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No description of principal activity
2021-07-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
05379722
2021-07-01
2022-06-30
05379722
2022-06-30
05379722
2021-06-30
05379722
2020-07-01
2021-06-30
05379722
2021-06-30
05379722
core:FurnitureFittings
2021-07-01
2022-06-30
05379722
core:MotorVehicles
2021-07-01
2022-06-30
05379722
bus:Director1
2021-07-01
2022-06-30
05379722
core:FurnitureFittings
2021-06-30
05379722
core:MotorVehicles
2021-06-30
05379722
core:FurnitureFittings
2022-06-30
05379722
core:MotorVehicles
2022-06-30
05379722
core:WithinOneYear
2022-06-30
05379722
core:WithinOneYear
2021-06-30
05379722
core:AfterOneYear
2022-06-30
05379722
core:AfterOneYear
2021-06-30
05379722
core:ShareCapital
2022-06-30
05379722
core:ShareCapital
2021-06-30
05379722
core:RetainedEarningsAccumulatedLosses
2022-06-30
05379722
core:RetainedEarningsAccumulatedLosses
2021-06-30
05379722
core:BetweenOneFiveYears
2022-06-30
05379722
core:BetweenOneFiveYears
2021-06-30
05379722
core:FurnitureFittings
2021-06-30
05379722
bus:SmallEntities
2021-07-01
2022-06-30
05379722
bus:AuditExemptWithAccountantsReport
2021-07-01
2022-06-30
05379722
bus:FullAccounts
2021-07-01
2022-06-30
05379722
bus:SmallCompaniesRegimeForAccounts
2021-07-01
2022-06-30
05379722
bus:PrivateLimitedCompanyLtd
2021-07-01
2022-06-30
05379722
core:ComputerEquipment
2021-07-01
2022-06-30
05379722
core:ComputerEquipment
2021-06-30
05379722
core:ComputerEquipment
2022-06-30
05379722
core:EntitiesControlledByKeyManagementPersonnel
2021-07-01
2022-06-30
COMPANY REGISTRATION NUMBER:
05379722
TRUELOVE PROPERTY LETTINGS LTD
|
|
FILLETED UNAUDITED FINANCIAL STATEMENTS
|
|
TRUELOVE PROPERTY LETTINGS LTD
|
|
STATEMENT OF FINANCIAL POSITION
|
|
30 June 2022
Fixed assets
Tangible assets
|
5
|
|
14,404
|
7,225
|
|
|
|
|
|
Current assets
Debtors
|
6
|
565,620
|
|
659,494
|
Cash at bank and in hand
|
388
|
|
3,853
|
|
----------
|
|
----------
|
|
566,008
|
|
663,347
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
421,908
|
|
538,393
|
|
----------
|
|
----------
|
Net current assets
|
|
144,100
|
124,954
|
|
|
----------
|
----------
|
Total assets less current liabilities
|
|
158,504
|
132,179
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
8
|
|
14,828
|
20,417
|
|
|
|
|
|
Provisions
|
|
397
|
(
1,579)
|
|
|
----------
|
----------
|
Net assets
|
|
144,073
|
110,183
|
|
|
----------
|
----------
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
999
|
999
|
Profit and loss account
|
|
143,074
|
109,184
|
|
|
----------
|
----------
|
Shareholders funds
|
|
144,073
|
110,183
|
|
|
----------
|
----------
|
|
|
|
|
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 Section 1A of 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 income and retained earnings has not been delivered.
For the year ending 30 June 2022 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 year 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
.
TRUELOVE PROPERTY LETTINGS LTD
|
|
STATEMENT OF FINANCIAL POSITION (continued)
|
|
30 June 2022
These financial statements were approved by the
board of directors
and authorised for issue on
31 March 2023
, and are signed on behalf of the board by:
Mrs J P Truelove
|
Director
|
|
Company registration number:
05379722
TRUELOVE PROPERTY LETTINGS LTD
|
|
NOTES TO THE FINANCIAL STATEMENTS
|
|
YEAR ENDED 30 JUNE 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4a Eastgate, Lincoln, Lincolnshire, LN2 1QB, 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 and in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. The directors do not consider there to be any significant judgements or estimations in the financial statements.
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.
Income tax
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 payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
|
Fixtures and fittings
|
-
|
20% straight line
|
|
Motor vehicles
|
-
|
20% straight line
|
|
Equipment
|
-
|
20% 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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. The Coronavirus Job Retention Scheme grant has been recognised under the accrual model, and is shown within Government Grant Income within the financial statements.
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.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2021:
6
).
5.
Tangible assets
|
Fixtures and fittings
|
Motor vehicles
|
Equipment
|
Total
|
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
At 1 July 2021
|
6,420
|
10,808
|
38,697
|
55,925
|
Additions
|
3,708
|
–
|
5,640
|
9,348
|
|
---------
|
---------
|
---------
|
---------
|
At 30 June 2022
|
10,128
|
10,808
|
44,337
|
65,273
|
|
---------
|
---------
|
---------
|
---------
|
Depreciation
|
|
|
|
|
At 1 July 2021
|
3,521
|
10,808
|
34,371
|
48,700
|
Charge for the year
|
779
|
–
|
1,390
|
2,169
|
|
---------
|
---------
|
---------
|
---------
|
At 30 June 2022
|
4,300
|
10,808
|
35,761
|
50,869
|
|
---------
|
---------
|
---------
|
---------
|
Carrying amount
|
|
|
|
|
At 30 June 2022
|
5,828
|
–
|
8,576
|
14,404
|
|
---------
|
---------
|
---------
|
---------
|
At 30 June 2021
|
2,899
|
–
|
4,326
|
7,225
|
|
---------
|
---------
|
---------
|
---------
|
|
|
|
|
|
6.
Debtors
|
2022
|
2021
|
|
£
|
£
|
Trade debtors
|
159,136
|
214,800
|
Other debtors
|
406,484
|
444,694
|
|
----------
|
----------
|
|
565,620
|
659,494
|
|
----------
|
----------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2022
|
2021
|
|
£
|
£
|
Bank loans and overdrafts
|
5,824
|
4,583
|
Trade creditors
|
19,975
|
49,002
|
Corporation tax
|
14,329
|
16,360
|
Social security and other taxes
|
26,089
|
19,166
|
Other creditors
|
355,691
|
449,282
|
|
----------
|
----------
|
|
421,908
|
538,393
|
|
----------
|
----------
|
|
|
|
Included within other creditors is a balance of £117,304 (2021 - £396,714) which is held by the company on behalf of its portfolio of landlords.
8.
Creditors:
amounts falling due after more than one year
|
2022
|
2021
|
|
£
|
£
|
Bank loans and overdrafts
|
14,828
|
20,417
|
|
---------
|
---------
|
|
|
|
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2022
|
2021
|
|
£
|
£
|
Not later than 1 year
|
15,912
|
23,000
|
Later than 1 year and not later than 5 years
|
63,648
|
17,250
|
|
---------
|
---------
|
|
79,560
|
40,250
|
|
---------
|
---------
|
|
|
|
10.
Related party transactions
There are several connected companies, LLP's and pension schemes and loans exist with several of these entities. At the year end the company was owed £284,429 (2021 - £96,875) by these entities. A management charge of £23,596 (2021 - £40,165) was paid to one of the entities.