1st Lettings Property Services Limited Filleted accounts for Companies House (small and micro)

1ST LETTINGS PROPERTY SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05417335

1st Lettings Property Services Limited

Filleted Unaudited Financial Statements

29 April 2019

1st Lettings Property Services Limited

Statement of Financial Position

29 April 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		206,019	206,362

Current assets

Debtors	6	284,767	462,328
Cash at bank and in hand		101,206	50,592
		---------	---------
		385,973	512,920

Creditors: amounts falling due within one year	7	355,393		545,149
		---------		---------
Net current assets/(liabilities)			30,580	( 32,229)
			---------	---------
Total assets less current liabilities			236,599	174,133

Creditors: amounts falling due after more than one year	8		62,229	69,304

Provisions

Taxation including deferred tax	329	385
	---------	---------
Net assets	174,041	104,444
	---------	---------

Capital and reserves

Called up share capital	9	101	101
Profit and loss account		173,940	104,343
		---------	---------
Shareholders funds		174,041	104,444
		---------	---------

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 statement of income and retained earnings has not been delivered.

For the year ending 29 April 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 .

1st Lettings Property Services Limited

Statement of Financial Position (continued)

29 April 2019

These financial statements were approved by the board of directors and authorised for issue on 28 January 2020 , and are signed on behalf of the board by:

Mr S Bajwa
Director

Company registration number: 05417335

1st Lettings Property Services Limited

Notes to the Financial Statements

Year ended 29 April 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 95 Allesley Old Road,, Coventry, West Midlands, CV5 8DB.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Plant and machinery	-	25% reducing balance
Fixtures, fittings and equipment	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2018: 2 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 30 April 2018	204,295	2,602	4,488	11,622	223,007
Additions	–	–	–	119	119
	---------	-------	-------	--------	---------
At 29 April 2019	204,295	2,602	4,488	11,741	223,126
	---------	-------	-------	--------	---------
Depreciation
At 30 April 2018	–	2,255	4,301	10,089	16,645
Charge for the year	–	87	47	328	462
	---------	-------	-------	--------	---------
At 29 April 2019	–	2,342	4,348	10,417	17,107
	---------	-------	-------	--------	---------
Carrying amount
At 29 April 2019	204,295	260	140	1,324	206,019
	---------	-------	-------	--------	---------
At 29 April 2018	204,295	347	187	1,533	206,362
	---------	-------	-------	--------	---------

6. Debtors

	2019	2018
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	( 6,864)	33,434
Other debtors	291,631	428,894
	---------	---------
	284,767	462,328
	---------	---------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	8,848	8,848
Trade creditors	7,571	13,335
Corporation tax	17,540	20,311
Social security and other taxes	10,811	10,062
Other creditors - desc in a/cs	323	–
Other creditors	310,300	492,593
	---------	---------
	355,393	545,149
	---------	---------

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

	2019	2018
	£	£
Bank loans and overdrafts	62,229	69,304
	--------	--------

9. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100.00	100	100.00
Ordinary B Shares shares of £ 1 each	1	1.00	1	1.00
	----	--------	----	--------
	101	101.00	101	101.00
	----	--------	----	--------

10. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr S Bajwa	( 13,272)	10,919	( 46,546)	( 48,899)
Mr M Campbell	–	–	–	–
	--------	--------	--------	--------
	( 13,272)	10,919	( 46,546)	( 48,899)
	--------	--------	--------	--------

	2018
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr S Bajwa	( 21,137)	30,718	( 22,853)	( 13,272)
Mr M Campbell	( 21,084)	21,309	( 225)	–
	--------	--------	--------	--------
	( 42,221)	52,027	( 23,078)	( 13,272)
	--------	--------	--------	--------

11. Related party transactions

The company was under the control of Mr S Bajwa . Mr S Bajwa is the managing director. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.