Eden Lettings & Management (Penrith) Limited Company Accounts

EDEN LETTINGS & MANAGEMENT (PENRITH) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10473864

Eden Lettings & Management (Penrith) Limited

Filleted Unaudited Financial Statements

31 December 2017

Eden Lettings & Management (Penrith) Limited

Financial Statements

Period from 10 November 2016 to 31 December 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Eden Lettings & Management (Penrith) Limited

Statement of Financial Position

31 December 2017

	31 Dec 17
Note	£	£

Fixed assets

Tangible assets	5		1,350

Current assets

Debtors	6	3,702
Cash at bank and in hand		20,790
		---------
		24,492

Creditors: amounts falling due within one year	7	( 25,220)
		---------
Net current liabilities			( 728)
			--------
Total assets less current liabilities			622

Provisions		24
		-----
Net assets		646
		-----

Eden Lettings & Management (Penrith) Limited

Statement of Financial Position (continued)

31 December 2017

	31 Dec 17
Note	£	£

Capital and reserves

Called up share capital		20
Profit and loss account		626
		-----
Shareholders funds		646
		-----

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the period ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 17 April 2018 , and are signed on behalf of the board by:

Mrs S Thompson	Mr R Towler
Director	Director

Company registration number: 10473864

Eden Lettings & Management (Penrith) Limited

Notes to the Financial Statements

Period from 10 November 2016 to 31 December 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Saint & Co, The Old Police Station, Church Street, Ambleside, Cumbria, LA22 0BT, England. The address of the principal place of business is 1A St Andrews View, Penrith, Cumbria, CA11 7YF, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 3 .

5. Tangible assets

	Equipment
	£
Cost
At 10 November 2016	–
Additions	1,800
	--------
At 31 December 2017	1,800
	--------
Depreciation
At 10 November 2016	–
Charge for the period	450
	--------
At 31 December 2017	450
	--------
Carrying amount
At 31 December 2017	1,350
	--------

6. Debtors

	31 Dec 17
	£
Trade debtors	1,653
Other debtors	2,049
	--------
	3,702
	--------

7. Creditors: amounts falling due within one year

	31 Dec 17
	£
Bank loans and overdrafts	44
Trade creditors	11,266
Corporation tax	8,754
Social security and other taxes	3,829
Other creditors	1,327
	---------
	25,220
	---------

8. Directors' advances, credits and guarantees

Mrs S Thompson had an overdrawn loan account at the year end, the balance amounted to £741 (2016: £–). The maximum overdrawn balance on the directors loan account was £7,414 (2016: £Nil). Mr R Towler had an overdrawn loan account at the year end, the balance amounted to £542 (2016: £–). The maximum overdrawn balance on the directors loan account was £7,264 (2016: £Nil). Beneficial Loan interest has not been applied to the overdrawn loan account balances as the overdrawn balance did not exceed £10,000.

9. Related party transactions

No transactions with related parties were undertaken, other than disclosed in the notes above, such as are required to be disclosed under the FRS102 Section 1A.