Registered number
SC206757
LDK Properties Limited
Filleted Accounts
31 March 2023
LDK Properties Limited
Registered number: SC206757
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,183 2,911
Investment property 4 2,635,984 2,515,074
2,638,167 2,517,985
Current assets
Debtors 5 62,619 64,463
Cash at bank and in hand 59,894 24,063
122,513 88,526
Creditors: amounts falling due within one year 6 (51,575) (50,512)
Net current assets 70,938 38,014
Total assets less current liabilities 2,709,105 2,555,999
Creditors: amounts falling due after more than one year 7 (1,223,164) (1,182,481)
Net assets 1,485,941 1,373,518
Capital and reserves
Called up share capital 1 1
Revaluation reserve 9 396,383 396,383
Profit and loss account 1,089,557 977,134
Shareholders' funds 1,485,941 1,373,518
The director is 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 director acknowledges his 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.
B Jackson
Director
Approved by the board on 24 October 2023
LDK Properties Limited
Notes to the Accounts
for the year ended 31 March 2023
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 comprises rents receivable for the year and is recognised evenly throughout the year based on the agreed annual rent.
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:
Fixtures, fittings and equipment 25% reducing balance
Investment property
Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit and loss.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 April 2022 84,961
At 31 March 2023 84,961
Depreciation
At 1 April 2022 82,050
Charge for the year 728
At 31 March 2023 82,778
Net book value
At 31 March 2023 2,183
At 31 March 2022 2,911
4 Investment property
Investment
property
£
Fair value
At 1 April 2022 2,515,074
Additions 120,910
At 31 March 2023 2,635,984
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5 Debtors 2023 2022
£ £
Accrued income 2,378 4,222
Other debtors 60,241 60,241
62,619 64,463
6 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 26,542 23,332
Deferred income 11,959 11,713
Accruals 3,440 3,440
Other creditors 9,634 12,027
51,575 50,512
7 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 1,223,164 1,182,481
8 Related party transactions
Transactions with the entity's director
2023 2022
£ £
Key management personnel 1,223,164 1,182,481
9 Revaluation reserve 2023 2022
£ £
At 1 April 2022 396,383 396,383
At 31 March 2023 396,383 396,383
10 Other information
LDK Properties Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
4 Norman Macleod Crescent
Glasgow
G61 3BF
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