Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31Property rental2022-01-01false22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13231019 2022-01-01 2022-12-31 13231019 1900-03-02 2021-12-31 13231019 2022-12-31 13231019 2021-12-31 13231019 c:Director1 2022-01-01 2022-12-31 13231019 d:FreeholdInvestmentProperty 2022-12-31 13231019 d:FreeholdInvestmentProperty 2021-12-31 13231019 d:CurrentFinancialInstruments 2022-12-31 13231019 d:CurrentFinancialInstruments 2021-12-31 13231019 d:Non-currentFinancialInstruments 2022-12-31 13231019 d:Non-currentFinancialInstruments 2021-12-31 13231019 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13231019 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 13231019 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 13231019 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 13231019 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 13231019 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-12-31 13231019 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 13231019 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-12-31 13231019 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-12-31 13231019 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2021-12-31 13231019 d:ShareCapital 2022-12-31 13231019 d:ShareCapital 2021-12-31 13231019 d:RetainedEarningsAccumulatedLosses 2022-12-31 13231019 d:RetainedEarningsAccumulatedLosses 2021-12-31 13231019 c:FRS102 2022-01-01 2022-12-31 13231019 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 13231019 c:FullAccounts 2022-01-01 2022-12-31 13231019 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 13231019 2 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 13231019










LUCKY RED PROPERTY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
LUCKY RED PROPERTY LIMITED
REGISTERED NUMBER: 13231019

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Investment property
 4 
5,009,170
5,009,170

  
5,009,170
5,009,170

Current assets
  

Debtors
 5 
32,815
34,650

Cash at bank and in hand
  
126,791
79,682

  
159,606
114,332

Creditors: amounts falling due within one year
 6 
(3,054,968)
(3,057,237)

Net current liabilities
  
 
 
(2,895,362)
 
 
(2,942,905)

Total assets less current liabilities
  
2,113,808
2,066,265

Creditors: amounts falling due after more than one year
 7 
(1,840,210)
(1,919,290)

  

Net assets
  
273,598
146,975


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
273,498
146,875

  
273,598
146,975


Page 1

 
LUCKY RED PROPERTY LIMITED
REGISTERED NUMBER: 13231019
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



Y S Lee
Director
Date: 13 November 2023

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
LUCKY RED PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Lucky Red Property Limited is a private company limited by shares and incorporated in England & Wales. The registered office address is Unit 1 Hurlingham Business Park, Sulivan Road, London, SW6 3DU. The Company's registered number is 13231019.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis based on the continued support of the company's creditors and financiers which, in the opinions of the directors, the company has for the foreseeable future.

 
2.3

Revenue

Revenue represents rents and service charges receivable recognised in the period in which the services are provided in accordance with the rental agreement. Rent receivable is invoiced monthly at the beginning of the month for which rental income relates.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 3

 
LUCKY RED PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Page 4

 
LUCKY RED PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).

Page 5

 
LUCKY RED PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Investment property


Freehold investment property

£



Valuation


At 1 January 2022
5,009,170



At 31 December 2022
5,009,170

The 2022 valuations were made by the directors, on an open market value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2022
2021
£
£


Historic cost
5,009,170
5,009,170


5.


Debtors

2022
2021
£
£

Due after more than one year

Prepayments and accrued income
31,080
32,815

31,080
32,815

Due within one year

Called up share capital not paid
-
100

Prepayments and accrued income
1,735
1,735

32,815
34,650


Page 6

 
LUCKY RED PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
77,310
71,795

Trade creditors
7,748
8,310

Other taxation and social security
40,713
48,413

Other creditors
2,920,922
2,924,000

Accruals and deferred income
8,275
4,719

3,054,968
3,057,237


Creditors due within one year and due after one year include a loan to the value of £1,917,520 which is secured by way of a fixed and floating charge over the freehold property.


7.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
1,840,210
1,919,290



8.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£

Amounts falling due within one year

Bank loans
77,310
71,795

Amounts falling due 1-2 years

Bank loans
80,006
77,310

Amounts falling due 2-5 years

Bank loans
256,193
248,105

Amounts falling due after more than 5 years

Bank loans
1,504,011
1,593,875

1,917,520
1,991,085


Page 7

 
LUCKY RED PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Related party transactions

Within other creditors due within one year is £55,000 (2021: £2,924,000) due to a limited liability partnership under common control. This is interest free and repayable on demand.

 
Page 8