LSS Lettings Limited 31/08/2022 iXBRL

LSS Lettings Limited 31/08/2022 iXBRL

LSS LETTINGS LIMITED - Company Information

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Company registration number: 13575296
LSS Lettings Limited
Unaudited filleted financial statements
31 August 2022
LSS LETTINGS LIMITED
DIRECTORS AND OTHER INFORMATION
Directors Mr Lee Salter
Mr Stephen Salter
Company number 13575296
Registered office 26-28 Southernhay East
Exeter
Devon
EX1 1NS
Business address 12 Madison Avenue
Sweetbriar Lane
Exeter
Devon
EX1 3AH
Accountants Westcotts
26-28 Southernhay East
Exeter
Devon
EX1 1NS
LSS LETTINGS LIMITED
STATEMENT OF FINANCIAL POSITION
31 AUGUST 2022
31/08/22
Note £ £
Fixed assets
Tangible assets 5 500,394
_______
500,394
Current assets
Debtors 6 7,100
Cash at bank and in hand 11,290
_______
18,390
Creditors: amounts falling due
within one year 7 ( 152,622)
_______
Net current liabilities ( 134,232)
_______
Total assets less current liabilities 366,162
Creditors: amounts falling due
after more than one year 8 ( 359,600)
_______
Net assets 6,562
_______
Capital and reserves
Called up share capital 100
Profit and loss account 9 6,462
_______
Shareholders funds 6,562
_______
For the period ending 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 05 May 2023 , and are signed on behalf of the board by:
Mr Lee Salter
Director
Company registration number: 13575296
LSS LETTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD ENDED 31 AUGUST 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 26-28 Southernhay East, Exeter, Devon, EX1 1NS.
Principal activity
The principal activity of the company is that of letting of own property.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property - No depreciation
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term, highly-liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2
5. Tangible assets
Freehold property Total
£ £
Cost
At 19 August 2021 - -
Additions 500,394 500,394
_______ _______
At 31 August 2022 500,394 500,394
_______ _______
Depreciation
At 19 August 2021 and 31 August 2022 - -
_______ _______
Carrying amount
At 31 August 2022 500,394 500,394
_______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
Additions 500,394
_______
At 31 August 2022 500,394
_______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 31 August 2022
Aggregate cost 500,394 500,394
Aggregate depreciation - -
_______ _______
Carrying amount 500,394 500,394
_______ _______
6. Debtors
31/08/22
£
Other debtors 7,100
_______
7. Creditors: amounts falling due within one year
31/08/22
£
Trade creditors 1,000
Accruals and deferred income 2,273
Social security and other taxes 1,563
Other creditors 147,786
_______
152,622
_______
The bank loan is secured by a legal charge on the investment property.
8. Creditors: amounts falling due after more than one year
31/08/22
£
Bank loans and overdrafts 359,600
_______
The bank loan is secured by a legal charge on the investment property.
Included within creditors: amounts falling due after more than one year is an amount of £ 359,600 (2021 £ - ) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
Creditors due after 5 years relates to an interest only mortgage which is repayable on 4 February 2032.
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Period ended 31/08/22
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Director - ( 200) ( 200)
_______ _______ _______