Company Registration No. 12129007 (England and Wales)
Apartment Rental Limited
Unaudited accounts
for the year ended 30 April 2022
Apartment Rental Limited
Unaudited accounts
Contents
Apartment Rental Limited
Company Information
for the year ended 30 April 2022
Directors
C Parrett
M Parrett
Company Number
12129007 (England and Wales)
Registered Office
8 Heath Rise
Wellingborough
Northamptonshire
NN8 5QN
Accountants
Sphero Limited
7 Prospect Close
Wollaston
Wellingborough
Northamptonshire
NN29 7SP
Apartment Rental Limited
Statement of financial position
as at 30 April 2022
Investment property
1,555,356
1,804,216
Cash at bank and in hand
8,994
17,142
Creditors: amounts falling due within one year
(37,109)
(33,541)
Net current liabilities
(20,504)
(11,356)
Total assets less current liabilities
1,534,852
1,792,860
Creditors: amounts falling due after more than one year
(1,400,000)
(1,667,119)
Provisions for liabilities
Net assets
125,852
125,741
Called up share capital
125,000
125,000
Profit and loss account
852
741
Shareholders' funds
125,852
125,741
For the year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 19 August 2022 and were signed on its behalf by
M Parrett
Director
Company Registration No. 12129007
Apartment Rental Limited
Notes to the Accounts
for the year ended 30 April 2022
Apartment Rental Limited is a private company, limited by shares, registered in England and Wales, registration number 12129007. The registered office is 8 Heath Rise, Wellingborough, Northamptonshire, NN8 5QN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration from rents received or receivable, excluding discounts and rebates.
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Finance and borrowing costs
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the Statement of Income and Retained Earnings in the period in which they are incurred.
Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Apartment Rental Limited
Notes to the Accounts
for the year ended 30 April 2022
Investment property is included at market fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured,
initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and 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.
Fair value at 1 May 2021
1,804,216
At 30 April 2022
1,555,356
The 2022 valuations were made by the directors, on an open market value for existing use basis. The directors do not consider that the value of investment property has changed significantly from its original cost so no adjustment has been made.
5
Debtors: amounts falling due within one year
2022
2021
Accrued income and prepayments
4,898
4,308
6
Creditors: amounts falling due within one year
2022
2021
Taxes and social security
964
963
Deferred income
4,493
5,870
Apartment Rental Limited
Notes to the Accounts
for the year ended 30 April 2022
7
Creditors: amounts falling due after more than one year
2022
2021
Loans from directors
1,400,000
1,667,119
Interest is charged monthly on the loan balance at a rate of 3%. There are no fixed terms for repayment of the loan.
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Average number of employees
During the year the average number of employees was 2 (2021: 2).
