43 LANCASTER GROVE (FREEHOLD) LIMITED

Company Registration Number:
05709296 (England and Wales)

Unaudited abridged accounts for the year ended 28 February 2023

Period of accounts

Start date: 01 March 2022

End date: 28 February 2023

43 LANCASTER GROVE (FREEHOLD) LIMITED

Contents of the Financial Statements

for the Period Ended 28 February 2023

Balance sheet
Notes

43 LANCASTER GROVE (FREEHOLD) LIMITED

Balance sheet

As at 28 February 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 194,834 194,834
Total fixed assets: 194,834 194,834
Current assets
Debtors:   1,397 1,223
Cash at bank and in hand: 3,406 6,377
Total current assets: 4,803 7,600
Creditors: amounts falling due within one year:   (1,431) (1,650)
Net current assets (liabilities): 3,372 5,950
Total assets less current liabilities: 198,206 200,784
Total net assets (liabilities): 198,206 200,784
Capital and reserves
Called up share capital: 7 7
Share premium account: 167,652 167,652
Profit and loss account: 30,547 33,125
Shareholders funds: 198,206 200,784

The notes form part of these financial statements

43 LANCASTER GROVE (FREEHOLD) LIMITED

Balance sheet statements

For the year ending 28 February 2023 the company was entitled to exemption 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 23 November 2023
and signed on behalf of the board by:

Name: K Robbie
Status: Director

The notes form part of these financial statements

43 LANCASTER GROVE (FREEHOLD) LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover represents service charges and ground rent demanded from lessees during the year.

Tangible fixed assets and depreciation policy

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.The value of the freehold is not depreciatedThe gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Other accounting policies

Financial instrumentsThe company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.Basic financial assetsBasic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.Classification of financial liabilitiesFinancial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.Basic financial liabilitiesBasic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.Equity instrumentsEquity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

43 LANCASTER GROVE (FREEHOLD) LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

2. Employees

2023 2022
Average number of employees during the period 0 0

43 LANCASTER GROVE (FREEHOLD) LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

3. Tangible Assets

Total
Cost £
At 01 March 2022 194,834
At 28 February 2023 194,834
Net book value
At 28 February 2023 194,834
At 28 February 2022 194,834

43 LANCASTER GROVE (FREEHOLD) LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

4. Related party transactions

The company is controlled by a voting majority of the members and accordingly there is no controlling related party. The income of the company is derived from its members in proportion to the rateable value of their respective properties. There were no other related party transactions except as disclosed elsewhere within the financial statements.