Company registration number 00631830 (England and Wales)
L.J.LAST LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
L.J.LAST LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
L.J.LAST LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,159
1,560
Investment properties
4
1,343,271
1,343,271
1,346,430
1,344,831
Current assets
Debtors
5
3,771
5,413
Investments
6
182,096
384,032
Cash at bank and in hand
335,273
146,507
521,140
535,952
Creditors: amounts falling due within one year
7
(13,065)
(15,034)
Net current assets
508,075
520,918
Total assets less current liabilities
1,854,505
1,865,749
Provisions for liabilities
(67,314)
(53,474)
Net assets
1,787,191
1,812,275
Capital and reserves
Called up share capital
250
250
Retained earnings
1,786,941
1,812,025
Total equity
1,787,191
1,812,275
L.J.LAST LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 2 -
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 November 2023 and are signed on its behalf by:
Mr C P Last
Director
Company Registration No. 00631830
L.J.LAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information
L.J.Last Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Rosebarn Lane, Exeter, Devon, England, EX4 6EL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, as modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value.
1.2
Turnover
Turnover represents rents received.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant & machinery
15% reducing balance
Fixtures & fittings
15% reducing balance
Office equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
L.J.LAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible
preference and non-puttable ordinary shares which are measured at fair value, with changes
recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter
at fair value with changes recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
L.J.LAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2022
16,517
Additions
2,843
Disposals
(8,542)
At 30 April 2023
10,818
Depreciation and impairment
At 1 May 2022
14,957
Depreciation charged in the year
931
Eliminated in respect of disposals
(8,229)
At 30 April 2023
7,659
Carrying amount
At 30 April 2023
3,159
At 30 April 2022
1,560
4
Investment property
2023
£
Fair value
At 1 May 2022 and 30 April 2023
1,343,271
The investment property was revalued on an open market basis by the directors on 30 April 2023. If the property had not been revalued, it would have been included at its historical cost of £315,345.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
3,771
5,413
L.J.LAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
6
Current asset investments
2023
2022
£
£
Other investments
182,096
384,032
7
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
9,606
10,309
Other creditors
3,459
4,725
13,065
15,034
8
Related party transactions
Included in other creditors are amounts owed to the directors of £852 and a company under the control of the directors of £639 as at the year end. The loans are interest free and carry no fixed terms of repayment.