Company registration number 559532 (England and Wales)
LONDON PROPERTY INVESTMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
LONDON PROPERTY INVESTMENTS LTD
COMPANY INFORMATION
Directors
C F Denby
M D Denby
O C Denby
(Appointed 8 April 2022)
Company number
559532
Registered office
39 The Grove
Ilkley
West Yorkshire
LS29 9NJ
Accountants
Firth Parish
1 Airport West
Lancaster Way
Yeadon
Leeds
West Yorkshire
LS19 7ZA
LONDON PROPERTY INVESTMENTS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
LONDON PROPERTY INVESTMENTS LTD
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
33,687
28,063
Investment property
5
11,251,420
11,732,985
Investments
6
214,026
214,026
11,499,133
11,975,074
Current assets
Stocks
4,078,252
4,011,847
Debtors
7
204,628
328,603
Cash at bank and in hand
4,138,588
2,651,894
8,421,468
6,992,344
Creditors: amounts falling due within one year
8
(1,271,739)
(1,385,794)
Net current assets
7,149,729
5,606,550
Total assets less current liabilities
18,648,862
17,581,624
Provisions for liabilities
(736,559)
(668,239)
Net assets
17,912,303
16,913,385
Capital and reserves
Called up share capital
9
614,575
614,575
Share premium account
463,270
463,270
Other reserves
10
4,669,132
4,678,907
Profit and loss reserves
11
12,165,326
11,156,633
Total equity
17,912,303
16,913,385
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
LONDON PROPERTY INVESTMENTS LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 November 2023 and are signed on its behalf by:
C F Denby
Director
Company registration number 559532 (England and Wales)
LONDON PROPERTY INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
London Property Investments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 39 The Grove, Ilkley, West Yorkshire, LS29 9NJ.
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover represents rents receivable, property sales and management fees.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% straight line basis
Motor vehicles
25% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
LONDON PROPERTY INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
LONDON PROPERTY INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
LONDON PROPERTY INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was: 10
2023
2022
Number
Number
Total
10
10
LONDON PROPERTY INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
93,154
Additions
15,144
Disposals
(11,475)
At 31 March 2023
96,823
Depreciation and impairment
At 1 April 2022
65,091
Depreciation charged in the year
8,283
Eliminated in respect of disposals
(10,238)
At 31 March 2023
63,136
Carrying amount
At 31 March 2023
33,687
At 31 March 2022
28,063
5
Investment property
2023
£
Fair value
At 1 April 2022
11,732,985
Disposals
(426,037)
Revaluations
(55,528)
At 31 March 2023
11,251,420
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2023 by the Directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
214,026
214,026
LONDON PROPERTY INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
145,820
288,508
Other debtors
58,808
40,095
204,628
328,603
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
387,133
358,473
Amounts owed to group undertakings
214,026
214,026
Corporation tax
239,292
235,090
Other taxation and social security
35,552
32,998
Other creditors
265,634
378,440
Accruals and deferred income
130,102
166,767
1,271,739
1,385,794
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
614,200 Ordinary shares of £1 each
614,200
614,200
7,500 Deferred shares of 5p each
375
375
614,575
614,575
10
Other reserves
Fair value reserve
£
At 1 April 2021
4,459,977
Movement in year
661,826
Movement in deferred tax provision
(442,896)
At 31 March 2022
4,678,907
Movement in year
58,317
Movement in deferred tax provision
(68,092)
At 31 March 2023
4,669,132
LONDON PROPERTY INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
10
Other reserves
(Continued)
- 9 -
Unrealised fair value gains on investment properties are not available for distribution, therefore these are shown separately in the fair value reserve which is a non-distributable reserve. Prior to transition to FRS 102 these were shown in the revaluation reserve.
11
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
11,156,633
10,160,930
Profit for the year
1,109,168
1,214,633
Dividends declared and paid in the year
(110,250)
-
Transfer to reserves
9,775
(218,930)
At the end of the year
12,165,326
11,156,633
12
Financial commitments, guarantees and contingent liabilities
There are legal charges in the sum of £40,000 in favour of Craven District Council.
2023-03-312022-04-01false08 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityC F DenbyM D DenbyO C Denbyfalse5595322022-04-012023-03-31559532bus:Director12022-04-012023-03-31559532bus:Director22022-04-012023-03-31559532bus:Director32022-04-012023-03-31559532bus:RegisteredOffice2022-04-012023-03-315595322023-03-315595322022-03-31559532core:OtherPropertyPlantEquipment2023-03-31559532core:OtherPropertyPlantEquipment2022-03-31559532core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-31559532core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-31559532core:CurrentFinancialInstruments2023-03-31559532core:CurrentFinancialInstruments2022-03-31559532core:ShareCapital2023-03-31559532core:ShareCapital2022-03-31559532core:SharePremium2023-03-31559532core:SharePremium2022-03-31559532core:OtherMiscellaneousReserve2023-03-31559532core:OtherMiscellaneousReserve2022-03-31559532core:RetainedEarningsAccumulatedLosses2023-03-31559532core:RetainedEarningsAccumulatedLosses2022-03-31559532core:ShareCapitalOrdinaryShares2023-03-31559532core:ShareCapitalOrdinaryShares2022-03-31559532core:RetainedEarningsAccumulatedLosses2022-03-31559532core:RetainedEarningsAccumulatedLosses2021-03-31559532core:PlantMachinery2022-04-012023-03-31559532core:MotorVehicles2022-04-012023-03-315595322021-04-012022-03-31559532core:OtherPropertyPlantEquipment2022-03-31559532core:OtherPropertyPlantEquipment2022-04-012023-03-315595322022-03-31559532core:WithinOneYear2023-03-31559532core:WithinOneYear2022-03-31559532bus:OrdinaryShareClass12022-04-012023-03-31559532bus:OrdinaryShareClass22022-04-012023-03-31559532bus:OrdinaryShareClass12023-03-31559532bus:OrdinaryShareClass22023-03-31559532core:RetainedEarningsAccumulatedLosses2022-04-012023-03-31559532core:OtherReservesSubtotal2021-04-012022-03-31559532bus:PrivateLimitedCompanyLtd2022-04-012023-03-31559532bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-31559532bus:FRS1022022-04-012023-03-31559532bus:AuditExemptWithAccountantsReport2022-04-012023-03-31559532bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP