Company Registration No. 10584010 (England and Wales)
Laurels Estates Limited
Unaudited accounts
for the year ended 31 January 2024
Laurels Estates Limited
Unaudited accounts
Contents
Laurels Estates Limited
Company Information
for the year ended 31 January 2024
Director
Jagjit Singh Johal
Company Number
10584010 (England and Wales)
Registered Office
The Whinnies, Church Road
Hartley
Longfield
DA3 8DJ
England
Accountants
Workabee Accountants
Sharon Gillett BSc FCA
11 Chestnut Avenue
Buckhurst Hill
Essex
IG9 6EN
Laurels Estates Limited
Statement of financial position
as at 31 January 2024
Called up share capital not paid
1
1
Investment property
825,000
825,000
Cash at bank and in hand
11,530
8,673
Creditors: amounts falling due within one year
(46,540)
(45,974)
Net current assets
138,101
135,681
Total assets less current liabilities
963,102
960,682
Creditors: amounts falling due after more than one year
(597,635)
(597,140)
Provisions for liabilities
Deferred tax
(91,375)
(90,895)
Net assets
274,092
272,647
Called up share capital
1
1
Profit and loss account
274,091
272,646
Shareholders' funds
274,092
272,647
For the year ending 31 January 2024 the company was entitled to exemption from audit 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 5 March 2024 and were signed on its behalf by
Jagjit Singh Johal
Director
Company Registration No. 10584010
Laurels Estates Limited
Notes to the Accounts
for the year ended 31 January 2024
Laurels Estates Limited is a private company, limited by shares, registered in England and Wales, registration number 10584010. The registered office is The Whinnies, Church Road, Hartley, Longfield, DA3 8DJ, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover comprises of rental income and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Investment property is included at market fair value. Gains and losses are recognised in the income statement. Deferred taxation is provided on these gains and losses at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Basic financial instruments are recognised at amortised cost.
Fair value at 1 February 2023
825,000
At 31 January 2024
825,000
The valuation of the property is based on a valuation by the director.
Laurels Estates Limited
Notes to the Accounts
for the year ended 31 January 2024
Amounts falling due within one year
Accrued income and prepayments
611
482
Other debtors
172,500
172,500
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
22,276
22,276
Other creditors
13,091
14,330
Loans from directors
8,263
5,918
Deferred income
2,700
2,400
7
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
597,635
597,140
Aggregate of amounts that fall due for payment after five years
508,531
508,036
The bank loans (mortgage) are secured against the value of the investment property.
8
Deferred taxation
2024
2023
Revaluation of investment property
91,707
91,707
Tax losses carried forward
(332)
(812)
Provision at start of year
90,895
91,475
Charged/(credited) to the profit and loss account
480
(580)
Provision at end of year
91,375
90,895
9
Transactions with related parties
As at 31 January 2024, amounts owed to directors totalled £8,263 (2023: £5,918).
As at 31 January 2024, amounts due from related companies, which share the same director, totalled £170,000 (2023: £170,000).
No interest is charged on money owed or due, and the amounts are repayable on demand.
Laurels Estates Limited
Notes to the Accounts
for the year ended 31 January 2024
10
Average number of employees
During the year the average number of employees was 0 (2023: 0).