Landline Properties LTD Filleted Accounts Cover
Landline Properties LTD
Company No. 03888840
Information for Filing with The Registrar
31 March 2023
Landline Properties LTD Directors Report Registrar
The Director presents his report and the accounts for the year ended 31 March 2023.
Principal activities
The principal activity of the company during the year under review was management of residential property.
Director
The Director who served at any time during the year was as follows:
Zain Khan
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
Zain Khan
Director
28 March 2024
Landline Properties LTD Balance Sheet Registrar
at
31 March 2023
Company No.
03888840
Notes
2023
2022
£
£
Fixed assets
Investment property
4
825,000750,000
825,000750,000
Current assets
Debtors
5
470,899214,774
Cash at bank and in hand
36,464269,947
507,363484,721
Creditors: Amount falling due within one year
6
(165,950)
(133,116)
Net current assets
341,413351,605
Total assets less current liabilities
1,166,4131,101,605
Creditors: Amounts falling due after more than one year
7
(522,748)
(539,331)
Provisions for liabilities
Deferred taxation
(105,000)
(65,500)
Net assets
538,665496,774
Capital and reserves
Called up share capital
4,3121,000
Revaluation reserve
10
400,074420,574
Profit and loss account
10
134,27975,200
Total equity
538,665496,774
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 March 2023 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 28 March 2024 and signed on its behalf by:
Zain Khan
Director
28 March 2024
Landline Properties LTD Notes to the Accounts Registrar
for the year ended 31 March 2023
1
General information
Landline Properties LTD is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 03888840
Its registered office is:
36 Mayo Road
Sherwood Rise
Nottingham
NG5 1BL
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Going concern
The financial statements have been prepared on the going concern basis. The director is not aware of any reason why the company should not be able to continue to trade for the foreseeable future.
2
Accounting policies
Turnover
Turnover is the fair value of rent receivable for the period.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Freehold investment property
Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
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.
Defined contribution pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Financial instruments
Financial assets
Basic financial assets, including trade and other receivables and cash and bank balances, are recognised and carried forward at transaction price. Financial assets are derecognised when:
(a) The contractual rights to the cash flows from the asset expire or are settled;
(b) Substantially all the risks and rewards of the ownership of the asset are transferred to another party; or
(c) Control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other payables, and loans from third parties are initially recognised and carried forward at transaction price.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
The company has only financial assets and financial liabilities of a kind that qualify as a basic financial instruments. Basic financial instruments are recognised initially at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest rate method.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.
3
Employees
2023
2022
Number
Number
The average monthly number of employees (including directors) during the year was:
22
4
Investment property
Freehold Investment Property
£
Valuation
At 1 April 2022
750,000
Revaluation
75,000
At 31 March 2023
825,000
The company's property was revalued on an existing use basis by the director on 31 March 2023
5
Debtors
2023
2022
£
£
Trade debtors
5,0005,000
Corporation tax recoverable
3,6763,676
Other debtors
448,923191,729
Prepayments and accrued income
13,30014,369
470,899214,774
6
Creditors:
amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
26,20316,962
Taxes and social security
94,023
57,536
Loans from directors
22,00834,939
Other creditors
20,70420,704
Accruals and deferred income
3,0122,975
165,950133,116
The bank loan is secured by a fixed charge over the freehold property of the company, together with a fixed charge over the other assets of the company.
7
Creditors:
amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
522,748539,331
522,748539,331
Liabilities repayable in more than five years after the balance sheet date
Amount repayable by instalments
411,844
472,011
411,844472,011
8
Creditors: secured liabilities
2023
2022
£
£
The aggregate amount of secured liabilities included within creditors
499,869507,210
9
Share Capital
Share Capital consists of 4,312 Ordinary Shares of £1 each, which are all fully paid.
10
Reserves
Investment property fair value reserve
Total other reserves
£
£
At 1 April 2021
420,574
420,574
At 31 March 2022 and 1 April 2022
420,574
420,574
Movement on Investment property fair value reserve
(20,500)
(20,500)
At 31 March 2023
400,074400,074
Investment property fair value reserve- reflects the revaluation of property other than investment properties.
Profit and loss account - includes all current and prior period retained profits and losses.
11
Related party transactions
The director, Zain Khan is also a director of Right Property Solutions Limited and of Simple Brix Limited.
During the year Right Property Solutions Limited made a management charge of £17,250 (2022 £24,000) for services provided.
At 31 March 2023 the company was owed £17,743 (2022 £24,617) by Right Property Solutions Limited.
The balance is unsecured, free of interest and is repayable upon demand.
At 31 March 2023 the company was owed £426,180 (2022 £167,112) by Simple Brix Limited.
The balance is unsecured, free of interest and is repayable upon demand.
12
Dividends
2023
2022
£
£
Dividends for the period:
Dividends paid in the period
25,000
-
25,000
-
Dividends by type:
Equity dividends
25,000-
25,000
-
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