Company registration number 15251425 (England and Wales)
SHEFFIELD2LET LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
SHEFFIELD2LET LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
SHEFFIELD2LET LTD
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
Notes
£
£
Fixed assets
Investment property
3
6,515,000
Current assets
Debtors
4
4,970
Cash at bank and in hand
90,516
95,486
Creditors: amounts falling due within one year
5
(224,938)
Net current liabilities
(129,452)
Total assets less current liabilities
6,385,548
Creditors: amounts falling due after more than one year
6
(3,730,000)
Net assets
2,655,548
Capital and reserves
Called up share capital
7
2
Share premium account
2,785,000
Profit and loss reserves
(129,454)
Total equity
2,655,548

For the financial Period ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 25 June 2025
D M Elwood
Director
Company registration number 15251425 (England and Wales)
SHEFFIELD2LET LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Sheffield2let Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 294 Glossop Road, Sheffield, S10 2HS.

1.1
Reporting period

The financial statements cover the period from 1 November 2023, being the date of incorporation, to the period ended 30 June 2024, the company's chosen year-end. This is, therefore the company's first period of accounts.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover represents rent income receivable, and is reported net of VAT, where applicable.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. Fair value movements are credited to the revaluation reserve net of deferred tax.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and includes deposits held at call with banks.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

SHEFFIELD2LET LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2024
Number
Total
1
3
Investment property
2024
£
Fair value
At 1 November 2023
-
0
Additions
6,649,639
Revaluations
(134,639)
At 30 June 2024
6,515,000

The fair value of the investment properties have been arrived at by way of a directors valuation as at 30 June 2024.

SHEFFIELD2LET LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 4 -
4
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
4,575
Other debtors
395
4,970
5
Creditors: amounts falling due within one year
2024
£
Trade creditors
122,194
Corporation tax
1,498
Other taxation and social security
738
Other creditors
100,508
224,938

Included within other creditors is an unsecured interest free loan from the director of £93,970. The loan has no fixed repayment terms.

6
Creditors: amounts falling due after more than one year
2024
£
Bank loans
3,730,000

Bank loans represents interest only mortgages. The mortgages are secured by way of fixed and floating charges over the investment property of the company.

Creditors which fall due after five years are as follows:
2024
£
Payable by instalments
3,730,000
7
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary Shares of £1 each
2
2
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