Leeds Property Rentals Limited Filleted accounts for Companies House (small and micro)

LEEDS PROPERTY GROUP LTD - Company Information

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COMPANY REGISTRATION NUMBER: 10351747

Leeds Property Rentals Limited

Filleted unaudited financial statements

31 March 2019

Leeds Property Rentals Limited

Statement of financial position

31 March 2019

	2019		2018
Note	£	£	£	£

Fixed assets

Tangible assets	5		13,185,495		12,243,008

Current assets

Debtors	6	5,958		9,771

Creditors: amounts falling due within one year	7	( 306,742)		( 358,002)
		---------		---------
Net current liabilities			( 300,784)		( 348,231)
			------------		------------
Total assets less current liabilities			12,884,711		11,894,777

Creditors: amounts falling due after more than one year	8	( 2,371,928)	( 1,444,171)
		------------	------------
Net assets		10,512,783	10,450,606
		------------	------------

Capital and reserves

Called up share capital	1,000	1,000
Share premium account	10,316,425	10,316,425
Profit and loss account	195,358	133,181
	------------	------------
Shareholders funds	10,512,783	10,450,606
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

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

These financial statements were approved by the board of directors and authorised for issue on 4 December 2019 , and are signed on behalf of the board by:

Dr R W Tucker
Director

Company registration number: 10351747

Leeds Property Rentals Limited

Notes to the financial statements

year ended 31 March 2019

1. General information

The principal activity of the company is the letting of residential property. The company is a private company limited by shares, registered in England and Wales (no. 10351747 ). The address of the registered office is Flat 1, 1 Bainbrigge Road, Leeds, West Yorkshire, LS6 3AD.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the date of the statement of financial position and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts invoiced for the rental of residential property. Rental income is recognised in accordance with the rental agreements and apportioned over the period of the contract for which the property is let. Where payments are received from tenants in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Motor vehicles	-	20% straight line
Equipment	-	33% straight line

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in the fair value reserve unless they are considered to be permanent revaluations which are recognised in the statement of comprehensive income.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2018: 7 ).

5. Tangible assets

Investment property	Freehold property	Motor vehicles	Equipment	Total
£	£	£	£	£

Cost
At 1 April 2018	12,174,928	–	71,461	14,398	12,260,787
Additions	444,601	513,622	–	8,951	967,174
	------------	---------	-------	-------	------------
At 31 March 2019	12,619,529	513,622	71,461	23,349	13,227,961
	------------	---------	-------	-------	------------
Depreciation
At 1 April 2018	–	–	15,674	2,105	17,779
Charge for the year	–	4,280	14,292	6,115	24,687
	------------	---------	-------	-------	------------
At 31 March 2019	–	4,280	29,966	8,220	42,466
	------------	---------	-------	-------	------------
Carrying amount
At 31 March 2019	12,619,529	509,342	41,495	15,129	13,185,495
	------------	---------	-------	-------	------------
At 31 March 2018	12,174,928	–	55,787	12,293	12,243,008
	------------	---------	-------	-------	------------

The Directors have reviewed the valuation of the investment property and have concluded that the valuation reflects the current market value.

6. Debtors

	2019	2018
	£	£

Other debtors	5,958	9,771
	------	------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£

Bank loans and overdrafts	171,142	227,906
Trade creditors	31,970	12,415
Accruals and deferred income	68,152	62,116
Corporation tax	22,726	37,000
Social security and other taxes	1,509	2,282
Obligations under finance leases and hire purchase contracts	11,243	13,134
Director loan accounts	–	3,149
	---------	---------
	306,742	358,002
	---------	---------

The bank loans and overdraft are secured by way of a legal mortgage over the freehold properties.

Hire purchase loans are secured on the asset to which they relate.

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£

Bank loans and overdrafts	2,371,000	1,432,000
Obligations under finance leases and hire purchase contracts	928	12,171
	-----------	-----------
	2,371,928	1,444,171
	-----------	-----------

The bank loans and overdraft are secured by way of a legal mortgage over the freehold properties.

Hire purchase loans are secured on the asset to which they relate.

9. Director's advances, credits and guarantees

During the year the company made payments totalling £9,680 on behalf of the directors whilst the director received dividends of £4,000. At the year end the director owed the company £2,531 (2018 - £3,149 owed to the director).