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COMPANY REGISTRATION NUMBER: 00444758
L.R.L. Properties Limited
Filleted Unaudited Financial Statements
31 March 2023
L.R.L. Properties Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
L.R.L. Properties Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
2,166,386
2,167,200
Investments
6
5,911
5,911
------------
------------
2,172,297
2,173,111
Current assets
Debtors
7
5,729
4,931
Cash at bank and in hand
41,119
76,344
--------
--------
46,848
81,275
Creditors: amounts falling due within one year
8
62,863
47,245
--------
--------
Net current (liabilities)/assets
( 16,015)
34,030
------------
------------
Total assets less current liabilities
2,156,282
2,207,141
Creditors: amounts falling due after more than one year
9
581,271
581,271
Provisions
Taxation including deferred tax
56,962
56,962
------------
------------
Net assets
1,518,049
1,568,908
------------
------------
Capital and reserves
Called up share capital
8,000
8,000
Profit and loss account
1,510,049
1,560,908
------------
------------
Shareholders funds
1,518,049
1,568,908
------------
------------
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 income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
L.R.L. Properties Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 2 April 2024 , and are signed on behalf of the board by:
A Larner-Campbell
Director
Company registration number: 00444758
L.R.L. Properties Limited
Notes to the Financial Statements
Year ended 31 March 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 27 New Dover Road, Canterbury, Kent, CT1 3DN.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the accounts represents the rental income receivable in the financial year.
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
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Investment property policy
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. 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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
Equipment
-
25% straight line
Freehold properties are not depreciated.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Freehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 April 2022 and 31 March 2023
2,165,000
61,908
479
2,227,387
------------
--------
----
------------
Depreciation
At 1 April 2022
59,827
360
60,187
Charge for the year
694
120
814
------------
--------
----
------------
At 31 March 2023
60,521
480
61,001
------------
--------
----
------------
Carrying amount
At 31 March 2023
2,165,000
1,387
( 1)
2,166,386
------------
--------
----
------------
At 31 March 2022
2,165,000
2,081
119
2,167,200
------------
--------
----
------------
Freehold property represents properties held as investments, therefore, in accordance with the FRS 102 the buildings have not been depreciated and are held at market value. The historic cost of land and buildings is £518,041 (2022: £518,041).
6. Investments
Other investments other than loans
£
Cost
At 1 April 2022 and 31 March 2023
5,911
-------
Impairment
At 1 April 2022 and 31 March 2023
-------
Carrying amount
At 31 March 2023
5,911
-------
At 31 March 2022
5,911
-------
These investments relate to Treasury Stock held by the company.
7. Debtors
2023
2022
£
£
Other debtors
5,729
4,931
-------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
8,578
8,450
Other creditors
54,285
38,795
--------
--------
62,863
47,245
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
581,271
581,271
---------
---------
The bank loans are secured by fixed charges held over the freehold properties they relate to.
10. Related party transactions
At the year end the company owed £42,936 (2022: £28,446) to a director.