REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
FOR |
LFS PROPERTY DEVELOPMENTS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
FOR |
LFS PROPERTY DEVELOPMENTS LIMITED |
LFS PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 12455703) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 28th February 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
LFS PROPERTY DEVELOPMENTS LIMITED |
COMPANY INFORMATION |
for the Year Ended 28th February 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
100 Barbirolli Square |
Manchester |
M2 3BD |
LFS PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 12455703) |
BALANCE SHEET |
28th February 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
LFS PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 12455703) |
BALANCE SHEET - continued |
28th February 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
LFS PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 12455703) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 28th February 2023 |
1. | STATUTORY INFORMATION |
LFS Property Developments Limited is a private company limited by share capital, incorporated in England and Wales, registration number 12455703. The address of the registered office and principle place of business is 216 Outwood Road, Heald Green, Cheadle, SK8 3JL. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
At the reporting date, the company's liabilities exceed its assets. The company has received assurances from a company under common control that they will continue to give financial support to the company for twelve months from the date of approval of these financial statements. |
On this basis, the director considers it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis is used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover principally consists of income from the rental of property. Turnover is recognised on a straight line basis. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
LFS PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 12455703) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 28th February 2023 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st March 2022 |
Additions |
At 28th February 2023 |
NET BOOK VALUE |
At 28th February 2023 |
At 28th February 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
VAT |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors | 174,630 | 174,980 |
Directors' current accounts | 186 | 285 |
Accrued expenses |
LFS PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 12455703) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 28th February 2023 |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1.00 | 50 | 1 |
Ordinary A | £1.00 | 50 | - |
100 | 1 |
The following shares were allotted and fully paid for cash at par during the year: |
49 Ordinary shares of £1.00 each |
50 Ordinary A shares of £1.00 each |
8. | RELATED PARTY DISCLOSURES |
At the reporting date, the company owed £174,630 (2022: £174,979) to Property Wealth Creation Ltd being a company under common control. This balance is unsecured, interest-free and repayable on demand. |
During the year, the company accrued management income totalling £10,000 (2022: £Nil ) from its related party, Cherry Picked Properties Ltd which is a company under common control. |