Company Registration No. 01120769 (England and Wales)
Furnished Letting Services Limited
Unaudited accounts
for the year ended 30 June 2020
Furnished Letting Services Limited
Unaudited accounts
Contents
Furnished Letting Services Limited
Company Information
for the year ended 30 June 2020
Directors
J A Farrell
M T Farrell
Company Number
01120769 (England and Wales)
Registered Office
85 Great Portland Street
London
W1W 7LT
Accountants
Bo&Co Ltd
Thyme Cottage
Long Reach
West Horsley
Surrey
KT24 6LZ
Furnished Letting Services Limited
Statement of financial position
as at 30 June 2020
Investment property
1,010,000
688,200
Cash at bank and in hand
10,008
16,346
Creditors: amounts falling due within one year
(8,847)
(7,404)
Net current assets
360,612
365,966
Total assets less current liabilities
1,370,613
1,054,167
Provisions for liabilities
Deferred tax
(176,036)
(114,894)
Net assets
1,194,577
939,273
Called up share capital
100
100
Profit and loss account
1,194,477
939,173
Shareholders' funds
1,194,577
939,273
For the year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 11 December 2020 and were signed on its behalf by
J A Farrell
Director
Company Registration No. 01120769
Furnished Letting Services Limited
Notes to the Accounts
for the year ended 30 June 2020
Furnished Letting Services Limited is a private company, limited by shares, registered in England and Wales, registration number 01120769. The registered office is 85 Great Portland Street, London, W1W 7LT.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover comprises gross rents received and the proceeds of property dealing in the year.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% reducing balance
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell, after making allowance for slow moving and obsolete and slow moving items.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.
Furnished Letting Services Limited
Notes to the Accounts
for the year ended 30 June 2020
4
Tangible fixed assets
Fixtures & fittings
Fair value at 1 July 2019
688,200
Net gain from fair value adjustments
321,800
The valuation of all investment properties was carried out by J A Farrell, a director of the company, on 30 June 2020.
Raw materials
23,882
23,882
Other debtors
332,957
331,492
8
Creditors: amounts falling due within one year
2020
2019
Other creditors
5,047
3,404
9
Transactions with related parties
Other debtors include amounts of £328,556 (2019: £327,353) due from companies under common control. These amounts are interest free and repayable on demand.
Furnished Letting Services Limited
Notes to the Accounts
for the year ended 30 June 2020
10
Average number of employees
During the year the average number of employees was 1 (2019: 1).
