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Registration number: 03670983

Lonevale Limited

Financial Statements

for the Year Ended 31 March 2023

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Lonevale Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 8

 

Lonevale Limited

Company Information

Directors

V Lutikov

K F Lutikov

A Maxwell-Scott

F N Read

Company secretary

V Lutikov

Registered office

4th Floor
Malta House
36-38 Piccadilly
London
W1J 0DP

Auditor

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Lonevale Limited

Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

6

6,913,452

6,913,452

Current assets

 

Debtors

7

1,564,615

1,106,347

Cash at bank and in hand

 

335,901

317,127

 

1,900,516

1,423,474

Creditors: Amounts falling due within one year

8

(756,693)

(673,317)

Net current assets

 

1,143,823

750,157

Total assets less current liabilities

 

8,057,275

7,663,609

Provisions for liabilities

5

(673,542)

(673,542)

Net assets

 

7,383,733

6,990,067

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

7,382,733

6,989,067

Total equity

 

7,383,733

6,990,067

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Company registration number: 03670983

Approved and authorised by the Board on 28 October 2023 and signed on its behalf by:
 

.........................................
V Lutikov
Company secretary and director

   
     
 

Lonevale Limited

Notes to the Financial Statements for the Year Ended 31 March 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:
4th Floor
Malta House
36-38 Piccadilly
London
W1J 0DP

The principal activity of the company is that of property investment.

2

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 3 November 2023 was Darren Bond, who signed for and on behalf of Brebners.

3

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

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.

Going concern

The company made a profit for the year and had net assets at the balance sheet date of £7,383,733 including cash at bank of £335,901.

The company funds its working capital requirements through loans from group undertakings. No matters have been drawn to the attention of the directors' to suggest that this funding will be withdrawn in the future.

The directors' have considered the potential effect of the current cost of living crisis and, although there is no certainty as to when this will end, the directors' view is that the impact will be manageable. After taking into consideration the low and manageable expenses of the company and the resources available to the group, the directors' believe that the company will be able to weather the crisis.

On the basis of the above and after making enquiries, the directors' have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly the directors will continue to adopt the going concern basis in preparing the financial statements.

 

Lonevale Limited

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

Significant judgements

Other than those involving estimations there are no judgements that management have made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.

 

Lonevale Limited

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rents charged to tenants of the investment property in the ordinary course of the company’s activities on a time apportioned basis. Turnover is shown net of 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 the company's activities.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

The company estimates the fair value of investment properties and to determine the value of any deferred tax provision arising from a fair value adjustment.

Income tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers and the directors ("the valuers"). The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Lonevale Limited

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

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4

Staff numbers

The average number of persons employed by the company during the year, was 0 (2022 - 0).

5

Taxation

Tax charged/(credited) in the income statement

2023
 £

2022
 £

Current taxation

UK corporation tax

40,714

-

Deferred taxation

Arising from origination and reversal of timing differences

-

153,317

Arising from changes in tax rates and laws

-

161,650

Total deferred taxation

-

314,967

Tax expense in the income statement

40,714

314,967

 

Lonevale Limited

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

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Revaluation of investment property

673,542

2022

Liability
£

Revaluation of investment property

673,542

6

Investment properties

2023
£

2022
£

At 1 April 2022

6,913,452

6,106,521

Fair value adjustments

-

806,931

At 31 March 2023

6,913,452

6,913,452

The historical cost of the property was £2,555,592.

In May 2018, the property was valued by Jones Lang LaSalle IP INC Chartered Surveyors, who provided a valuation of £6,800,000. The directors have confirmed that, due to current worldwide cost of living crisis and consideration of other market indicators, they have assessed the fair value of the investment properties as at 31st March 2023 to be £6,913,452.

7

Debtors

2023
£

2022
£

Trade debtors

16,766

3,927

Amounts owed by group undertakings

1,019,516

586,424

Other debtors

528,333

515,996

1,564,615

1,106,347

 

Lonevale Limited

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

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Amounts owed to group undertakings

61,137

59,152

Taxation and social security

37,681

14,887

Other creditors

657,875

599,278

756,693

673,317

There is a fixed and floating charge over the company's property and a debenture over the company's assets in favour of Coutts & Co. Furthermore, there is a charge over the company's property in relation to a bank loan from Coutts & Co., payable by Valan Investments Plc, an associated group undertaking.

9

Reserves

The profit and loss account includes all current and prior retained earnings and accumulated losses. Of the amount standing to the credit of the profit and loss account an amount of £3,684,318 (2022: £3,684,318) is not distributable in accordance with the Companies Act 2006.

10

Related party transactions

In accordance with FRS 102 paragraph 1AC.35, exemption is taken not to disclose transactions in the year between wholly owned group undertakings.