0 false false false false false false false false false false true false false false false false false No description of principal activity 2022-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 432,730 1,403,461 1,043,809 2,880,000 2,880,000 432,730 16,415 16,054 16,054 361 16,415 xbrli:pure xbrli:shares iso4217:GBP 12025577 2022-06-01 2023-05-31 12025577 2023-05-31 12025577 2022-05-31 12025577 2021-06-01 2022-05-31 12025577 2022-05-31 12025577 2021-05-31 12025577 bus:Director1 2022-06-01 2023-05-31 12025577 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 12025577 core:WithinOneYear 2023-05-31 12025577 core:WithinOneYear 2022-05-31 12025577 core:ShareCapital 2023-05-31 12025577 core:ShareCapital 2022-05-31 12025577 core:RevaluationReserve 2023-05-31 12025577 core:RetainedEarningsAccumulatedLosses 2023-05-31 12025577 core:RetainedEarningsAccumulatedLosses 2022-05-31 12025577 core:CostValuation core:Non-currentFinancialInstruments 2023-05-31 12025577 core:ImpairmentLossProvisionsForImpairmentInvestments core:Non-currentFinancialInstruments 2023-05-31 12025577 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2023-05-31 12025577 core:Non-currentFinancialInstruments 2023-05-31 12025577 core:Non-currentFinancialInstruments 2022-05-31 12025577 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-31 12025577 core:LandBuildings core:OwnedOrFreeholdAssets 2022-05-31 12025577 core:LandBuildings core:OwnedOrFreeholdAssets 2022-05-31 12025577 bus:SmallEntities 2022-06-01 2023-05-31 12025577 bus:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 12025577 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 12025577 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 12025577 bus:FullAccounts 2022-06-01 2023-05-31
COMPANY REGISTRATION NUMBER: 12025577
LFD ASSETS LIMITED
Filleted Unaudited Financial Statements
31 May 2023
LFD ASSETS LIMITED
Financial Statements
Year ended 31 May 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
LFD ASSETS LIMITED
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
2,880,000
432,730
Investments
5
361
16,415
------------
---------
2,880,361
449,145
Current assets
Debtors
6
7,035
145
Cash at bank and in hand
261,158
174,868
---------
---------
268,193
175,013
Creditors: amounts falling due within one year
7
1,710,789
627,011
------------
---------
Net current liabilities
1,442,596
451,998
------------
---------
Total assets less current liabilities
1,437,765
( 2,853)
Provisions
260,952
------------
-------
Net assets/(liabilities)
1,176,813
( 2,853)
------------
-------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
1,043,809
Profit and loss account
132,904
( 2,953)
------------
-------
Shareholders funds/(deficit)
1,176,813
( 2,853)
------------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
LFD ASSETS LIMITED
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 23 February 2024 , and are signed on behalf of the board by:
Mr M Holland
Director
Company registration number: 12025577
LFD ASSETS LIMITED
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Victoria House, Churchill Road, Leckhampton, Cheltenham, GL53 7EG, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment properties are initially recorded at cost. At the balance sheet date they have been revalued to market value. Investment properties are not depreciated.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Tangible assets
Freehold property
£
Cost or valuation
At 1 June 2022
432,730
Additions
1,403,461
Revaluations
1,043,809
------------
At 31 May 2023
2,880,000
------------
Depreciation
At 1 June 2022 and 31 May 2023
------------
Carrying amount
At 31 May 2023
2,880,000
------------
At 31 May 2022
432,730
------------
Included within the above is investment property as follows:
£
At 1 June 2022
432,730
Additions
1,535,461
Fair value adjustments
1,051,809
------------
At 31 May 2023
3,020,000
------------
5. Investments
Shares in group undertakings
£
Cost
At 1 June 2022 and 31 May 2023
16,415
--------
Impairment
At 1 June 2022
Impairment losses
16,054
--------
At 31 May 2023
16,054
--------
Carrying amount
At 31 May 2023
361
--------
At 31 May 2022
16,415
--------
6. Debtors
2023
2022
£
£
Trade debtors
6,850
Other debtors
185
145
-------
----
7,035
145
-------
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
29
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,082,492
626,136
Corporation tax
22,753
Other creditors
605,515
875
------------
---------
1,710,789
627,011
------------
---------