669 )
Valuation in 2023 (3,020,000 )
Cost 31,144,942
35,000,000

The Investment property was valued on an open market basis basis on 31 May 2024 by The Director Lakis Michaelides .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 221,378 171,226

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade creditors 108,393 91,019
Amounts owed to connected companies 754,621 401,488
Taxation and social security 81,181 79,074
Other creditors 631,503 302,563
1,575,698 874,144

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans (see note 8) 30,564 40,468
Amounts owed to group undertakings 1,599,891 1,604,291
Bank loans 26,406,303 26,524,436
28,036,758 28,169,195

Lets Buy 2 Ltd (Registered number: 11222837)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

8. LOANS

An analysis of the maturity of loans is given below:

31.5.24 31.5.23
£    £   
Amounts falling due between one and two years:
Other loans - 1-2 years 26,406,303 26,524,436

Amounts falling due between two and five years:
Bank loans - 2-5 years 30,564 40,468

9. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Bank loans 26,406,303 26,524,436

The bank loans are secured by First legal charge over the Investment properties owned by the company and a debenture over the company's assets.

10. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax 963,765 963,765

Deferred
tax
£   
Balance at 1 June 2023 963,765
Balance at 31 May 2024 963,765

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
100 Ordinary 1 100 100

Lets Buy 2 Ltd (Registered number: 11222837)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

12. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 June 2023 2,153,361 3,201,672 5,355,033
Deficit for the year (531,179 ) (531,179 )
At 31 May 2024 1,622,182 3,201,672 4,823,854

13. 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
£    £   
L Michaelides
Balance outstanding at start of year (294,564 ) -
Amounts advanced (329,940 ) (294,564 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (624,504 ) (294,564 )

14. ULTIMATE CONTROLLING PARTY

The parent undertaking is Lets Buy Limited who own 100% of the issued share capital. The registered office of Lets Buy Limited is 18-20 Frognal, London NW3 6AG

Lets Buy 2 Ltd

Report of the Accountants to the Directors of
Lets Buy 2 Ltd

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.






Tasos Papaloizou Chartered Accountants
Suite 1
The Golf Club
Darkes Lane
Potters Bar
EN6 1DE


Date: .............................................