Company Registration No. SC242085 (Scotland)
LETTINGWEB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
LETTINGWEB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
LETTINGWEB LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
800
-
Tangible assets
4
5,804
854
Investments
5
500
500
7,104
1,354
Current assets
Debtors
6
96,115
120,088
Cash at bank and in hand
89,545
48,156
185,660
168,244
Creditors: amounts falling due within one year
7
(53,806)
(67,578)
Net current assets
131,854
100,666
Total assets less current liabilities
138,958
102,020
Capital and reserves
Called up share capital
8
6,379
6,379
Profit and loss reserves
132,579
95,641
Total equity
138,958
102,020
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006
relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 19 December 2018 and are signed on its behalf by:
Mr J A Watts
Director
Company Registration No. SC242085
LETTINGWEB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 2 -
1
Accounting policies
Company information
Lettingweb Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
26 Dublin Street, EDINBURGH, EH3 6NN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents net invoiced sales of web-based advertising and associated services, excluding VAT.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost or value of the asset can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Trademark
Over 10 years
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25%/50% reducing balance
Computer equipment
33% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
LETTINGWEB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.6
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
LETTINGWEB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 10 (2017 - 8).
3
Intangible fixed assets
Trademark
£
Cost
At 1 April 2017
-
Additions
800
At 31 March 2018
800
Amortisation and impairment
At 1 April 2017 and 31 March 2018
-
Carrying amount
At 31 March 2018
800
At 31 March 2017
-
LETTINGWEB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2017
85,425
Additions
7,656
At 31 March 2018
93,081
Depreciation and impairment
At 1 April 2017
84,571
Depreciation charged in the year
2,706
At 31 March 2018
87,277
Carrying amount
At 31 March 2018
5,804
At 31 March 2017
854
5
Fixed asset investments
2018
2017
£
£
Investments
500
500
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2017 & 31 March 2018
500
Carrying amount
At 31 March 2018
500
At 31 March 2017
500
LETTINGWEB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 6 -
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
22,146
30,980
Other debtors
73,969
89,108
96,115
120,088
7
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
9,574
11,781
Corporation tax
7,847
9,594
Other taxation and social security
23,462
24,358
Other creditors
12,923
21,845
53,806
67,578
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
999,400 Ordinary shares of 0.6355p each
6,351
6,351
4,050 Agent shares of 0.6355p each
26
26
4,152 Deferred shares of 0.05p each
2
2
6,379
6,379
LETTINGWEB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 7 -
9
Related party transactions
Transactions with related parties
During the year, the company paid rent of £
27,073
(201
7
: £
18,641
) to Kingsford Estates Limited, a company in which J A Watts is a director.
A deposit of £800 (
2017
: £800) relating to the rent of the property is also held by Kingsford Estates Limited.
During the year, the company paid expenses of £
16,448
(
2017: £nil
) on behalf of Letting Services Online Limited, a company in which J A Watts is a director.
Letting Services Online paid expenses on behalf of Lettingweb Limited of £14,400 (2017: £8,460).
At the year end
,
the balance due from Letting Services Online Limited
was
£
70,650
(
2017: £86,944
)
. There is
no set repayment date and no interest is being charged
on this loan
.