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
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
Lance Property Limited
Statement of financial position
as at 31 May 2023
Tangible assets
6,287
4,895
Investment property
3,772,500
3,598,346
Cash at bank and in hand
18,563
71,510
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
Net assets
418,373
371,160
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
Lance Property Limited
Notes to the Accounts
for the year ended 31 May 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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 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.
Lance Property Limited
Notes to the Accounts
for the year ended 31 May 2023
4
Tangible fixed assets
Fixtures & fittings
Fair value at 1 June 2022
3,598,346
Net gain from fair value adjustments
174,154
Amounts falling due within one year
Accrued income and prepayments
4,834
3,657
Other debtors
206,250
206,970
7
Creditors: amounts falling due within one year
2023
2022
Trade creditors
4,437
7,261
Taxes and social security
28,487
8,448
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
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
-
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).