Ellahi Property Lettings Limited Filleted accounts for Companies House (small and micro)

ELLAHI PROPERTY LETTINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07648973

Ellahi Property Lettings Limited

Filleted Unaudited Financial Statements

31 May 2019

Ellahi Property Lettings Limited

Statement of Financial Position

31 May 2019

	2019	2018
Note	£	£

Fixed assets

Tangible assets	6	28,913	19,694

Current assets

Debtors	7	524,548	410,664
Cash at bank and in hand		24,205	24,747
		---------	---------
		548,753	435,411

Creditors: amounts falling due within one year	8	178,175	181,692
		---------	---------
Net current assets		370,578	253,719
		---------	---------
Total assets less current liabilities		399,491	273,413

Provisions

Taxation including deferred tax	5,494	3,742
	---------	---------
Net assets	393,997	269,671
	---------	---------

Capital and reserves

Called up share capital	1	1
Profit and loss account	393,996	269,670
	---------	---------
Shareholders funds	393,997	269,671
	---------	---------

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 31 May 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 .

Ellahi Property Lettings Limited

Statement of Financial Position (continued)

31 May 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 A F Ellahi
Director

Company registration number: 07648973

Ellahi Property Lettings Limited

Notes to the Financial Statements

Year ended 31 May 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 29 Waterloo Road, Wolverhampton, West Midlands, WV1 4DJ.

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.

Revenue recognition

The turnover shown in the profit and loss account represents charges to landlords for managing their properties.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Tangible assets

All fixed assets are initially recorded at cost.

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:

Fixtures and equipment	-	20% straight line
Motor vehicles	-	25% straight line
Web site	-	25% straight line

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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 entity after deducting all of its financial 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 5 (2018: 5 ).

5. Tax on profit

Major components of tax expense

	2019	2018
	£	£

Current tax:

UK current tax expense	27,530	10,804
Adjustments in respect of prior periods	( 508)	–
	---------	---------
Total current tax	27,022	10,804
	---------	---------

Deferred tax:

Origination and reversal of timing differences	1,752	2,276
	---------	---------
Tax on profit	28,774	13,080
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2018: higher than) the standard rate of corporation tax in the UK of 19 % (2018: 19 %).

	2019	2018
	£	£
Profit on ordinary activities before taxation	153,100	67,371
	---------	---------
Profit on ordinary activities by rate of tax	29,089	12,800
Adjustment to tax charge in respect of prior periods	( 508)	–
Effect of expenses not deductible for tax purposes	192	353
Effect of capital allowances and depreciation	( 1,751)	( 2,349)
Deferred tax	1,752	2,276
	---------	---------
Tax on profit	28,774	13,080
	---------	---------

6. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 June 2018	10,943	3,748	72,080	86,771
Additions	3,962	–	12,000	15,962
	---------	---------	---------	---------
At 31 May 2019	14,905	3,748	84,080	102,733
	---------	---------	---------	---------
Depreciation
At 1 June 2018	5,416	3,748	57,913	67,077
Charge for the year	2,577	–	4,166	6,743
	---------	---------	---------	---------
At 31 May 2019	7,993	3,748	62,079	73,820
	---------	---------	---------	---------
Carrying amount
At 31 May 2019	6,912	–	22,001	28,913
	---------	---------	---------	---------
At 31 May 2018	5,527	–	14,167	19,694
	---------	---------	---------	---------

7. Debtors

	2019	2018
	£	£
Amounts owed by related companies	520,689	406,960
Other debtors	3,859	3,704
	---------	---------
	524,548	410,664
	---------	---------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	27,727	21,277
Corporation tax	27,530	25,644
Social security and other taxes	3,579	4,203
Monies due to landlords	80,612	82,991
Deposits from tenants	34,490	43,540
Other creditors	4,237	4,037
	---------	---------
	178,175	181,692
	---------	---------

9. Director's advances, credits and guarantees

The amounts due to the director at the balance sheet date were £1,282 (2018-£1,159)

10. Related party transactions

The company was under the control of the director throughout the current year.