2 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 290,000 237,574 527,574 527,574 290,000 xbrli:pure xbrli:shares iso4217:GBP 08414529 2022-04-01 2023-03-31 08414529 2023-03-31 08414529 2022-03-31 08414529 2021-04-01 2022-03-31 08414529 2022-03-31 08414529 bus:Director3 2022-04-01 2023-03-31 08414529 core:AfterOneYear 2023-03-31 08414529 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 08414529 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 08414529 core:WithinOneYear 2023-03-31 08414529 core:WithinOneYear 2022-03-31 08414529 core:ShareCapital 2023-03-31 08414529 core:ShareCapital 2022-03-31 08414529 core:RevaluationReserve 2023-03-31 08414529 core:RevaluationReserve 2022-03-31 08414529 core:RetainedEarningsAccumulatedLosses 2023-03-31 08414529 core:RetainedEarningsAccumulatedLosses 2022-03-31 08414529 bus:SmallEntities 2022-04-01 2023-03-31 08414529 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 08414529 bus:FullAccounts 2022-04-01 2023-03-31 08414529 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 08414529 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08414529 core:InvestmentPropertyIncludedWithinPPE 2022-03-31 08414529 core:InvestmentPropertyIncludedWithinPPE 2022-04-01 2023-03-31 08414529 core:InvestmentPropertyIncludedWithinPPE 2023-03-31 08414529 core:AfterOneYear 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 08414529
L & C Portfolio Limited
Unaudited financial statements
31 March 2023
L & C Portfolio Limited
Statement of financial position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
527,574
290,000
Current assets
Cash at bank and in hand
29,509
28,936
Creditors: Amounts falling due within one year
6
( 244,621)
( 205,896)
---------
---------
Net current liabilities
( 215,112)
( 176,960)
---------
---------
Total assets less current liabilities
312,462
113,040
Creditors: Amounts falling due after more than one year
7
( 198,950)
Provisions
Taxation including deferred tax
( 19,619)
( 14,910)
---------
---------
Net assets
93,893
98,130
---------
---------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
78,783
83,492
Profit and loss account
15,010
14,538
-------
-------
Shareholders funds
93,893
98,130
-------
-------
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 comprehensive income has not been delivered.
For the year ending 31 March 2023 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 .
L & C Portfolio Limited
Statement of financial position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 2 October 2023 , and are signed on behalf of the board by:
M L Brown
Director
Company registration number: 08414529
L & C Portfolio Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor Suite, 2 Hillside Business Park, Bury St Edmunds, Suffolk, IP32 7EA and the trading address is Bullens Farm Barn, Eades Paddock, The Coppice, Great Barton, Suffolk, IP31 2TY.
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.
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.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.
4. Employee numbers
The average number of employees during the year was 2 (2022: 2 ).
5. Tangible assets
Investment Properties
Total
£
£
Cost
At 1 April 2022
290,000
290,000
Additions
237,574
237,574
---------
---------
At 31 March 2023
527,574
527,574
---------
---------
Depreciation
At 1 April 2022 and 31 March 2023
---------
---------
Carrying amount
At 31 March 2023
527,574
527,574
---------
---------
At 31 March 2022
290,000
290,000
---------
---------
The directors have revalued the investment properties to their fair value at the year end date based on their open market value.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 March 2023
Aggregate cost
429,172
Aggregate depreciation
---------
Carrying value
429,172
---------
At 31 March 2022
Aggregate cost
191,598
Aggregate depreciation
---------
Carrying value
191,598
---------
6. Creditors: Amounts falling due within one year
2023
2022
£
£
Trade creditors
109
Social security and other taxes
1,049
1,167
Other creditors
243,463
204,729
---------
---------
244,621
205,896
---------
---------
7. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
198,950
---------
----
Included within creditors are loans totalling £198,950 (2022: Nil) which are secured against the assets to which they relate. £198,950 is due in more than 5 years.