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 |