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COMPANY REGISTRATION NUMBER: 12029801
LS INVESTING LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 June 2023
LS INVESTING LTD
STATEMENT OF FINANCIAL POSITION
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
1,615,749
1,170,897
Current assets
Debtors
6
29,717
17,626
Cash at bank and in hand
1,541
16,357
--------
--------
31,258
33,983
Creditors: amounts falling due within one year
7
233,349
289,643
---------
---------
Net current liabilities
202,091
255,660
------------
------------
Total assets less current liabilities
1,413,658
915,237
Creditors: amounts falling due after more than one year
8
1,203,719
815,311
Provisions
28,308
28,339
------------
---------
Net assets
181,631
71,587
------------
---------
Capital and reserves
Called up share capital
9
2
2
Other reserves
10
263,551
120,551
Profit and loss account
10
( 81,922)
( 48,966)
---------
---------
Shareholders funds
181,631
71,587
---------
---------
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 30 June 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 .
LS INVESTING LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 16 April 2024 , and are signed on behalf of the board by:
Mr L Hersey
Mr S Norton
Director
Director
Company registration number: 12029801
LS INVESTING LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 5 Livingstone Avenue, Long Lawford, Rugby, CV23 9BU.
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.
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:
Long leasehold property
-
2% straight line
Equipment
-
25% straight line
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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
Long leasehold property
Equipment
Total
£
£
£
£
Cost
At 1 July 2022
1,045,000
125,573
649
1,171,222
Additions
445,014
445,014
------------
---------
----
------------
At 30 June 2023
1,490,014
125,573
649
1,616,236
------------
---------
----
------------
Depreciation
At 1 July 2022
325
325
Charge for the year
162
162
------------
---------
----
------------
At 30 June 2023
487
487
------------
---------
----
------------
Carrying amount
At 30 June 2023
1,490,014
125,573
162
1,615,749
------------
---------
----
------------
At 30 June 2022
1,045,000
125,573
324
1,170,897
------------
---------
----
------------
6. Debtors
2023
2022
£
£
Other debtors
29,717
17,626
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,107
63,538
Accruals and deferred income
6,418
3,747
Director loan accounts
202,137
196,063
Other creditors
20,687
26,295
---------
---------
233,349
289,643
---------
---------
The mortgage is secured upon the property held on the balance sheet.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,203,719
815,311
------------
---------
The mortgage is secured upon the property held on the balance sheet.
Included within creditors: amounts falling due after more than one year is an amount of £1,102,879 (2022: £799,369) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The loans secured after 5 years relate to mortgages on three investment properties. The mortgages taken out in the year are on ten year interest only terms and have interest rates of 3.64%, 3.64% and 4.34% respectively.
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
10. Reserves
Other Capital Reserves - This reserve includes the introduction of a property gifted by Mr P Hersey, father of Mr L Hersey , a Director. This gift was made at market value on the date of transfer.