Umega Lettings Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC330750 (Scotland)

UMEGA LETTINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1ST APRIL 2022 TO 31ST DECEMBER 2022

Page

Company Information

1

Chartered Certified Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

A Whitmey

N McInnes

D E Kerr

REGISTERED OFFICE:

10 Lister Square

Edinburgh

EH3 9GL

REGISTERED NUMBER:

SC330750 (Scotland)

ACCOUNTANTS:

russell + russell

Chartered Certified Accountants

4 Royal Crescent

Glasgow

G3 7SL

The following reproduces the text of the report prepared for the directors 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 Directors 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 Umega Lettings Limited for the period ended 31st December 2022 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Umega Lettings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Umega Lettings Limited and state those matters that we have agreed to state to the Board of Directors of Umega Lettings Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Umega Lettings 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 Umega Lettings Limited. You consider that Umega Lettings Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Umega Lettings 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.

russell + russell

Chartered Certified Accountants

4 Royal Crescent

Glasgow

G3 7SL

Date: .............................................

FIXED ASSETS

Intangible assets

4

69,463

85,498

Tangible assets

5

133,475

147,712

202,938

233,210

CURRENT ASSETS

Debtors

6

144,961

237,726

Cash at bank

145,117

60,924

290,078

298,650

CREDITORS

Amounts falling due within one year

7

369,383

385,091

NET CURRENT LIABILITIES

(79,305

)

(86,441

)

TOTAL ASSETS LESS CURRENT LIABILITIES

123,633

146,769

CREDITORS

Amounts falling due after more than one year

8

(59,300

)

(98,333

)

PROVISIONS FOR LIABILITIES

(25,360

)

(28,065

)

NET ASSETS

38,973

20,371

CAPITAL AND RESERVES

Called up share capital

11

2

2

Retained earnings

38,971

20,369

SHAREHOLDERS' FUNDS

38,973

20,371

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

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

The directors acknowledge their 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 Board of Directors and authorised for issue on 28th September 2023 and were signed on its behalf by:

N McInnes - Director

1.	STATUTORY INFORMATION

Umega Lettings Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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

The turnover shown in the profit and loss account represents the sales value of work done during the year, exclusive of Value Added Tax.

Goodwill

Goodwill arising on the acquisition of businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life of 10 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Improvements to leaseholds

-

10% straight line

Fixtures and fittings

-

25% straight line

Computer equipment

-

29% on cost

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation

Taxation for the period 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 period 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 period was 49 (2022 - 47 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2022

and 31st December 2022

213,747

AMORTISATION

At 1st April 2022

128,249

Amortisation for period

16,035

At 31st December 2022

144,284

NET BOOK VALUE

At 31st December 2022

69,463

At 31st March 2022

85,498

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

leaseholds

fittings

equipment

Totals

£

£

£

£

COST

At 1st April 2022

191,893

92,921

38,308

323,122

Additions

-

347

5,103

5,450

Disposals

-

-

(646

)

(646

)

At 31st December 2022

191,893

93,268

42,765

327,926

DEPRECIATION

At 1st April 2022

56,572

88,870

29,968

175,410

Charge for period

14,392

1,071

3,670

19,133

Eliminated on disposal

-

-

(92

)

(92

)

At 31st December 2022

70,964

89,941

33,546

194,451

NET BOOK VALUE

At 31st December 2022

120,929

3,327

9,219

133,475

At 31st March 2022

135,321

4,051

8,340

147,712

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.3.22

£

£

Trade debtors

89,527

64,589

Amounts owed by group undertakings

15,622

-

Other debtors

39,812

173,137

144,961

237,726

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.3.22

£

£

Bank loans and overdrafts (see note 9)

11,088

52,692

Hire purchase contracts

40,493

38,090

Trade creditors

52,828

46,557

Amounts owed to group undertakings

14,727

-

Taxation and social security

215,179

169,889

Other creditors

35,068

77,863

369,383

385,091

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.3.22

£

£

Bank loans (see note 9)

37,884

46,257

Hire purchase contracts

21,416

52,076

59,300

98,333

9.

LOANS

An analysis of the maturity of loans is given below:

31.12.22

31.3.22

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

49,961

Bank loans

11,088

2,731

11,088

52,692

Amounts falling due between one and two years:

Bank loans - 1-2 years

11,088

10,000

Amounts falling due between two and five years:

Bank loans - 2-5 years

26,796

36,257

10.	SECURED DEBTS

Hire purchase contracts are secured over the assets to which they relate.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.22

31.3.22

value:

£

£

1

Ordinary

£1

2

2

12.	OTHER FINANCIAL COMMITMENTS

The company has future operating lease commitments of £136,946 (2022 - £208,704).

13.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Umega Holdings Ltd. The directors, Neil McInnes and Andrew Whitmey, are the shareholders of Umega Holdings Ltd and they are therefore considered to be the ultimate

controlling party.

Umega Holdings Ltd is a company registered in Scotland and its company number is SC536774. Its registered office is 10 Lister Square, Edinburgh, EH3 9GL.