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

REGISTERED NUMBER: 12131415 (England and Wales)

FOR

Page

Company Information  

1

Balance Sheet  

2

Notes to the Financial Statements  

3

DIRECTOR:

Mr M P Madden

REGISTERED OFFICE:

Granville Hall

Granville Road

Leicester

Leicestershire

LE1 7RU

REGISTERED NUMBER:

12131415 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mr P Bott FCA

AUDITORS:

Mark J Rees LLP Chartered Accountants

and Statutory Auditors

Granville Hall

Granville Road

Leicester

LE1 7RU

FIXED ASSETS

Tangible assets

4

7,606

9,507

CURRENT ASSETS

Debtors

5

216,250

137,646

Cash at bank

23,687

10,915

239,937

148,561

CREDITORS

Amounts falling due within one year

6

290,354

159,642

NET CURRENT LIABILITIES

(50,417

)

(11,081

)

TOTAL ASSETS LESS CURRENT

LIABILITIES

(42,811

)

(1,574

)

PROVISIONS FOR LIABILITIES

1,902

2,377

NET LIABILITIES

(44,713

)

(3,951

)

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

(44,813

)

(4,051

)

SHAREHOLDERS' FUNDS

(44,713

)

(3,951

)

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 7 May 2024 and were signed by:

Mr M P Madden - Director

1.

STATUTORY INFORMATION

Superphase 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.    

Comparative Figures

The company's previous year end was shortened to 31 May 2022 to be an 11 month period whereas the current year is a shortened 10 month period to 31 March 2023 therefore the comparatives are not entirely comparable.

Going Concern

The financial statements have been prepared on a going concern basis. As at 31 March 2023 the liabilities exceed the assets by £44,713 (2022: £3,951). Continuation to trade depends upon the support of the group. Should the company be unable to continue to trade, adjustments would have to be made to reduce the assets to their recoverable amount, to provide for any further liabilities which may arise, and to reclassify fixed assets as current.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

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

-

20% on reducing balance

Taxation

Deferred tax

Pension costs and other post-retirement benefits

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Operating leases

Operating lease rentals are charged in the profit and loss account on a straight line basis over the lease term.

3.

EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 (2022 - NIL ) .

4.

TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£   

COST

At 1 June 2022

and 31 March 2023

10,008

DEPRECIATION

At 1 June 2022

501

Charge for period

1,901

At 31 March 2023

2,402

NET BOOK VALUE

At 31 March 2023

7,606

At 31 May 2022

9,507

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£   

£   

Trade debtors

17,566

350

Amounts owed by group undertakings

192,000

135,846

Other debtors

6,684

1,450

216,250

137,646

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£   

£   

Trade creditors

8,977

1,574

Amounts owed to group undertakings

266,332

149,148

Other creditors

15,045

8,920

290,354

159,642

7.

LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022

£   

£   

Within one year

100,800

108,900

Between one and five years

58,800

142,800

159,600

251,700

8.

CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£   

£   

100

Ordinary

£1

100

100

9.

DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion

We were unable to verify the balance of administrative expenses due to the lack of available supporting documentation, and we were unable to satisfy ourselves by alternative means by using other audit procedures. Thus were unable to verify the balances of administrative expenses for occurrence, completeness, accuracy and classification for the period to 31 March 2023, which are included in the income statement at £294,066. Consequently, we were unable to determine whether any adjustment to this amount was necessary.

We were also unable to verify the balance of turnover due to the lack of available supporting documentation, and we were unable to satisfy ourselves by alternative means by using other audit procedures. Thus were unable to verify the balances of turnover for occurrence, completeness, accuracy and classification for the period to 31 March 2023, which are included in the income statement at £252,829. Consequently, we were unable to determine whether any adjustment to this amount was necessary.

The above has occurred due to the previous finance team not recording payments and receipts accurately.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.

Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical requirements in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Matters required to report by exception

Arising solely from the limitation on the scope of our work relating to administrative expenses and turnover, referred to above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records have been kept.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Mr P Bott FCA (Senior Statutory Auditor)

for and on behalf of Mark J Rees LLP Chartered Accountants

10.

ULTIMATE CONTROLLING PARTY