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REGISTERED NUMBER: 12455703 (England and Wales)















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: Mr D J Sawyer





SECRETARY: Mr D J Sawyer





REGISTERED OFFICE: 216 Outwood Road
Heald Green
Cheadle
Greater Manchester
SK8 3JL





REGISTERED NUMBER: 12455703 (England and Wales)





ACCOUNTANTS: KJG
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 4 158,643 153,828

CURRENT ASSETS
Debtors 5 11,142 169
Cash at bank 9,172 22,984
20,314 23,153
CREDITORS
Amounts falling due within one year 6 (179,647 ) (178,165 )
NET CURRENT LIABILITIES (159,333 ) (155,012 )
TOTAL ASSETS LESS CURRENT LIABILITIES (690 ) (1,184 )

CAPITAL AND RESERVES
Called up share capital 7 100 1
Retained earnings (790 ) (1,185 )
SHAREHOLDERS' FUNDS (690 ) (1,184 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2023 in accordance with Section 476 of the Companies Act 2006.

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


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

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 23rd November 2023 and were signed by:





Mr D J Sawyer - Director


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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 1 (2022 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st March 2022 153,828
Additions 4,815
At 28th February 2023 158,643
NET BOOK VALUE
At 28th February 2023 158,643
At 28th February 2022 153,828

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
VAT 1,142 169
Prepayments and accrued income 10,000 -
11,142 169

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other creditors 174,630 174,980
Directors' current accounts 186 285
Accrued expenses 4,831 2,900
179,647 178,165

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: £    £   
50 Ordinary £1.00 50 1
50 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.