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Registration number: 05052686

Lasata Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Lasata Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Lasata Properties Limited

Company Information

Directors

MM Metcalfe

RJ Metcalfe

Company secretary

D Metcalfe

Registered office

Oak Cottage
3 Oak Bank
Lindfield
West Sussex
RH16 1RR

Accountants

Chisnall Comer Ismail & Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
BN1 5NP

 

Lasata Properties Limited

(Registration number: 05052686)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,267

2,667

Investment property

5

820,000

820,000

Investments

6

100

100

 

822,367

822,767

Current assets

 

Debtors

7

43,102

42,059

Creditors: Amounts falling due within one year

8

(146,687)

(123,063)

Net current liabilities

 

(103,585)

(81,004)

Total assets less current liabilities

 

718,782

741,763

Creditors: Amounts falling due after more than one year

8

(207,500)

(152,402)

Provisions for liabilities

(15,673)

(11,911)

Net assets

 

495,609

577,450

Capital and reserves

 

Called up share capital

11

2

2

Other reserves

180,488

184,250

Retained earnings

315,119

393,198

Shareholders' funds

 

495,609

577,450

For the financial year ending 30 June 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Lasata Properties Limited

(Registration number: 05052686)
Balance Sheet as at 30 June 2023

Approved and authorised by the Board on 11 June 2023 and signed on its behalf by:



 

.........................................

RJ Metcalfe

Director

 

Lasata Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
Oak Cottage
3 Oak Bank
Lindfield
West Sussex
RH16 1RR

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change 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.

 

Lasata Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Fixtures and fittings

15% reducing balance

Computer equipment

33.33% reducing balance

Investment property

Investment property is carried at fair value. Gains are recognised in profit or loss. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Lasata Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

Non-distributable reserve

The aggregate fair value adjustments relating to movements in the value of the company's investment properties are transferred at the end of each period, net of deferred tax, from the profit and loss reserve to the non-distributable reserve.

On disposal of investment property the aggregate fair value adjustment is transferred back to profit and loss reserves and the deferred tax provision is transferred to current tax liabilities.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

21,875

15,118

36,993

At 30 June 2023

21,875

15,118

36,993

Depreciation

At 1 July 2022

21,875

12,451

34,326

Charge for the year

-

400

400

At 30 June 2023

21,875

12,851

34,726

Carrying amount

At 30 June 2023

-

2,267

2,267

At 30 June 2022

-

2,667

2,667

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of short leasehold land and buildings.
 

 

Lasata Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Investment properties

2023
£

At 1 July

820,000

At 30 June

820,000

6

Investments

2023
£

2022
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 July 2022

100

Provision

Carrying amount

At 30 June 2023

100

At 30 June 2022

100

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Lasata Property Agents Limited

England

Ordinary

100%

100%

Subsidiary undertakings

Lasata Property Agents Limited

The principal activity of Lasata Property Agents Limited is property agents.

 

Lasata Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Debtors

Current

2023
£

2022
£

Prepayments

1,925

2,059

Other debtors

41,177

40,000

 

Lasata Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

4,446

46,585

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

111,633

46,173

Taxation and social security

 

12,637

15,224

Accruals and deferred income

 

3,529

2,414

Other creditors

 

14,442

12,667

 

146,687

123,063

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

207,500

152,402

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

207,500

152,402

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

38,445

Bank overdrafts

4,446

8,140

4,446

46,585

10

Related party transactions

Summary of transactions with subsidiaries

 

Lasata Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Lasata Property Agents Limited is a subsidiary of Lasata Property Limited.

During the year the company received £215,154 (2021 - £124,600) in dividends from their subsidiary.

 

Loans from related parties

2023

Subsidiary
£

Total
£

At start of period

(29,337)

(29,337)

At end of period

(29,337)

(29,337)

2022

Subsidiary
£

Total
£

At start of period

(29,337)

(29,337)

At end of period

(29,337)

(29,337)

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2