Loumin Estates Limited 05698492 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of property investment and development. Digita Accounts Production Advanced 6.30.9574.0 true 05698492 2022-04-01 2023-03-31 05698492 2023-03-31 05698492 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 05698492 core:RevaluationInvestmentPropertyDeferredTax 2023-03-31 05698492 core:TaxLossesCarry-forwardsDeferredTax 2023-03-31 05698492 core:RetainedEarningsAccumulatedLosses 2023-03-31 05698492 core:RevaluationReserve 2023-03-31 05698492 core:ShareCapital 2023-03-31 05698492 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05698492 core:Non-currentFinancialInstruments 2023-03-31 05698492 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05698492 core:AdditionsToInvestments 2023-03-31 05698492 core:CostValuation 2023-03-31 05698492 core:FurnitureFittingsToolsEquipment 2023-03-31 05698492 bus:SmallEntities 2022-04-01 2023-03-31 05698492 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 05698492 bus:FullAccounts 2022-04-01 2023-03-31 05698492 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 05698492 bus:RegisteredOffice 2022-04-01 2023-03-31 05698492 bus:Director1 2022-04-01 2023-03-31 05698492 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05698492 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 05698492 core:OfficeEquipment 2022-04-01 2023-03-31 05698492 countries:EnglandWales 2022-04-01 2023-03-31 05698492 2022-03-31 05698492 core:FurnitureFittingsToolsEquipment 2022-03-31 05698492 2021-04-01 2022-03-31 05698492 2022-03-31 05698492 core:AcceleratedTaxDepreciationDeferredTax 2022-03-31 05698492 core:RevaluationInvestmentPropertyDeferredTax 2022-03-31 05698492 core:TaxLossesCarry-forwardsDeferredTax 2022-03-31 05698492 core:RetainedEarningsAccumulatedLosses 2022-03-31 05698492 core:RevaluationReserve 2022-03-31 05698492 core:ShareCapital 2022-03-31 05698492 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 05698492 core:Non-currentFinancialInstruments 2022-03-31 05698492 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 05698492 core:CostValuation 2022-03-31 05698492 core:FurnitureFittingsToolsEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 05698492

Prepared for the registrar

Loumin Estates Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Loumin Estates Limited

(Registration number: 05698492)
Balance Sheet as at 31 March 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

4

3,152

3,957

Investment property

5

6,870,000

6,870,000

Investments

6

2,320,500

2,020,500

 

9,193,652

8,894,457

Current assets

 

Debtors

7

17,395

53,292

Cash at bank and in hand

 

303,653

181,175

 

321,048

234,467

Creditors: Amounts falling due within one year

8

(186,129)

(343,698)

Net current assets/(liabilities)

 

134,919

(109,231)

Total assets less current liabilities

 

9,328,571

8,785,226

Creditors: Amounts falling due after more than one year

8

(6,112,250)

(5,612,250)

Deferred tax liabilities

10

(16,928)

(16,042)

Net assets

 

3,199,393

3,156,934

Capital and reserves

 

Called up share capital

500,000

500,000

Revaluation reserve

422,598

442,727

Profit and loss account

2,276,795

2,214,207

Total equity

 

3,199,393

3,156,934

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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 2 October 2023 and signed on its behalf by:
 

Charles Fisher
Director

   
     
 

Loumin Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Third Floor
95 The Promenade
Cheltenham
Gloucestershire
GL50 1HH

The principal place of business is:
29 Thurloe Street
London
SW7 2LQ

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover represents rents receivable from investment property net of VAT.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Loumin Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% of written down value / 33% straight line

Investment property

Investment property is carried at fair value, based on the market value as estimated by the directors. The directors are highly experienced in the property industry and consider that they have the experience to provide such a valuation.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in the profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Loumin Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
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 profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

Loumin Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

 

Loumin Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

5

Investment properties

2023
£

At 1 April 2022 and 31 March 2023

6,870,000

The carrying value of the investment properties is based on the market value as estimated by the directors. The directors are highly experienced in the property industry and consider that they have the experience to provide such a valuation. The carrying amount at historical cost is £6,363,531 (2022 - £6,363,531).

 

6

Investments

2023
£

Investments in joint ventures

2,320,500

Joint ventures

£

Cost

At 1 April 2022

2,020,500

Additions

300,000

At 31 March 2023

2,320,500

Carrying amount

At 31 March 2023

2,320,500

At 31 March 2022

2,020,500

 

7

Debtors

2023
 £

2022
 £

Other debtors

17,395

36,223

Prepayments

-

17,069

17,395

53,292

 

8

Creditors

2023
 £

2022
 £

Due within one year

Social security and other taxes

50,204

58,723

Other creditors

-

150,000

Accrued expenses

135,925

134,975

186,129

343,698

 

Loumin Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

6,112,250

5,612,250

 

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

6,112,250

5,612,250

Included in other borrowings is a loan of £5,612,250 from R & H Trust Co. (Guernsey) Limited and Granary Trust Limited. This loan is due to be repaid on 30 September 2027 and is interest free.

Included in other borrowings is a loan of £500,000 from R & H Trust Co. (Guernsey) Limited and Granary Trust Limited. This loan is due to be repaid on 30 June 2032 and is interest free.
 

 

10

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Fixed asset timing differences

-

157,468

Losses

224,411

-

Revaluation of investment property

-

83,871

224,411

241,339

2022

Asset
£

Liability
£

Fixed asset timing differences

-

157,669

Losses

205,369

-

Revaluation of investment property

-

63,742

205,369

221,411

 

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount not included in the balance sheet is £102,754 (2022 - £11,667) of which £23,265 (2022 - £11,667) is due within one year and £79,489 (2022 - £nil) is due in 2 - 5 years.

 

12

Related party transactions

Included within other creditors is £nil (2022 - £150,000) owed to Bayshill Properties Limited, a company related by virtue of the directors. The loan is unsecured and repayable on demand. Interest was paid on the loan during the year.