Lets Residential Limited - Accounts to registrar (filleted) - small 18.2
Lets Residential Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31st March 2020 |
for |
Lets Residential Limited |
Lets Residential Limited (Registered number: 06458545) |
Contents of the Financial Statements |
for the Year Ended 31st March 2020 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Lets Residential Limited |
Company Information |
for the Year Ended 31st March 2020 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Bank House |
Market Square |
Congleton |
Cheshire |
CW12 1ET |
Lets Residential Limited (Registered number: 06458545) |
Abridged Balance Sheet |
31st March 2020 |
31/3/20 | 31/3/19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
Lets Residential Limited (Registered number: 06458545) |
Abridged Balance Sheet - continued |
31st March 2020 |
In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on by: |
Lets Residential Limited (Registered number: 06458545) |
Notes to the Financial Statements |
for the Year Ended 31st March 2020 |
1. | STATUTORY INFORMATION |
Lets Residential Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The directors have considered the potential impact of COVID-19 on the principal activities of the business and |
they believe that they have sufficient resources in place to operate for the foreseeable future. Thus, they continue |
to adopt the going concern basis of accounting in preparing the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts |
receivable for goods supplied or services rendered, stated net of discounts and of Value Added Tax. |
Income is recognised in the month of the letting. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery etc | - |
Tangible fixed asset are stated at cost less accumulated depreciation and accumulated impairment loss. |
Financial instruments |
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors and |
directors loans. |
Directors loans (being repayable on demand ), trade debtors and trade creditors are measured at the undiscounted |
amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective |
evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the |
statement of income and Retained Earnings. |
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. |
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. |
Lets Residential Limited (Registered number: 06458545) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2020 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st April 2019 |
and 31st March 2020 |
AMORTISATION |
At 1st April 2019 |
and 31st March 2020 |
NET BOOK VALUE |
At 31st March 2020 |
At 31st March 2019 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st April 2019 |
Additions |
At 31st March 2020 |
DEPRECIATION |
At 1st April 2019 |
Charge for year |
At 31st March 2020 |
NET BOOK VALUE |
At 31st March 2020 |
At 31st March 2019 |
Lets Residential Limited (Registered number: 06458545) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2020 |
6. | POST BALANCE SHEET EVENTS |
In March 2020, the UK was impacted by the outbreak of COVID-19. In order to manage the spread of the virus |
the Government has imposed significant restrictions on the movement of people and the ability of businesses to |
continue to trade. This event occurred after the company’s reporting period and so is considered to be a |
non-adjusting event. Accordingly, the balance sheet and profit and loss for the year end 31st March 2020 have |
not been adjusted to reflect their impact. |
The Directors acknowledge the increasing risk from COVID-19 and have sought to mitigate their risk by |
carrying out a thorough review of the business as discussed below: |
Government assistance |
The business has taken advantage of the government grants and furloughing scheme whereby the company has |
furloughed 4 staff members which has resulted in the reduction of the wage cost. |
Coronavirus bounce back loan |
After the year end the company received a coronavirus bounce back loan to help support the continuation of the |
business. |