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REGISTERED NUMBER: 10839966 (England and Wales)















Lantern House Properties Limited

Unaudited Financial Statements

for the Year Ended 30 June 2023






Lantern House Properties Limited (Registered number: 10839966)

Contents of the Financial Statements
for the year ended 30 June 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Lantern House Properties Limited

Company Information
for the year ended 30 June 2023







Directors: M K Grewal
J S Grewal





Registered office: Lantern House
14 Burgess Wood Road
Beaconsfield
Buckinghamshire
HP9 1EQ





Registered number: 10839966 (England and Wales)





Accountants: Haines Watts
Chartered Accountants
178 Buckingham Avenue
Slough
Berkshire
SL1 4RD

Lantern House Properties Limited (Registered number: 10839966)

Balance Sheet
30 June 2023

2023 2022
Notes £ £ £ £
Fixed assets
Investment property 4 925,000 925,000

Current assets
Debtors 5 750 750
Cash at bank 7,216 8,580
7,966 9,330
Creditors
Amounts falling due within one year 6 776,545 794,946
Net current liabilities (768,579 ) (785,616 )
Total assets less current liabilities 156,421 139,384

Provisions for liabilities 14,221 14,196
Net assets 142,200 125,188

Capital and reserves
Called up share capital 7 100 100
Retained earnings 8 142,100 125,088
Shareholders' funds 142,200 125,188

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

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 5 October 2023 and were signed on its behalf by:





J S Grewal - Director


Lantern House Properties Limited (Registered number: 10839966)

Notes to the Financial Statements
for the year ended 30 June 2023


1. Statutory information

Lantern House 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.

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.

Critical accounting judgements and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates in determining the carrying amounts of certain assets and liabilities. Management makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The management's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. This disclosure excludes uncertainty over future events and judgement in respect of measuring financial instruments. There are no further significant judgements or estimates

Going concern
The director has identified no material uncertainties that cast significant doubt about the ability of the company to continue as a going concern. Although the company has net current liabilities of £768,579 the company has support from the director.

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

Turnover comprises revenue recognised by the company in respect of rents receivable.

Investment property
Investment properties are shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank which are an integral part of the company's cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument.

An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.


Lantern House Properties Limited (Registered number: 10839966)

Notes to the Financial Statements - continued
for the year ended 30 June 2023


2. Accounting policies - continued
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 2 (2022 - 2 ) .

4. Investment property
Total
£
Fair value
At 1 July 2022
and 30 June 2023 925,000
Net book value
At 30 June 2023 925,000
At 30 June 2022 925,000

At 30 June 2022 the fair values of the investment properties were revised to £925,000 on an open market basis. The historical cost of the land and buildings held is £860,801 (2022 - £860,801).

5. Debtors: amounts falling due within one year
2023 2022
£ £
Other debtors 750 750

6. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 750 750
Taxation and social security 3,996 5,070
Other creditors 771,799 789,126
776,545 794,946

Lantern House Properties Limited (Registered number: 10839966)

Notes to the Financial Statements - continued
for the year ended 30 June 2023


7. Called up share capital

Alloted, issues and fully paid:


Number:

Class:
Nominal
value:

2022


2021
£    £   
45 A ordinary £1.00 45 45
45 B ordinary £1.00 45 45
5 C ordinary £1.00 5 5
5 D ordinary £1.00 5 5
100 100

8. Reserves
Retained
earnings
£

At 1 July 2022 125,088
Profit for the year 17,012
At 30 June 2023 142,100

Included in reserves at the year end is £49,978 (2022: £50,003) of undistributable reserves.

9. Related party disclosures

Included within other creditors at the balance sheet date is an amount of £768,684 (2022 - £785,754) owed to the directors; the loan amounts owed to the directors are interest free and repayable on demand.