Class Lets Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: SC717554 (Scotland)

CLASS LETS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

Page

Company Information

1

Chartered Certified Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

G Blues

M Dawson

REGISTERED OFFICE:

4 Duror Drive

Glasgow

G69 8FQ

REGISTERED NUMBER:

SC717554 (Scotland)

ACCOUNTANTS:

russell + russell

Chartered Certified Accountants

4 Royal Crescent

Glasgow

G3 7SL

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.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Class Lets Ltd for the year ended 31st December 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Class Lets Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Class Lets Ltd and state those matters that we have agreed to state to the Board of Directors of Class Lets Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at

https://www.accaglobal.com/gb/en/technical-activities/technical-resources-

search/2009/october/factsheet-163-audit-exempt-companies.html.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Class Lets Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Class Lets Ltd. You consider that Class Lets Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Class Lets Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

russell + russell

Chartered Certified Accountants

4 Royal Crescent

Glasgow

G3 7SL

18th September 2025

FIXED ASSETS

Investment property

4

551,770

365,000

CURRENT ASSETS

Debtors

5

61,108

8,334

Cash at bank and in hand

1,942

1,302

63,050

9,636

CREDITORS

Amounts falling due within one year

6

96,572

21,522

NET CURRENT LIABILITIES

(33,522

)

(11,886

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

518,248

353,114

CREDITORS

Amounts falling due after more than one
year

7

(177,675

)

-

PROVISIONS FOR LIABILITIES

(43,375

)

-

NET ASSETS

297,198

353,114

CAPITAL AND RESERVES

Called up share capital

10

12

Share premium

364,998

Retained earnings

(67,812

)

(11,896

)

SHAREHOLDERS' FUNDS

297,198

353,114

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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.

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 17th September 2025 and were signed on its behalf by:

G Blues - Director

1.	STATUTORY INFORMATION

Class Lets Ltd is a private company, limited by shares , registered in Scotland. 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.

Going concern

The financial statements have been prepared on the going concern basis. The directors believe that the company has adequate resources and support to continue to operate for the foreseeable future.

Turnover

The turnover shown in the profit and loss account represents rental income receivable from investment properties held during the year, exclusive of Value Added Tax.

Investment property

Investment properties are shown at fair value. Gains are recognised in the income statement. Deferred

taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st January 2024

365,000

Additions

186,770

At 31st December 2024

551,770

NET BOOK VALUE

At 31st December 2024

551,770

At 31st December 2023

365,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade debtors

890

3,000

Other debtors

60,218

5,334

61,108

8,334

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade creditors

2,861

4,853

Taxation and social security

700

-

Other creditors

93,011

16,669

96,572

21,522

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.12.24

31.12.23

£

Other creditors

177,675

-

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-instalments

177,675

-

8.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-instalments

177,675

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

Mortgage Loan

177,675

-

There is a fixed charge over the freehold property in favour of The Mortgage Works (UK) plc.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

8

A Ordinary

£1.00

8

2

B Ordinary

£1.00

2

C Ordinary

£1.00

2

12

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st December 2024 and 31st December 2023:

31.12.24

31.12.23

£

M Dawson

Balance outstanding at start of year

(868

)

-

Amounts advanced

30,597

-

Amounts repaid

(2,897

)

(868

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

26,832

(868

)

This loan balance bears no interest and was repaid after the year end.

12.	ULTIMATE CONTROLLING PARTY

The company was under the control of Gerrard Blues throughout the current and previous year.