Registered number
05360949
Lambourne Properties Ltd
Filleted Accounts
5 April 2022
Lambourne Properties Ltd
Registered number: 05360949
Balance Sheet
as at 5 April 2022
Notes 2022 2021
£ £
Fixed assets
Investment properties 3 1,419,056 1,449,056
Current assets
Cash at bank and in hand 42,351 40,580
Creditors: amounts falling due within one year 4 (8,446) (7,523)
Net current assets 33,905 33,057
Total assets less current liabilities 1,452,961 1,482,113
Creditors: amounts falling due after more than one year 5 (468,835) (500,368)
Provisions for liabilities (56,891) (62,591)
Net assets 927,235 919,154
Capital and reserves
Called up share capital 2 2
Non distributed reserves 6 388,043 412,343
Profit and loss account 539,190 506,809
Shareholders' funds 927,235 919,154
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Howard Gross
Director
Approved by the board on 19 July 2022
Lambourne Properties Ltd
Notes to the Accounts
for the year ended 5 April 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset on a reducing balance over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Investment properties
£
Fair Value
At 6 April 2021 1,449,056
Fair trade movements (30,000)
At 5 April 2022 1,419,056
Depreciation
At 5 April 2022 -
Net book value
At 5 April 2022 1,419,056
At 5 April 2021 1,449,056
Freehold land and buildings: 2022 2021
£ £
Historical cost 978,735 978,735
Cumulative depreciation based on historical cost - -
978,735 978,735
4 Creditors: amounts falling due within one year 2022 2021
£ £
Corporation tax 7,596 6,698
Other creditors 850 825
8,446 7,523
5 Creditors: amounts falling due after one year 2022 2021
£ £
Director's current account - 37,680
Other creditors 468,835 462,688
468,835 500,368
6 Non-distributable reserves 2022 2021
£ £
At 6 April 2021 412,343 390,516
(Loss)/gain on fair value of investment properies (30,000) 30,000
Deferred taxation arising on the revaluation of land and buildings 5,700 (8,173)
At 5 April 2022 388,043 412,343
7 Other information
Lambourne Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
92 Lillie Road
London
SW6 7SR
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