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Company Registration No. 13144732 (England and Wales)
Lance Property Limited Unaudited accounts for the year ended 31 May 2023
Lance Property Limited Unaudited accounts Contents
Page
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Lance Property Limited Company Information for the year ended 31 May 2023
Director
Mark Jonathan Lance
Company Number
13144732 (England and Wales)
Registered Office
Fair Trade House 3 Whittle Avenue Fareham Hampshire PO15 5SH
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Lance Property Limited Statement of financial position as at 31 May 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
6,287 
4,895 
Investment property
3,772,500 
3,598,346 
3,778,787 
3,603,241 
Current assets
Debtors
210,777 
213,246 
Cash at bank and in hand
18,563 
71,510 
229,340 
284,756 
Creditors: amounts falling due within one year
(40,513)
(16,596)
Net current assets
188,827 
268,160 
Total assets less current liabilities
3,967,614 
3,871,401 
Creditors: amounts falling due after more than one year
(3,414,528)
(3,500,241)
Provisions for liabilities
Deferred tax
(134,713)
- 
Net assets
418,373 
371,160 
Capital and reserves
Called up share capital
10 
10 
Revaluation reserve
404,138 
364,697 
Profit and loss account
14,225 
6,453 
Shareholders' funds
418,373 
371,160 
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 16 November 2023 and were signed on its behalf by
Mark Jonathan Lance Director Company Registration No. 13144732
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Lance Property Limited Notes to the Accounts for the year ended 31 May 2023
1
Statutory information
Lance Property Limited is a private company, limited by shares, registered in England and Wales, registration number 13144732. The registered office is Fair Trade House, 3 Whittle Avenue, Fareham, Hampshire , PO15 5SH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives: 50% Straight Line for Fixtures & fittings
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate of 25%, this is the corporation tax which was enacted at the time of preparation. Sale date is unknown.
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Lance Property Limited Notes to the Accounts for the year ended 31 May 2023
4
Tangible fixed assets
Fixtures & fittings 
£ 
Cost or valuation
At cost 
At 1 June 2022
8,189 
Additions
7,549 
At 31 May 2023
15,738 
Depreciation
At 1 June 2022
3,294 
Charge for the year
6,157 
At 31 May 2023
9,451 
Net book value
At 31 May 2023
6,287 
At 31 May 2022
4,895 
5
Investment property
2023 
£ 
Fair value at 1 June 2022
3,598,346 
Net gain from fair value adjustments
174,154 
At 31 May 2023
3,772,500 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
(307)
2,619 
Accrued income and prepayments
4,834 
3,657 
Other debtors
206,250 
206,970 
210,777 
213,246 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Trade creditors
4,437 
7,261 
Taxes and social security
28,487 
8,448 
Other creditors
6,900 
- 
Accruals
689 
887 
40,513 
16,596 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Amounts owed to group undertakings and other participating interests
3,414,528 
3,500,241 
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Lance Property Limited Notes to the Accounts for the year ended 31 May 2023
9
Deferred taxation
2023 
2022 
£ 
£ 
Revaluation of investment property
134,713 
- 
2023 
2022 
£ 
£ 
Charged to other comprehensive income
134,713 
- 
Provision at end of year
134,713 
- 
Deferred tax shown within the accounts has arisen from the revaluation of investment property to fair value at the year end.
10
Transactions with related parties
At the balance sheet date, Lance Property Limited owed Lance Holdings Limited £3,414,528 (2022 - £3,500,241). Lance Holdings Limited is the parent of Lance Property Limited.
11
Average number of employees
During the year the average number of employees was 1 (2022: 1).
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