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Lightstone Properties Limited
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for the year ended 30 September 2023
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Registered number: 04546581
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Lightstone Properties Limited - Registered number: 04546581
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Statement of financial position
as at 30 September 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 4 to 8 form part of these financial statements.
Page 1
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Lightstone Properties Limited
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Statement of changes in equity
for the year ended 30 September 2023
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Shares cancelled during the year
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Share buy back transferred to distributable reserves
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Total transactions with owners
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The notes on pages 4 to 8 form part of these financial statements.
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Statement of changes in equity
for the year ended 30 September 2022
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Share premium transferred to distributable reserves
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Total transactions with owners
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Page 2
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Lightstone Properties Limited
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Statement of changes in equity (continued)
for the year ended 30 September 2022
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The notes on pages 4 to 8 form part of these financial statements.
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Page 3
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Lightstone Properties Limited
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Notes to the financial statements
for the year ended 30 September 2023
Lightstone Properties Limited is a limited company limited by shares and was incorporated in England and Wales. Its company registration number is 04546581. The registered office and principal place of activity of the company is 3rd Floor 1 Ashley Road, Altrincham, Cheshire, WA12 2DT.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
The financial statements have been prepared on a going concern basis.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.
The following principal accounting policies have been applied:
Turnover is comprised of profit shares, rental income, management fees and other income.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 4
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Lightstone Properties Limited
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Notes to the financial statements
for the year ended 30 September 2023
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Office equipment, fixtures and fittings
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries, associated and joint ventures are measured at cost less accumulated impairment.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Short term debtors are measured at transaction price, less any impairment.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Page 5
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Lightstone Properties Limited
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Notes to the financial statements
for the year ended 30 September 2023
2.Accounting policies (continued)
Interest income is recognised in profit or loss using the effective interest method.
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Current and deferred taxation
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Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be
recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax
allowances have been met.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates
income.
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The average monthly number of employees, including directors, during the year was 1 (2022 -1).
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Page 6
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Lightstone Properties Limited
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Notes to the financial statements
for the year ended 30 September 2023
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Office equipment, fixtures & fittings
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Page 7
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Lightstone Properties Limited
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Notes to the financial statements
for the year ended 30 September 2023
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Prepayments and accrued income
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Deferred taxation is calculated at the rate of 19% (2022: 25%). The full balance of £216,148, in relation to losses and other deductions has been recognised at 30 September 2023, as the company anticipates this to be fully recoverable.
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Creditors: amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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The auditor's report on the financial statements for the year ended 30 September 2023 was unqualified and there were no matters to which the auditor drew attention by way of emphasis.
The Auditor's report was signed on 7 February 2024 by Simon Wax (Senior statutory auditor) on behalf of Buzzacott LLP.
Page 8
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