Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mr C Vining 29 September 2023 The principal activity of the company is the holding of land for investment purposes. 04041337 2023-03-31 04041337 2022-03-31 04041337 core:CurrentFinancialInstruments 2023-03-31 04041337 core:CurrentFinancialInstruments 2022-03-31 04041337 core:ShareCapital 2023-03-31 04041337 core:ShareCapital 2022-03-31 04041337 core:CapitalRedemptionReserve 2023-03-31 04041337 core:CapitalRedemptionReserve 2022-03-31 04041337 core:RetainedEarningsAccumulatedLosses 2023-03-31 04041337 core:RetainedEarningsAccumulatedLosses 2022-03-31 04041337 bus:OrdinaryShareClass1 2023-03-31 04041337 bus:OrdinaryShareClass2 2023-03-31 04041337 bus:OrdinaryShareClass3 2023-03-31 04041337 2022-04-01 2023-03-31 04041337 bus:FullAccounts 2022-04-01 2023-03-31 04041337 bus:SmallEntities 2022-04-01 2023-03-31 04041337 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04041337 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04041337 bus:Director1 2022-04-01 2023-03-31 04041337 2021-04-01 2022-03-31 04041337 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 04041337 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 04041337 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 04041337 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 04041337 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 04041337 bus:OrdinaryShareClass3 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04041337 (England and Wales)

LOSAN LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

LOSAN LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

LOSAN LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
LOSAN LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTOR Mr C Vining
SECRETARY Mr G Jarvis
REGISTERED OFFICE Centenary House Peninsula Park
Rydon Lane
Exeter
EX2 7XE
United Kingdom
COMPANY NUMBER 04041337 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
LOSAN LIMITED

BALANCE SHEET

As at 31 March 2023
LOSAN LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 1,100,000 1,100,000
1,100,000 1,100,000
Current assets
Debtors 4 78,200 144,101
Cash at bank and in hand 104,007 38,538
182,207 182,639
Creditors: amounts falling due within one year 5 ( 54,872) ( 55,681)
Net current assets 127,335 126,958
Total assets less current liabilities 1,227,335 1,226,958
Provision for liabilities ( 57,500) ( 44,000)
Net assets 1,169,835 1,182,958
Capital and reserves
Called-up share capital 6 160 170
Capital redemption reserve 40 30
Profit and loss account 1,169,635 1,182,758
Total shareholders' funds 1,169,835 1,182,958

For the financial 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.

Director's responsibilities:

The financial statements of Losan Limited (registered number: 04041337) were approved and authorised for issue by the Director on 29 September 2023. They were signed on its behalf by:

Mr C Vining
Director
LOSAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
LOSAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Losan Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom, the principle place of business is Henstridge Airfield, Henstridge, Somerset, BA8 0TN.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of rents receivable, excluding Value Added Tax, in the ordinary nature of business. Rental income is recognised on a straight line basis over the period of the lease.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. A third party valuation was obtained from a firm of chartered surveyors for the period ended 31 March 2020 and it is the opinion of the director that this valuation is still materially correct as at 31 March 2023. Changes in fair value are recognised in the profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 0 0

3. Investment property

Investment property
£
Valuation
As at 01 April 2022 1,100,000
As at 31 March 2023 1,100,000

4. Debtors

2023 2022
£ £
Trade debtors 11,560 11,560
Amounts owed by director 39,899 79,899
Prepayments 774 642
Other debtors 25,967 52,000
78,200 144,101

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 0 200
Accruals 3,030 4,300
Taxation and social security 13,721 6,181
Other creditors 38,121 45,000
54,872 55,681

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
50 A - Ordinary shares of £ 1.00 each 50 50
50 B - Ordinary shares of £ 1.00 each 50 50
60 C - Ordinary shares of £ 1.00 each (2022: 70 shares of £ 1.00 each) 60 70
160 170

The shares rank pari passu in all respects.

7. Related party transactions

Other related party transactions

At the balance sheet date £45,000 (2022 - £45,000) was owed by the company to an entity under common control. No interest has been charged on this balance.

During the period, repayments of £40,000 (2022: £40,000) were made by one of the company's shareholders. Interest has been charged on this loan at 3% and the amount outstanding is repayable on demand. Amounts due from this shareholder at the balance sheet date were £39,899 (2022: £79,899).