REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements |
for the Year Ended 31 May 2023 |
for |
Land Treasure Property Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements |
for the Year Ended 31 May 2023 |
for |
Land Treasure Property Limited |
Land Treasure Property Limited (Registered number: 03480502) |
Contents of the Financial Statements |
for the Year Ended 31 May 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Statement of Comprehensive Income | 3 |
Balance Sheet | 4 |
Statement of Changes in Equity | 6 |
Notes to the Financial Statements | 7 |
Land Treasure Property Limited |
Company Information |
for the Year Ended 31 May 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Reedham House |
31 King Street West |
Manchester |
M3 2PJ |
Land Treasure Property Limited (Registered number: 03480502) |
Report of the Directors |
for the Year Ended 31 May 2023 |
The directors present their report with the financial statements of the company for the year ended 31 May 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 June 2022 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Land Treasure Property Limited (Registered number: 03480502) |
Statement of Comprehensive |
Income |
for the Year Ended 31 May 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT/(LOSS) | ( |
) |
Administrative expenses |
OPERATING PROFIT/(LOSS) | ( |
) |
Interest receivable and similar income |
3,718 | (59,175 | ) |
Gain/loss on revaluation of investments | 51,724 | (51,724 | ) |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
OTHER COMPREHENSIVE INCOME |
Investment property revaluation |
Income tax relating to other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
Land Treasure Property Limited (Registered number: 03480502) |
Balance Sheet |
31 May 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium | 9 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
Land Treasure Property Limited (Registered number: 03480502) |
Balance Sheet - continued |
31 May 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Land Treasure Property Limited (Registered number: 03480502) |
Statement of Changes in Equity |
for the Year Ended 31 May 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 June 2021 |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 May 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 May 2023 |
Land Treasure Property Limited (Registered number: 03480502) |
Notes to the Financial Statements |
for the Year Ended 31 May 2023 |
1. | STATUTORY INFORMATION |
Land Treasure Property Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Bank and other interest is recognised in the period in which it is receivable. |
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. |
Financial instruments |
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price. |
Investments |
Investments are accounted for at cost less impairment in the financial statements of the company. Listed investments are measured at fair value, with changes in fair value recognised in profit or loss account. Dividends on investments are recognised in the period in which they are received. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Land Treasure Property Limited (Registered number: 03480502) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Leasing commitments |
Amounts payable under operating leases are charged to the profit and loss account in the period in which they are incurred. |
Going concern |
The company's financial statements for the year ended 31st May 2023 have been prepared on a going concern basis as, after making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Interim |
5. | FIXED ASSET INVESTMENTS |
Listed | Unlisted |
investments | investments | Totals |
£ | £ | £ |
COST |
At 1 June 2022 | 1,450,426 |
Disposals | ( |
) | ( |
) | (648,706 | ) |
At 31 May 2023 | 801,720 |
NET BOOK VALUE |
At 31 May 2023 | 801,720 |
At 31 May 2022 | 1,450,426 |
Land Treasure Property Limited (Registered number: 03480502) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2022 |
and 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
The director considers the market value of the properties to be not materially different from cost as at 31 May 2023. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 June 2022 | 2,742,549 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 May 2023 | 2,097,561 |
10. | ULTIMATE PARENT COMPANY |
The company's ultimate parent undertaking is Lui Investments Limited, a company incorporated and registered in England and Wales. Copies of the financial statements of these undertakings can be obtained from Prestige House, 142 Bury Old Road, Whitefield, Manchester, M45 6AT. |