Let Developments Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 06386657 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 August 2017

for

Let Developments Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs L R Scanlan

SECRETARY:

Mrs L R Scanlan

REGISTERED OFFICE:

23 John Street

Sunderland

Tyne and Wear

SR1 1JG

REGISTERED NUMBER:

06386657 (England and Wales)

ACCOUNTANTS:

TTR Barnes Limited

Chartered Accountants

3-5 Grange Terrace

Stockton Road

Sunderland

Tyne & Wear

SR2 7DG

FIXED ASSETS

Tangible assets

4

286,186

294,444

CURRENT ASSETS

Cash at bank

1,927

1,979

CREDITORS

Amounts falling due within one year

5

93,072

81,824

NET CURRENT LIABILITIES

(91,145

)

(79,845

)

TOTAL ASSETS LESS CURRENT LIABILITIES

195,041

214,599

CREDITORS

Amounts falling due after more than one year

6

(135,486

)

(164,775

)

PROVISIONS FOR LIABILITIES

(3,367

)

(4,395

)

NET ASSETS

56,188

45,429

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

55,888

45,129

SHAREHOLDERS' FUNDS

56,188

45,429

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 11 December 2017 and were signed by:

Mrs L R Scanlan - Director

1.	STATUTORY INFORMATION

Let Developments 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis, which assumes that the company will

continue in existence for the foreseeable future, which the director considers to be appropriate.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 31 August 2017 are the first that are prepared in accordance with

FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date

of transition to FRS 102 Section 1A is 1 November 2015.

In preparing the financial statements, the director has considered whether in applying the accounting policies

required by FRS102 Section 1a "Small Entities", the restatement of comparative items was required. The

transition to FRS102 Section 1a "Small Entities" has not resulted in any changes to accounting policies used.

Upon adoption of FRS102 Section 1A there were no transitional adjustments required and the company did not

take advantage of any transitional reliefs.

Income

Income represents net invoiced rental of property and gym equipment, excluding value added tax.

Tangible fixed assets

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

Freehold property

-

not provided

Fixtures and fittings

-

20% on reducing balance

In accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), no

depreciation is provided in respect of freehold properties held as investments. This is a departure from the

requirements of the Companies Act 2006 which requires all properties to be depreciated. The director considers

that to depreciate the property would not give a true and fair view.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial

instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their

settlement value.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

COST

At 1 September 2016

and 31 August 2017

253,157

200,000

453,157

DEPRECIATION

At 1 September 2016

-

158,713

158,713

Charge for year

-

8,258

8,258

At 31 August 2017

-

166,971

166,971

NET BOOK VALUE

At 31 August 2017

253,157

33,029

286,186

At 31 August 2016

253,157

41,287

294,444

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

28,068

26,673

Tax

4,751

3,616

Other creditors

15,000

-

Directors' current accounts

44,324

50,708

Accrued expenses

929

827

93,072

81,824

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 1-2 years

29,472

28,007

Bank loans - 2-5 years

88,417

84,022

Bank loans due in over 5 yrs

17,597

52,746

135,486

164,775

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due in over 5 yrs

17,597

52,746

7.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

163,554

191,448

The bank loans are secured by a mortgage and debenture raised in 2007 and 2008 respectively, secured on the

company's property and fixtures and fittings.

8.

CONTROL

The controlling party is Mrs L R Scanlan.

9.	FIRST YEAR ADOPTION

Upon adoption of FRS102 Section 1A there were no transitional adjustments and the company did not take

advantage of any transitional relief.