Registration number:
Lonevale Limited
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Brebners
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Lonevale Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Lonevale Limited
Company Information
Directors |
V Lutikov K F Lutikov A Maxwell-Scott F N Read |
Company secretary |
V Lutikov |
Registered office |
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Auditor |
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Lonevale Limited
Statement of Financial Position as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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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
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Lonevale Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of property investment.
Audit Report |
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
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.
Staff numbers |
The average number of persons employed by the company during the year, was
Taxation |
Tax charged/(credited) in the income statement
2023 |
2022 |
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Current taxation |
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UK corporation tax |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
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Arising from changes in tax rates and laws |
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Total deferred taxation |
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Tax expense in the income statement |
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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 |
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2022 |
Liability |
Revaluation of investment property |
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Investment properties |
2023 |
2022 |
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At 1 April 2022 |
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6,106,521 |
Fair value adjustments |
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806,931 |
At 31 March 2023 |
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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.
Debtors |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Lonevale Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Creditors |
Creditors: amounts falling due within one year
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2022 |
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Due within one year |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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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.
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.
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.