| REGISTERED NUMBER: |
| CARDIFF PROPERTY LETTINGS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| REGISTERED NUMBER: |
| CARDIFF PROPERTY LETTINGS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| CARDIFF PROPERTY LETTINGS LIMITED (REGISTERED NUMBER: 05294733) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| CARDIFF PROPERTY LETTINGS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| CARDIFF PROPERTY LETTINGS LIMITED (REGISTERED NUMBER: 05294733) |
| BALANCE SHEET |
| 30 NOVEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank and in hand |
| 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 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges her 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. |
| CARDIFF PROPERTY LETTINGS LIMITED (REGISTERED NUMBER: 05294733) |
| BALANCE SHEET - continued |
| 30 NOVEMBER 2024 |
| The financial statements were approved by the director and authorised for issue on |
| CARDIFF PROPERTY LETTINGS LIMITED (REGISTERED NUMBER: 05294733) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Cardiff Property Lettings Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparation |
| Going Concern |
| The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment, the director has reviewed the balance sheet, the likely future cashflows of the business and has considered the facilities that are available to the company along with their continued support. |
| At the date of approving the financial statements the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The director continues to adopt the going concern basis of accounting in preparing the financial statements. |
| Significant judgements and estimates |
| In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on a ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
| Impairment of debtors |
| Management makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, ageing profile of the debtor as well as historical experience. |
| In assessing the recoverability of balances with connected companies, management periodically reviews the financial performance of these entities to gain assurance as to the recoverability. |
| CARDIFF PROPERTY LETTINGS LIMITED (REGISTERED NUMBER: 05294733) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Turnover |
| Turnover is measured at fair value of the consideration received or receivable net of VAT and discounts. The policies adopted for the recognition of turnover are as follows: |
| Rendering of services: |
| Turnover is recognised at the fair value of the consideration received or receivable for the services provided to the customer during the normal course of business. Turnover is recognised at the point when all benefits and risks of the services provided are transferred to the customer. |
| Turnover in respect of management fees are recognised during the period in which the service has been provided to the customer. |
| Turnover in respect of managed and let property agency fees are recognised on exchange of contract between the customer and third party. |
| Turnover in respect of commissions earned on sale of properties are recognised on exchange of contract between the customer and third party. |
| Tangible fixed assets |
| Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
| Depreciation is provided at the following annual rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives: |
| Plant and Machinery - 25% on reducing balance |
| Fixtures and fittings - 25% on reducing balance |
| Motor Vehicles - 25% on reducing balance |
| Computer equipment - 33% on cost |
| At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
| CARDIFF PROPERTY LETTINGS LIMITED (REGISTERED NUMBER: 05294733) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Cash and cash equivalents |
| Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 "Basic Financial Instruments". |
| Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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. |
| Basic financial assets |
| Basic financial assets, which include trade and other debtors, loans to related companies 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
| Basic financial liabilities |
| Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
| 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. |
| CARDIFF PROPERTY LETTINGS LIMITED (REGISTERED NUMBER: 05294733) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Leases are classified as finance lease whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. |
| Assets held under finance leases are recognised at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Provisions |
| Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliably estimated. |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| CARDIFF PROPERTY LETTINGS LIMITED (REGISTERED NUMBER: 05294733) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor | Computer |
| machinery | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 December 2023 |
| Disposals | ( |
) | ( |
) |
| At 30 November 2024 |
| DEPRECIATION |
| At 1 December 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Amounts due from related | 307,326 | 306,497 |
| Deferred tax asset |
| Prepayments |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| VAT | 23,875 | 10,658 |
| Other creditors |
| Amounts due to related | 160,260 | 188,234 |
| Directors' current accounts | 533 | 194 |
| Accrued expenses |
| CARDIFF PROPERTY LETTINGS LIMITED (REGISTERED NUMBER: 05294733) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loan |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 9. | PROVISIONS FOR LIABILITIES |
| 2024 |
| £ |
| Deferred tax | 240 |
| Deferred |
| tax |
| £ |
| Balance at 1 December 2023 | ( |
) |
| Accelerated capital allowances | (585 | ) |
| Taxable losses | 23,026 |
| Balance at 30 November 2024 |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted and issued: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 75,100 | 75,100 |
| 11. | TRANSACTIONS WITH | DIRECTORS |
| Included in creditors, amounts falling due within one year is an amount owed to the director of £533 (2023: £194). |
| All amounts due are considered interest free and repayable on demand. |
| CARDIFF PROPERTY LETTINGS LIMITED (REGISTERED NUMBER: 05294733) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 12. | RELATED PARTY DISCLOSURES |
| As at 30 November 2024, the following amounts were owed to the company by related parties: |
| - Key Let Limited: £174,540 (2023: £174,333) included within trade debtors due within one year. |
| - Tredilion Park Limited: £132,371 (2023: £132,164) included within trade debtors due within one year. |
| - Nugent Developments Limited: £207 (2023: £NIL) included within trade debtors due within one year. |
| - Nugent Lettings Limited: £207 (2023: £NIL) included within trade debtors due within one year. |
| As at 30 November 2024, the company owed £160,260 (2023: £188,234) to Luxury Lets Limited, included within creditors due within one year. |
| All of the entities are considered related parties by virtue of common control. |
| All related party balances were unsecured, interest-free, and repayable on demand, unless otherwise stated. |
| During the year company was charged rent of £25,000 (2023: £25,000) by Key Let Limited. |