Company Registration No. SC242085 (Scotland)
LETTINGWEB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
LETTINGWEB LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
LETTINGWEB LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
800
800
Tangible assets
4
3,270
4,664
Investments
5
500
500
4,570
5,964
Current assets
Debtors
6
122,230
146,852
Cash at bank and in hand
125,826
126,242
248,056
273,094
Creditors: amounts falling due within one year
7
(72,588)
(91,675)
Net current assets
175,468
181,419
Total assets less current liabilities
180,038
187,383
Provisions for liabilities
(1,089)
Net assets
180,038
186,294
Capital and reserves
Called up share capital
8
6,379
6,379
Profit and loss reserves
173,659
179,915
Total equity
180,038
186,294
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 2021 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.
LETTINGWEB LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2021
31 March 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 December 2021 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 2021
- 3 -
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
Going concern
In common with most businesses the company is facing potential issues in respect of the COVID-19
true
pandemic. This is an ongoing situation and the company is adopting a strategy to manage the ever-
changing situation as effectively as possible. The directors are satisfied that these events do not affect the company's ability to continue as a going concern and this basis is appropriate for the preparation of the accounts
1.3
Turnover
Turnover represents net invoiced sales of web-based advertising and associated services, excluding VAT.
1.4
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
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
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
1.5
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
LETTINGWEB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
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
.
1.6
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.
1.7
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
.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
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.
LETTINGWEB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 5 -
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.
1.10
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:
2021
2020
Number
Number
Total
4
10
LETTINGWEB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
3
Intangible fixed assets
Trademark
£
Cost
At 1 April 2020 and 31 March 2021
800
Amortisation and impairment
At 1 April 2020 and 31 March 2021
Carrying amount
At 31 March 2021
800
At 31 March 2020
800
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2020 and 31 March 2021
98,306
Depreciation and impairment
At 1 April 2020
93,642
Depreciation charged in the year
1,394
At 31 March 2021
95,036
Carrying amount
At 31 March 2021
3,270
At 31 March 2020
4,664
5
Fixed asset investments
2021
2020
£
£
Other investments other than loans
500
500
LETTINGWEB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 7 -
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
19,199
27,353
Corporation tax recoverable
8,660
Other debtors
94,371
119,499
122,230
146,852
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
49,700
27,772
Corporation tax
944
Other taxation and social security
22,807
Other creditors
22,888
40,152
72,588
91,675
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.6355p each
999,400
999,400
6,351
6,351
Agent shares of 0.6355p each
4,050
4,050
26
26
Deferred shares of 0.05p each
4,152
4,152
2
2
1,007,602
1,007,602
6,379
6,379
9
Events after the reporting date
In common with most businesses the company is facing potential issues in respect of the COVID-
19 pandemic. This is an ongoing situation and the company is adopting a strategy to manage the ever- changing situation as effectively as possible.
LETTINGWEB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 8 -
10
Related party transactions
Transactions with related parties
During the year, the company paid rent of £
17,545
(20
20
: £
32,192
) to
26 Dublin Street Limited and Albany Street Limited
, a company in which J A Watts is a director.
A deposit of £800 (
2020
: £800) relating to the rent of the property is also held by
Albany Street
Limited.
During the year, the company paid expenses of £
814
(
2020: £814
) 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 £1,840 (2020: £1,840).
At the year end
,
the balance due from Letting Services Online Limited
was £63,769
(
2020: £67,969
)
. There is
no set repayment date and no interest is being charged
on this loan
.
At the year end
,
the balance due from
Letinvest
Limited
was £45,360
(
2020: £44,551
)
. There is
no set repayment date and no interest is being charged
on this loan
.
At the year end
,
the balance
owed to Let Tech Solutions
Limited
was £18,105
(
2020: £12,540
)
. There is
no set repayment date and no interest is being charged
on this loan
.