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

ELLAHI PROPERTY LETTINGS LIMITED - Company Information

5 false false false false false false false false false true false false false false false false No description of principal activity 2021-06-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 07648973 2021-06-01 2022-05-31 07648973 2022-05-31 07648973 2021-05-31 07648973 2020-06-01 2021-05-31 07648973 2021-05-31 07648973 core:FurnitureFittings 2021-06-01 2022-05-31 07648973 core:MotorVehicles 2021-06-01 2022-05-31 07648973 bus:Director1 2021-06-01 2022-05-31 07648973 core:FurnitureFittings 2021-05-31 07648973 core:MotorVehicles 2021-05-31 07648973 core:FurnitureFittings 2022-05-31 07648973 core:MotorVehicles 2022-05-31 07648973 core:WithinOneYear 2022-05-31 07648973 core:WithinOneYear 2021-05-31 07648973 core:AfterOneYear 2022-05-31 07648973 core:AfterOneYear 2021-05-31 07648973 core:UKTax 2021-06-01 2022-05-31 07648973 core:UKTax 2020-06-01 2021-05-31 07648973 core:ShareCapital 2022-05-31 07648973 core:ShareCapital 2021-05-31 07648973 core:RetainedEarningsAccumulatedLosses 2022-05-31 07648973 core:RetainedEarningsAccumulatedLosses 2021-05-31 07648973 core:FurnitureFittings 2021-05-31 07648973 bus:SmallEntities 2021-06-01 2022-05-31 07648973 bus:AuditExempt-NoAccountantsReport 2021-06-01 2022-05-31 07648973 bus:FullAccounts 2021-06-01 2022-05-31 07648973 bus:SmallCompaniesRegimeForAccounts 2021-06-01 2022-05-31 07648973 bus:PrivateLimitedCompanyLtd 2021-06-01 2022-05-31 07648973 core:ComputerEquipment 2021-06-01 2022-05-31 07648973 core:ComputerEquipment 2021-05-31 07648973 core:ComputerEquipment 2022-05-31 07648973 core:AfterOneYear 2021-06-01 2022-05-31

COMPANY REGISTRATION NUMBER: 07648973

Ellahi Property Lettings Limited

Filleted Unaudited Financial Statements

31 May 2022

Ellahi Property Lettings Limited

Statement of Financial Position

31 May 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	6	4,375	11,871

Current assets

Debtors	7	948,976	814,571
Cash at bank and in hand		25,008	22,855
		---------	---------
		973,984	837,426

Creditors: amounts falling due within one year	8	177,305	181,082
		---------	---------
Net current assets		796,679	656,344
		---------	---------
Total assets less current liabilities		801,054	668,215

Creditors: amounts falling due after more than one year	9	31,000	40,000

Provisions

Taxation including deferred tax	832	2,256
	---------	---------
Net assets	769,222	625,959
	---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	769,220	625,957
	---------	---------
Shareholders funds	769,222	625,959
	---------	---------

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 Section 1A of 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 2022 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 2022

These financial statements were approved by the board of directors and authorised for issue on 27 September 2022 , and are signed on behalf of the board by:

Mr Akmal Ellahi
Director

Company registration number: 07648973

Ellahi Property Lettings Limited

Notes to the Financial Statements

Year ended 31 May 2022

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.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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.

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 (2021: 6 ).

5. Tax on profit

Major components of tax expense

	2022	2021
	£	£

Current tax:

UK current tax expense	35,259	35,849

Deferred tax:

Origination and reversal of timing differences	( 1,424)	( 1,601)
	---------	---------
Tax on profit	33,835	34,248
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2021: higher than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).

	2022	2021
	£	£
Profit on ordinary activities before taxation	177,098	178,648
	---------	---------
Profit on ordinary activities by rate of tax	33,649	33,943
Effect of expenses not deductible for tax purposes	215	305
Effect of capital allowances and depreciation	( 1,424)	( 1,601)
Deferred tax	1,395	1,601
	---------	---------
Tax on profit	33,835	34,248
	---------	---------

6. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 June 2021	16,512	3,748	84,080	104,340
Additions	517	–	–	517
	---------	---------	---------	---------
At 31 May 2022	17,029	3,748	84,080	104,857
	---------	---------	---------	---------
Depreciation
At 1 June 2021	13,142	3,748	75,579	92,469
Charge for the year	1,263	–	6,750	8,013
	---------	---------	---------	---------
At 31 May 2022	14,405	3,748	82,329	100,482
	---------	---------	---------	---------
Carrying amount
At 31 May 2022	2,624	–	1,751	4,375
	---------	---------	---------	---------
At 31 May 2021	3,370	–	8,501	11,871
	---------	---------	---------	---------

7. Debtors

	2022	2021
	£	£
Amounts owed by related companies	948,694	697,899
Other debtors	282	116,672
	---------	---------
	948,976	814,571
	---------	---------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loan	9,000	10,000
Trade creditors	3,196	8,851
Corporation tax	53,021	43,275
Social security and other taxes	9,367	5,956
Monies due to landlords	80,032	84,560
Deposits from tenants	16,540	23,035
Other creditors	6,149	5,405
	---------	---------
	177,305	181,082
	---------	---------

See note 10 for details of the bank loan.

9. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loan	31,000	40,000
	---------	---------

The bank loan is a Bounce Back loan which is guaranteed by the government.

10. Director's advances, credits and guarantees

The amounts due from the director at the balance sheet date were £Nil (2021:£Nil)

11. Related party transactions

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