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REGISTERED NUMBER: 04384717 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

L & J PROPERTIES LIMITED

L & J PROPERTIES LIMITED (REGISTERED NUMBER: 04384717)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


L & J PROPERTIES LIMITED

Company Information
for the Year Ended 31 March 2023







DIRECTORS: L Bolingbroke
Mrs J Bolingbroke





SECRETARY: Mrs J Bolingbroke





REGISTERED OFFICE: Unit A6 Chaucer Business Park
Dittons Road
Polegate
BN26 6QH





REGISTERED NUMBER: 04384717 (England and Wales)





ACCOUNTANTS: MDJ Services Limited
Unit A6
Chaucer Business Park
Dittons Road
Polegate
East Sussex
BN26 6QH

L & J PROPERTIES LIMITED (REGISTERED NUMBER: 04384717)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,603,240 1,868,240

CURRENT ASSETS
Debtors 5 5,950 5,950
Cash at bank 546 187
6,496 6,137
CREDITORS
Amounts falling due within one year 6 269,359 143,056
NET CURRENT LIABILITIES (262,863 ) (136,919 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,340,377

1,731,321

CREDITORS
Amounts falling due after more than one
year

7

(679,618

)

(373,431

)

PROVISIONS FOR LIABILITIES (270,887 ) (220,084 )
NET ASSETS 1,389,872 1,137,806

CAPITAL AND RESERVES
Called up share capital 9 100 100
Revaluation reserve 10 1,154,832 938,253
Retained earnings 234,940 199,453
SHAREHOLDERS' FUNDS 1,389,872 1,137,806

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

L & J PROPERTIES LIMITED (REGISTERED NUMBER: 04384717)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 October 2023 and were signed on its behalf by:





L Bolingbroke - Director


L & J PROPERTIES LIMITED (REGISTERED NUMBER: 04384717)

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

1. STATUTORY INFORMATION

L & J Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

L & J PROPERTIES LIMITED (REGISTERED NUMBER: 04384717)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to
property property Totals
£    £    £   
COST OR VALUATION
At 1 April 2022 1,865,000 3,240 1,868,240
Additions 467,618 - 467,618
Revaluations 267,382 - 267,382
At 31 March 2023 2,600,000 3,240 2,603,240
NET BOOK VALUE
At 31 March 2023 2,600,000 3,240 2,603,240
At 31 March 2022 1,865,000 3,240 1,868,240

Cost or valuation at 31 March 2023 is represented by:

Improvements
Freehold to
property property Totals
£    £    £   
Valuation in 2020 1,625,000 3,240 1,628,240
Valuation in 2021 240,000 - 240,000
Valuation in 2023 735,000 - 735,000
2,600,000 3,240 2,603,240

If Freehold properties had not been revalued they would have been included at the following historical cost:

31.3.23 31.3.22
£    £   
Cost 1,174,282 706,664

Freehold properties were valued on an open market basis on 31 March 2023 by the directors .

Freehold properties are stated at fair value as determined by the directors. The fair value of the company's property portfolio is based upon external valuations and is inherently subjective. The fair value represents the amount at which the assets could be exchanged between a knowledgeable, willing buyer and a knowledgeable, willing seller in an arms-length transaction at the date of valuation. The fair value of each of the properties has been assessed by the directors. In determining the fair value of freehold properties, the directors make use of historical and current market data as well as existing lease agreements.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 5,950 5,950

L & J PROPERTIES LIMITED (REGISTERED NUMBER: 04384717)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 43,347 40,355
Tax 8,324 5,779
Directors' current accounts 212,706 91,940
Deferred income 3,800 3,800
Accrued expenses 1,182 1,182
269,359 143,056

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans - 1-2 years 43,347 40,355
Bank loans - 2-5 years 130,041 121,064
Bank loans more 5 yr by instal 506,230 212,012
679,618 373,431

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 506,230 212,012

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 722,965 413,786

The above liabilities are secured against the asset to which they relate.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
100 Ordinary 1 100 100

10. RESERVES
Revaluation
reserve
£   
At 1 April 2022 938,253
Transfer between reserves 216,579

At 31 March 2023 1,154,832