Outlet Residential Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04734148 (England and Wales)

Financial statements for the year ended 31 March 2022

For

Outlet Residential Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTOR:

Mrs K Parker

REGISTERED OFFICE:

Level 30

The Leadenhall Building

122 Leadenhall Street

City of London

EC3V 4AB

REGISTERED NUMBER:

04734148 (England and Wales)

ACCOUNTANTS:

Parker Russell UK

Chartered Accountants

Level 30

The Leadenhall Building

122 Leadenhall Street

City of London

EC3V 4AB

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Outlet Residential Limited for the year ended 31 March 2022 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Outlet Residential Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Outlet Residential Limited and state those matters that we have agreed to state to the director of Outlet Residential Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Outlet Residential Limited and its director for our work or for this report.

It is your duty to ensure that Outlet Residential Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Outlet Residential Limited. You consider that Outlet Residential Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Outlet Residential Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Parker Russell UK

Chartered Accountants

Level 30

The Leadenhall Building

122 Leadenhall Street

City of London

EC3V 4AB

12 December 2022

Fixed assets

Intangible assets

4

12,000

14,000

Tangible assets

5

12,711

8,707

24,711

22,707

Current assets

Debtors

6

16,513

11,113

Cash at bank

244,308

114,965

260,821

126,078

Creditors

Amounts falling due within one year

7

241,132

104,943

Net current assets

19,689

21,135

Total assets less current liabilities

44,400

43,842

Creditors

Amounts falling due after more than one year

8

41,922

43,420

Net assets

2,478

422

Capital and reserves

Called up share capital

100

100

Retained earnings

2,378

322

Shareholders' funds

2,478

422

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 director and authorised for issue on 12 December 2022 and were signed by:

Mrs K Parker - Director

1.	STATUTORY INFORMATION

Outlet Residential Limited 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 ten 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.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

10% on reducing balance

TAXATION

Taxation for the year 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 year 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2021

and 31 March 2022

20,000

AMORTISATION

At 1 April 2021

6,000

Amortisation for year

2,000

At 31 March 2022

8,000

NET BOOK VALUE

At 31 March 2022

12,000

At 31 March 2021

14,000

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2021

10,530

18,603

29,133

Additions

-

8,400

8,400

At 31 March 2022

10,530

27,003

37,533

DEPRECIATION

At 1 April 2021

10,371

10,055

20,426

Charge for year

159

4,237

4,396

At 31 March 2022

10,530

14,292

24,822

NET BOOK VALUE

At 31 March 2022

-

12,711

12,711

At 31 March 2021

159

8,548

8,707

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Other debtors

5,400

-

Prepayments

11,113

11,113

16,513

11,113

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade creditors

361

360

Tax

7,285

-

Social security and other taxes

543

543

VAT

14,086

2,490

DPS and Client account

218,844

101,537

Accrued expenses

13

13

241,132

104,943

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans - 1-2 years

8,950

-

Bank loans - 2-5 years

32,802

43,000

Directors Current Account

170

420

41,922

43,420

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs K Parker.