Lama Real Estate Limited 12428276 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of rental of owned property. Digita Accounts Production Advanced 6.30.9574.0 true true 12428276 2022-04-01 2023-03-31 12428276 2023-03-31 12428276 core:RetainedEarningsAccumulatedLosses 2023-03-31 12428276 core:ShareCapital 2023-03-31 12428276 core:CurrentFinancialInstruments 2023-03-31 12428276 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 12428276 core:Non-currentFinancialInstruments 2023-03-31 12428276 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 12428276 core:FurnitureFittings 2023-03-31 12428276 bus:SmallEntities 2022-04-01 2023-03-31 12428276 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 12428276 bus:FullAccounts 2022-04-01 2023-03-31 12428276 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 12428276 bus:RegisteredOffice 2022-04-01 2023-03-31 12428276 bus:Director1 2022-04-01 2023-03-31 12428276 bus:Director2 2022-04-01 2023-03-31 12428276 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 12428276 core:FurnitureFittings 2022-04-01 2023-03-31 12428276 countries:EnglandWales 2022-04-01 2023-03-31 12428276 2022-03-31 12428276 core:FurnitureFittings 2022-03-31 12428276 2021-04-01 2022-03-31 12428276 2022-03-31 12428276 core:RetainedEarningsAccumulatedLosses 2022-03-31 12428276 core:ShareCapital 2022-03-31 12428276 core:CurrentFinancialInstruments 2022-03-31 12428276 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 12428276 core:Non-currentFinancialInstruments 2022-03-31 12428276 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 12428276 core:FurnitureFittings 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 12428276

Lama Real Estate Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Lama Real Estate Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Lama Real Estate Limited

Company Information

Directors

Mrs MA Lama

Mr LW Lama

Registered office

Maytree Cottage Newcastle Lane
Ewell Minnis Alkham
Dover
Kent
CT15 7DY

Accountants

Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

Lama Real Estate Limited

(Registration number: 12428276)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

209

246

Investment property

5

379,909

148,450

 

380,118

148,696

Current assets

 

Debtors

6

16,623

6,193

Cash at bank and in hand

 

18,878

105,241

 

35,501

111,434

Creditors: Amounts falling due within one year

7

(307,794)

(160,595)

Net current liabilities

 

(272,293)

(49,161)

Total assets less current liabilities

 

107,825

99,535

Creditors: Amounts falling due after more than one year

7

(105,544)

(101,176)

Net assets/(liabilities)

 

2,281

(1,641)

Capital and reserves

 

Called up share capital

120

120

Retained earnings

2,161

(1,761)

Shareholders' funds/(deficit)

 

2,281

(1,641)

 

Lama Real Estate Limited

(Registration number: 12428276)
Balance Sheet as at 31 March 2023 (continued)

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 November 2023 and signed on its behalf by:
 

.........................................
Mr LW Lama
Director

   
     
 

Lama Real Estate Limited

Notes to the Unaudited 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:
Maytree Cottage Newcastle Lane
Ewell Minnis Alkham
Dover
Kent
CT15 7DY
 

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

2

Accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis and there are no material uncertainties that cast significant doubt on the Company's ability to continue as a going concern.

Judgements

No judgements have been made in the process of applying the accounting policies that have had a significant effect on the amounts recognised in the financial statements. No key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been made.

 

Lama Real Estate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Rendering of services

Turnover from the contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Finance income and costs policy

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

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

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

Tax

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

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixture and fittings

15% Reducing balance

 

Lama Real Estate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

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 the profit or loss.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

 

Lama Real Estate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 April 2022

340

340

At 31 March 2023

340

340

Depreciation

At 1 April 2022

94

94

Charge for the year

37

37

At 31 March 2023

131

131

Carrying amount

At 31 March 2023

209

209

At 31 March 2022

246

246

5

Investment properties

2023
£

At 1 April

148,450

Additions

231,459

At 31 March

379,909

There has been no valuation of investment property by an independent valuer.

 

Lama Real Estate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

6

Debtors

2023
£

2022
£

Trade debtors

576

-

Prepayments

47

45

Other debtors

16,000

6,148

16,623

6,193

 

Lama Real Estate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

274

6,239

Trade creditors

 

135

135

Taxation and social security

 

603

-

Accruals and deferred income

 

1,514

1,380

Other creditors

 

305,268

152,841

 

307,794

160,595

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

105,544

101,176

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

105,544

101,176

The above, is a 25 year mortgage and is interest only. The mortgage is secured on the property owned by the company, as noted on the charge filed with Companies House.
 

 

Lama Real Estate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

8

Loans and borrowings (continued)

2023
£

2022
£

Current loans and borrowings

Other loans

-

4,368

Directors current account

274

1,871

274

6,239