Company registration number 06255841 (England and Wales)
LINDENHURST LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
LINDENHURST LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
LINDENHURST LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
1,500
1,500
Investments
4
1
1
1,501
1,501
Current assets
Debtors
5
1,354
4,364
Cash at bank and in hand
8,923
11,307
10,277
15,671
Creditors: amounts falling due within one year
6
(9,000)
(9,033)
Net current assets
1,277
6,638
Total assets less current liabilities
2,778
8,139
Creditors: amounts falling due after more than one year
7
(201,010)
(194,010)
Net liabilities
(198,232)
(185,871)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(198,332)
(185,971)
Total equity
(198,232)
(185,871)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 January 2024 and are signed on its behalf by:
Mr M J Gibson
Director
Company Registration No. 06255841
LINDENHURST LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2021
100
(174,635)
(174,535)
Year ended 31 March 2022:
Loss and total comprehensive income for the year
-
(11,336)
(11,336)
Balance at 31 March 2022
100
(185,971)
(185,871)
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
(12,361)
(12,361)
Balance at 31 March 2023
100
(198,332)
(198,232)
LINDENHURST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Lindenhurst Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15 Theed Street, London, SE1 8ST.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the investment properties at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The financial statements are prepared under the going concern concept and the directors do not consider there to be any material uncertainty regarding going concern. true
The company made a loss of £12,361 (2022: loss of £11,336) during the period ended 31 March 2023 and as at that date the company was in a net liability position of £198,232 (2022: £185,871) however, the directors have confirmed the intention, ability and willingness of the parent undertaking to maintain its financial support to enable the company to meet its liabilities as they fall due.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
LINDENHURST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The 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 assets
Basic financial assets, which include debtors 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 liabilities
Financial 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 liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
LINDENHURST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
1,500
The investment property relates to the freehold which has granted a 999 year lease from 1 October 2011. The carrying value is the fair value as assessed by the directors as at 31 March 2023.
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
Fixed asset investments not carried at market value
Fixed asset investments represent shares in subsidiary undertakings and are recognised at historical cost.
LINDENHURST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1
Other debtors
204
3,313
204
3,314
Amounts falling due after more than one year:
Amounts due from group undertakings
1,150
1,050
Total debtors
1,354
4,364
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
33
Other creditors
9,000
9,000
9,000
9,033
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
201,010
194,010
8
Security
Securities in favour of HSBC Bank include:
1. Composite Company Unlimited Multilateral Guarantee dated 26 July 2012 given by The Passion Property Group Limited, Lindenhurst Limited, Hill View Lettings Limited, Space Investments Limited, Chantry Court Hatfield Limited and Victoria Road Havering Limited.
2. Shares, Security Receipt Only.
3. Debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future dated 26 July 2012.
4. First Legal Charge dated 26 July 2012 over freehold property known as Craybrooke House, 15 Sidcup Hall, Sidcup, DA14 6HR.
LINDENHURST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Luke Metson
Statutory Auditor:
Gravita Audit II Limited
11
Parent company
The immediate parent company is The Passion Property Group Limited, a company registered in England and Wales, and the ultimate parent company is BATS Holdings Limited, a company registered in England and Wales. The registered offices are 1st Floor, 15 Theed Street, London SE1 8ST.
BATS Holdings Limited and its subsidiary companies form a small group and therefore are exempt from the requirements to prepare consolidated financial statements.