Link Up Lettings Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04521569 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 30 DECEMBER 2018 TO 28 DECEMBER 2019

FOR

LINK UP LETTINGS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S Simmonds

Mrs L D Simmonds

SECRETARY:

S Simmonds

REGISTERED OFFICE:

The Property Shop

50 St James Street

Brighton

East Sussex

BN2 1SQ

REGISTERED NUMBER:

04521569 (England and Wales)

ACCOUNTANTS:

Cardens Accountants LLP

The Old Casino

28 Fourth Avenue

Hove

East Sussex

BN3 2PJ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

76,220

75,271

76,220

75,271

CURRENT ASSETS

Debtors

6

2,187,593

2,132,078

Cash at bank

72,597

58,504

2,260,190

2,190,582

CREDITORS

Amounts falling due within one year

7

1,393,541

1,359,371

NET CURRENT ASSETS

866,649

831,211

TOTAL ASSETS LESS CURRENT LIABILITIES

942,869

906,482

PROVISIONS FOR LIABILITIES

1,507

2,037

NET ASSETS

941,362

904,445

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

941,262

904,345

SHAREHOLDERS' FUNDS

941,362

904,445

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 28 December 2019.

The members have not required the company to obtain an audit of its financial statements for the period ended 28 December 2019 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 23 December 2020 and were signed on its behalf by:

S Simmonds - Director

1.	STATUTORY INFORMATION

Link Up Lettings Ltd is a private company, limited by shares , registered in England and Wales. The 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

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.

Turnover

Turnover represents sales of services net of VAT. Turnover is recognised at the point the customer is entitled to consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of four years.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Long leasehold

-

over term of lease

Fixtures and equipment

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Taxation

Taxation for the period 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 period 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 period was 2 (2018 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 30 December 2018

and 28 December 2019

19,516

AMORTISATION

At 30 December 2018

and 28 December 2019

19,516

NET BOOK VALUE

At 28 December 2019

-

At 29 December 2018

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Long

and

property

leasehold

equipment

£

£

£

COST

At 30 December 2018

10,668

60,668

35,977

Additions

-

-

-

At 28 December 2019

10,668

60,668

35,977

DEPRECIATION

At 30 December 2018

-

8,489

29,148

Charge for period

-

607

1,707

At 28 December 2019

-

9,096

30,855

NET BOOK VALUE

At 28 December 2019

10,668

51,572

5,122

At 29 December 2018

10,668

52,179

6,829

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 30 December 2018

22,318

2,938

132,569

Additions

4,600

1,615

6,215

At 28 December 2019

26,918

4,553

138,784

DEPRECIATION

At 30 December 2018

17,360

2,301

57,298

Charge for period

2,389

563

5,266

At 28 December 2019

19,749

2,864

62,564

NET BOOK VALUE

At 28 December 2019

7,169

1,689

76,220

At 29 December 2018

4,958

637

75,271

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

592,971

540,090

Other debtors

1,534,622

1,466,988

Accrued income

60,000

125,000

2,187,593

2,132,078

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

34,779

40,879

Trade creditors

162,848

142,621

Tax

32,768

34,036

VAT

13,095

8,580

Other creditors

205,439

259,944

Link Up Personnel Limited

-

7

Directors' current accounts

919,862

846,154

Accrued expenses

24,750

27,150

1,393,541

1,359,371

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, S Simmonds increased his loan to the company. As at 28 December 2019, the company owed him £919,862 (2018: £846,154). This balance represented the maximum amount outstanding during the year. Interest is charged on any overdrawn amounts at the beneficial loan interest rate.

9.	POST BALANCE SHEET EVENTS

After the balance sheet date but prior to the approval of these accounts an outbreak of the COVID-19 virus occurred causing a global pandemic recognised by the World Health Organisation (WHO).

The effect of UK Government measures to limit the spread of the virus have been widespread, urging people to remain at home wherever possible, including to work from home if available and to undertake "social distancing" measures. Part of the government action has been to order businesses where people gather socially to close temporarily.

In response to this management of the company have assessed the impact of these measures and have applied to take up the UK Government's unprecedented business aid package.

The directors continue to monitor the situation as it rapidly changes and will react to further developments.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is S Simmonds and Mrs L D Simmonds.

This was by virtue of their 100% holding of the issued share capital.