Red Lettings (Nottingham) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09509300 (England and Wales)

RED LETTINGS (NOTTINGHAM) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr G J Ward

REGISTERED OFFICE:

7 St John Street

Mansfield

Nottinghamshire

NG18 1QH

REGISTERED NUMBER:

09509300 (England and Wales)

ACCOUNTANTS:

ApC

Chartered Accountants

7 St John Street

Mansfield

Nottinghamshire

NG18 1QH

FIXED ASSETS

Intangible assets

5

3,000

4,500

Tangible assets

6

160,033

169,586

163,033

174,086

CURRENT ASSETS

Debtors

7

4,890

4,558

Cash at bank

6,404

18,246

11,294

22,804

CREDITORS

Amounts falling due within one year

8

48,565

30,731

NET CURRENT LIABILITIES

(37,271

)

(7,927

)

TOTAL ASSETS LESS CURRENT LIABILITIES

125,762

166,159

CREDITORS

Amounts falling due after more than one year

9

54,503

67,634

NET ASSETS

71,259

98,525

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

10

61,120

61,120

Retained earnings

10,039

37,305

SHAREHOLDERS' FUNDS

71,259

98,525

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 19 December 2023 and were signed by:

Mr G J Ward - Director

1.	STATUTORY INFORMATION

Red Lettings (Nottingham) 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.

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

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents the value of property management services provided to customers during the year. In respect of services provided, all income is taken to profit and loss at the same point as the right to receive consideration has been acquired.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33.33% on reducing balance

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.

Financial instruments

Financial instruments and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

7,500

AMORTISATION

At 1 April 2022

3,000

Amortisation for year

1,500

At 31 March 2023

4,500

NET BOOK VALUE

At 31 March 2023

3,000

At 31 March 2022

4,500

6.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST OR VALUATION

At 1 April 2022

111,750

795

1,087

Additions

-

-

-

At 31 March 2023

111,750

795

1,087

DEPRECIATION

At 1 April 2022

-

542

694

Charge for year

-

39

59

At 31 March 2023

-

581

753

NET BOOK VALUE

At 31 March 2023

111,750

214

334

At 31 March 2022

111,750

253

393

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST OR VALUATION

At 1 April 2022

103,250

3,974

220,856

Additions

5,667

-

5,667

At 31 March 2023

108,917

3,974

226,523

DEPRECIATION

At 1 April 2022

46,397

3,637

51,270

Charge for year

15,009

113

15,220

At 31 March 2023

61,406

3,750

66,490

NET BOOK VALUE

At 31 March 2023

47,511

224

160,033

At 31 March 2022

56,853

337

169,586

Cost or valuation at 31 March 2023 is represented by:

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

Valuation in 2019

61,120

-

-

Cost

50,630

795

1,087

111,750

795

1,087

Motor

Computer

vehicles

equipment

Totals

£

£

£

Valuation in 2019

-

-

61,120

Cost

108,917

3,974

165,403

108,917

3,974

226,523

If Freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023

2022

£

£

Cost

50,630

50,630

Aggregate depreciation

4,000

4,000

Value of land in freehold land and buildings

46,630

46,630

Freehold land and buildings were valued on an open market basis on 31 March 2019 by Red Lettings (Nottingham) Limited .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

4,305

4,095

Prepayments and accrued income

585

463

4,890

4,558

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Loan

13,592

14,226

Trade creditors

1,208

6,951

Corporation tax

-

1,321

VAT

6,740

6,666

Directors' current accounts

25,468

229

Accruals and deferred income

1,557

1,338

48,565

30,731

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Other loans - 2-5 years

54,503

67,634

10.

RESERVES

Revaluation

reserve

£

At 1 April 2022

and 31 March 2023

61,120