REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
6 APRIL 2022 TO 30 APRIL 2023 |
FOR |
LEXANY PROPERTIES LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
6 APRIL 2022 TO 30 APRIL 2023 |
FOR |
LEXANY PROPERTIES LTD |
LEXANY PROPERTIES LTD (REGISTERED NUMBER: 14030685) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Period 6 April 2022 to 30 April 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
LEXANY PROPERTIES LTD |
COMPANY INFORMATION |
for the Period 6 April 2022 to 30 April 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Beckside Court |
Annie Reed Road |
Beverley |
East Yorkshire |
HU17 0LF |
LEXANY PROPERTIES LTD (REGISTERED NUMBER: 14030685) |
BALANCE SHEET |
30 April 2023 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 6 | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 |
Retained earnings | ( |
) |
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. |
LEXANY PROPERTIES LTD (REGISTERED NUMBER: 14030685) |
BALANCE SHEET - continued |
30 April 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
LEXANY PROPERTIES LTD (REGISTERED NUMBER: 14030685) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Period 6 April 2022 to 30 April 2023 |
1. | STATUTORY INFORMATION |
Lexany Properties Limited is a private company limited by shares and incorporated and domiciled in England. It has its registered office and principal place of business at 2 West Green Riplingham Road, Westella, Hull, United Kingdom, HU10 7TW. |
The principal activity of the company is letting owned properties. |
The presentational currency of the financial statements is Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern. |
The directors, having taken into the factors discussed above as well as the uncertainties of the current economic environment, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. |
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. |
Taxation |
Taxation for the period 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. |
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 period 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
LEXANY PROPERTIES LTD (REGISTERED NUMBER: 14030685) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 6 April 2022 to 30 April 2023 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
Revaluations | 25,000 |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
Fair value at 30 April 2023 is represented by: |
£ |
Valuation in 2023 | 25,000 |
Cost | 965,907 |
990,907 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other creditors |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Bank loans |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
£ |
Bank loans |
The bank loan amounting to £447,000 is not repayable within 5 years from December 2022. The loan carries interest of 2.95% above base and is secured on the Investment Property portfolio. |
8. | RESERVES |
Revaluation |
reserve |
£ |
Investment properties | 20,250 |
At 30 April 2023 |
LEXANY PROPERTIES LTD (REGISTERED NUMBER: 14030685) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 6 April 2022 to 30 April 2023 |
9. | RELATED PARTY DISCLOSURES |
Included within other creditors is a loan from the directors. |
At the balance sheet date, the company owed the directors £533,216 (2022: nil). |
The current account is repayable on demand and carries no rights to interest ,however the directors have confirmed that they will not seek repayment of this loan until there are sufficient available funds. |
On this basis the directors have prepared the accounts on a going concern basis. |
The company purchased during the year properties previously owned by the directors personally . The properties were purchased at full market value based on a professional third party valuation amounting to £745,000. |
10. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |