Asset Lettings Limited Accounts

ASSET LETTINGS LIMITED - Company Information






Asset Lettings Limited

	Company No. 06719632
		Information for Filing with The Registrar
		For the Year Ended
		31 October 2021

at	31 October 2021
Company No.		06719632	Notes	2021	2020
				£	£
Fixed assets

	Tangible assets		4	585	22,091

	Investments		5	1	-
				586	22,091
Current assets

	Debtors		6	79,972	73,543

	Cash at bank and in hand			24,517	31,614
				104,489	105,157
Creditors: Amount falling due within one year			7	(118,087)	(110,981)
Net current liabilities				(13,598)	(5,824)
Total assets less current liabilities				(13,012)	16,267




Net (liabilities)/assets				(13,012)	16,267

Capital and reserves
	Called up share capital		8	44,000	44,000



	Profit and loss account		9	(57,012)	(27,733)

Total equity				(13,012)	16,267



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 October 2021 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 28 June 2022
And signed on its behalf by:
D.J. Mead
Director
28 June 2022

for the year ended 31 October 2021

General information

Its registered number is: 06719632

Its registered office is:

3 High Street

Aldershot

Hampshire

GU11 1BH

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.

Going concern

At the balance sheet date, the company had net current liabilities of £13,598 (2020 : £5,824). The ability of the company to continue trading is dependent on the continued support of the director and the company’s creditors. The director is of the opinion that the company will continue to receive this support and on this basis considers it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of support by the director and the creditors of the company.

Accounting policies

Turnover

Turnover comprises revenue recognised by the company in respect of fees and disbursements invoiced from lettings for the year.

Interest Income

The Interest income in the year in recognised in the Profit & Loss Account using the effective interest
method.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Furniture, fittings and equipment

25% Straight Line

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Current tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current tax is also recognised in other comprehensive income or directly in equity respectively.

Investments

Listed investments are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty or notice of not more than 24 hours.

Trade and other creditors

Short term 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.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

3	Employees
			2021	2020
			Number	Number
		The average monthly number of employees (including directors) during the year was:	2	2

4	Tangible fixed assets
			Leasehold Property	Fixtures, fittings and equipment	Total
			£	£	£
		Cost or revaluation
		At 1 November 2020	22,091	1,772	23,863
		Additions	-	780	780



		At 31 October 2021	22,091	2,552	24,643
		Depreciation
		At 1 November 2020	-	1,772	1,772
		Charge for the year	22,091	195	22,286



		At 31 October 2021	22,091	1,967	24,058
		Net book values
		At 31 October 2021	-	585	585
		At 31 October 2020	22,091	-	22,091

5	Investments
			Other investments - Listed	Total
			£	£
		Cost or valuation

		Additions	1	1


		At 31 October 2021	1	1
		Provisions/Impairment





		Net book values
		At 31 October 2021	1	1

6	Debtors
			2021	2020
			£	£
		Trade debtors	35,402	32,285



		Tenant deposits	39,128	36,738

		Other debtors	2,091	1,608
		Prepayments and accrued income	3,351	2,912
			79,972	73,543

7	Creditors:
		amounts falling due within one year
			2021	2020
			£	£


		Deposit held	40,962	37,847

		Trade creditors	2,098	1,912

		Corporation tax	-	1,294
		Other taxes and social security	30	14
		Loans from directors	58,624	60,825
		Other creditors	14,588	5,777
		Accruals and deferred income	1,785	3,312
			118,087	110,981

8	Share Capital
			2021	2020
			£	£
		44,000 ordinary shares of £1 each	44,000	44,000
			44,000	44,000

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.