Prickett & Ellis Lettings Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04664203 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2023

for

Prickett & Ellis Lettings Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

N J Ellis

C Fox

REGISTERED OFFICE:

Regency House

33 Wood Street

Barnet

Hertfordshire

EN5 4BE

REGISTERED NUMBER:

04664203 (England and Wales)

ACCOUNTANTS:

Cartwrights

Chartered Accountants and Business Advisors

Regency House

33 Wood Street

Barnet

Hertfordshire

EN5 4BE

FIXED ASSETS

Tangible assets

4

27,749

29,535

CURRENT ASSETS

Debtors

5

16,573

19,680

Cash at bank

248,015

119,915

264,588

139,595

CREDITORS

Amounts falling due within one year

6

278,031

149,893

NET CURRENT LIABILITIES

(13,443

)

(10,298

)

TOTAL ASSETS LESS CURRENT LIABILITIES

14,306

19,237

CREDITORS

Amounts falling due after more than one year

7

-

3,889

NET ASSETS

14,306

15,348

CAPITAL AND RESERVES

Called up share capital

8

4

4

Retained earnings

14,302

15,344

SHAREHOLDERS' FUNDS

14,306

15,348

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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 30 November 2023 and were signed on its behalf by:

C Fox - Director

1.	STATUTORY INFORMATION

Prickett & Ellis Lettings 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.

Letting commission and management fees are recognised in the period in which the fees relate to.

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

-

Straight line over 5 years

Motor vehicles

-

Straight line over 5 years

Computer equipment

-

Straight line over 5 years

Financial instruments

Financial assets

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at the transaction value.

They are then subsequently carried at amortised cost using the effective interest rate method.

At the end of each reporting period financial assets are assessed for impairment. If an impairment exists the impairment loss is recognised in the income statement.

Financial assets are derecognised when:

- the contractual right to cash flows from the asset are settled or expire,

- substantially all the risk and rewards of the ownership of the asset are transferred to another party or

- despite retaining some significant risks and rewards, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset without additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at the transaction value.

They are then subsequently carried at amortised cost using the effective interest rate method.

Financial liabilities are derecognised when the liability is discharged, cancelled or expires.

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.

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 year was 5 (2022 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 March 2022

4,303

39,500

13,886

57,689

Additions

-

7,845

-

7,845

At 28 February 2023

4,303

47,345

13,886

65,534

DEPRECIATION

At 1 March 2022

4,141

11,850

12,163

28,154

Charge for year

162

8,227

1,242

9,631

At 28 February 2023

4,303

20,077

13,405

37,785

NET BOOK VALUE

At 28 February 2023

-

27,268

481

27,749

At 28 February 2022

162

27,650

1,723

29,535

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28/2/23

28/2/22

£

£

Trade debtors

13,356

16,297

Other debtors

410

898

Deferred tax asset

1,591

1,721

Prepayments and accrued income

1,216

764

16,573

19,680

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28/2/23

28/2/22

£

£

Finance leases

3,889

6,667

Trade creditors

14,723

5,363

Tax

19,647

12,459

Social security and other taxes

1,826

1,633

Pension control a/c

218

-

VAT

7,015

5,455

Deposits held

157,193

46,402

Company credit card

1,075

289

P & E Residential

6,585

4,519

Landfleet

5,000

5,000

Directors' current accounts

114

53

Accruals and deferred income

60,746

62,053

278,031

149,893

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28/2/23

28/2/22

£

£

Finance leases

-

3,889

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28/2/23

28/2/22

value:

£

£

3

Ordinary

£1

3

3

1

Ordinary "A"

£1

1

1

4

4

9.	RELATED PARTY DISCLOSURES

Amounts of £6,585 (2022: £4,520) and £5,000 (2022: £5,000) was owed to Prickett & Ellis Residential Limited and Landfleet Limited respectively as at the balance sheet date.

These are both associated companies.

10.	ULTIMATE CONTROLLING PARTY

The company is controlled equally by the directors.

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 Prickett & Ellis Lettings Limited for the year ended 28 February 2023 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 Board of Directors of Prickett & Ellis 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 Prickett & Ellis Lettings Limited and state those matters that we have agreed to state to the Board of Directors of Prickett & Ellis Lettings Limited, as a body, 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 Prickett & Ellis Lettings Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Prickett & Ellis 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 Prickett & Ellis Lettings Limited. You consider that Prickett & Ellis Lettings 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 Prickett & Ellis 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.

Cartwrights

Chartered Accountants and Business Advisors

Regency House

33 Wood Street

Barnet

Hertfordshire

EN5 4BE

30 November 2023