| Lets Portal Limited |
| Registered number: |
SC321819 |
| Balance Sheet |
| as at 31 March 2021 |
|
| Notes |
|
|
2021 |
|
|
2020 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
2,144 |
|
|
3,169 |
|
| Current assets |
| Debtors |
4 |
|
60,531 |
|
|
- |
| Cash at bank and in hand |
|
|
19,489 |
|
|
1,725 |
|
|
|
80,020 |
|
|
1,725 |
|
| Creditors: amounts falling due within one year |
5 |
|
(76,472) |
|
|
(14,354) |
|
| Net current assets/(liabilities) |
|
|
|
3,548 |
|
|
(12,629) |
|
| Total assets less current liabilities |
|
|
|
5,692 |
|
|
(9,460) |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(130,067) |
|
|
(207,466) |
|
|
|
| Net liabilities |
|
|
|
(124,375) |
|
|
(216,926) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
75 |
|
|
75 |
| Capital redemption reserve |
7 |
|
|
26 |
|
|
26 |
| Profit and loss account |
|
|
|
(124,476) |
|
|
(217,027) |
|
| Shareholders' funds |
|
|
|
(124,375) |
|
|
(216,926) |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| G Mitchell |
| Director |
| Approved by the board on 23 December 2021 |
|
| Lets Portal Limited |
| Notes to the Accounts |
| for the year ended 31 March 2021 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
|
|
Going concern |
|
The accounts have been prepared on the going concern basis. This basis is considered appropriate in light of the commitment by the directors to continue to support the working capital requirements of the company with personal funds. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover 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. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows: |
|
|
Plant and machinery |
15% reducing balance |
|
Website |
33% straight line |
|
|
Cash and cash equivalents |
|
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held with banks. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Financial instruments |
|
Financial instruments comprise financial assets and financial liabilities which are recognised when the company becomes a party to the contractual provisions of the instrument. Financial instruments are classified as "basic" in accordance with FRS102 and are accounted for at amortised cost using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash flows over the life of the financial assets or liability to the net carrying amount on initial recognition. Discounting is not applied to short-term receivables and payables, where the effect is immaterial. Financial assets comprise cash, trade debtors, other debtors and accrued income. Financial liabilities comprise bank overdraft, trade creditors, other creditors and accruals. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2021 |
|
2020 |
| Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
Plant and machinery etc |
|
Website |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 April 2020 |
10,554 |
|
216,198 |
|
226,752 |
|
At 31 March 2021 |
10,554 |
|
216,198 |
|
226,752 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2020 |
8,451 |
|
215,132 |
|
223,583 |
|
Charge for the year |
315 |
|
710 |
|
1,025 |
|
At 31 March 2021 |
8,766 |
|
215,842 |
|
224,608 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2021 |
1,788 |
|
356 |
|
2,144 |
|
At 31 March 2020 |
2,103 |
|
1,066 |
|
3,169 |
|
|
| 4 |
Debtors |
2021 |
|
2020 |
| £ |
£ |
|
|
Other debtors |
60,531 |
|
- |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
| £ |
£ |
|
|
Bank loans and overdrafts |
592 |
|
655 |
|
Trade creditors |
6 |
|
511 |
|
Taxation and social security costs |
1,573 |
|
1,574 |
|
Other creditors |
74,301 |
|
11,614 |
|
|
|
|
|
|
76,472 |
|
14,354 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2021 |
|
2020 |
| £ |
£ |
|
|
Other creditors |
130,067 |
|
207,466 |
|
|
|
|
|
|
|
|
|
|
A director has given a personal guarantee in respect of a loan balance of £59,843. In the prior year the directors gave personal guarantees in respect of a loan balance of £207,466. The directors have a joint personal guarantee in place with Worldpay of £250,000 (2020: £250,000) to cover risks associated with the booking system. |
|
| 7 |
Capital redemption reserve |
2021 |
|
2020 |
| £ |
£ |
|
|
At 1 April 2020 |
26 |
|
26 |
|
|
At 31 March 2021 |
26 |
|
26 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Loans from directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
|
|
Interest free loans from directors |
11,654 |
|
1,000 |
|
(500) |
|
12,154 |
|
|
|
11,654 |
|
1,000 |
|
(500) |
|
12,154 |
|
|
|
|
|
|
|
|
|
|
An interest free loan of £12,154 repayable on demand is owed to the Directors at the year end. |
|
| 9 |
Other information |
|
|
Lets Portal Limited is a private company limited by shares and incorporated in Scotland. Its registered office is: |
|
3a Montgomery Street Lane |
|
Edinburgh |
|
EH7 5JT |
