Registered number
08266959
Lorven Housing Ltd
Filleted Accounts
23 October 2022
Lorven Housing Ltd
Registered number: 08266959
Balance Sheet
as at 23 October 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 2,737,897 2,683,021
Current assets
Debtors 4 84,346 92,029
Cash at bank and in hand 244,628 375,068
328,974 467,097
Creditors: amounts falling due within one year 5 (345,793) (321,007)
Net current (liabilities)/assets (16,819) 146,090
Total assets less current liabilities 2,721,078 2,829,111
Creditors: amounts falling due after more than one year 6 (1,446,990) (1,740,802)
Net assets 1,274,088 1,088,309
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 1,264,088 1,078,309
Shareholders' funds 1,274,088 1,088,309
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.
Ananda Chakravarthy Kota
Director
Approved by the board on 9 October 2023
Lorven Housing Ltd
Notes to the Accounts
for the period from 1 November 2021 to 23 October 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. 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 evenly over its expected useful life, as follows:
Freehold buildings No depreciation provided
Plant and machinery 10 % on reducing balance basis
Fixtures, fittings, tools and equipment 5 % on reducing balance basis
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 21 24
3 Tangible fixed assets
Land and buildings Fixtures and fittings Plant and machinery etc Total
£ £ £ £
Cost
At 1 November 2021 2,174,143 528,558 123,035 2,825,736
Additions - 81,000 7,835 88,835
At 23 October 2022 2,174,143 609,558 130,870 2,914,571
Depreciation
At 1 November 2021 - 93,330 49,385 142,715
Charge for the period - 25,811 8,148 33,959
At 23 October 2022 - 119,141 57,533 176,674
Net book value
At 23 October 2022 2,174,143 490,417 73,337 2,737,897
At 31 October 2021 2,174,143 435,228 73,650 2,683,021
4 Debtors 2022 2021
£ £
Trade debtors 59,210 65,263
Other debtors 25,136 26,766
84,346 92,029
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 118,300 118,300
Taxation and social security costs 88,675 86,958
Other creditors 138,818 115,749
345,793 321,007
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 1,364,078 1,482,379
Other creditors 82,912 258,423
1,446,990 1,740,802
7 Loans 2022 2021
£ £
Creditors include:
Secured bank loans 1,265,227 1,322,928
The bank loan is secured by a first charge over the company’s property and bear interest at a variable rate.
8 Other information
Lorven Housing Ltd is a private company limited by shares and incorporated in England. Its registered office is:
114 Church Road
Croydon
Surrey
CR0 1SD
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