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REGISTERED NUMBER: 01253169 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 30 April 2023

for

Lloyd's Property Southwest Limited

Lloyd's Property Southwest Limited (Registered number: 01253169)






Contents of the Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Lloyd's Property Southwest Limited

Company Information
for the Year Ended 30 April 2023







DIRECTORS: K J Lloyd
P P Lloyd
H P Lloyd
Miss H E Lloyd
J J Lloyd
J T Lloyd





SECRETARY: K J Lloyd





REGISTERED OFFICE: Unit 4
Lodge Hill Industrial Estate
Westbury-sub-Mendip
Wells
Somerset
BA5 1EY





REGISTERED NUMBER: 01253169 (England and Wales)

Lloyd's Property Southwest Limited (Registered number: 01253169)

Balance Sheet
30 April 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,849 3,254
Investment property 5 5,936,250 5,936,250
5,939,099 5,939,504

CURRENT ASSETS
Debtors 6 608,905 633,833
Cash at bank 662,444 576,462
1,271,349 1,210,295
CREDITORS
Amounts falling due within one year 7 172,570 170,075
NET CURRENT ASSETS 1,098,779 1,040,220
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,037,878

6,979,724

CREDITORS
Amounts falling due after more than one
year

8

(464,232

)

(517,565

)

PROVISIONS FOR LIABILITIES (473,956 ) (473,862 )
NET ASSETS 6,099,690 5,988,297

CAPITAL AND RESERVES
Called up share capital 500 500
Retained earnings 6,099,190 5,987,797
SHAREHOLDERS' FUNDS 6,099,690 5,988,297

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Lloyd's Property Southwest Limited (Registered number: 01253169)

Balance Sheet - continued
30 April 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 February 2024 and were signed on its behalf by:




K J Lloyd - Director



P P Lloyd - Director


Lloyd's Property Southwest Limited (Registered number: 01253169)

Notes to the Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

Lloyd's Property Southwest Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

These financial statements are the entity's first under FRS 102 Section 1A. Details of the transition to FRS 102 are disclosed in note 12.

Turnover
Turnover represents rental income receivable and other net invoiced sales of goods and services attributable to those rentals, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on straight line basis
Fixtures and fittings - 10% on straight line basis
Motor vehicles - 25% on straight line basis

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Investment property
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Lloyd's Property Southwest Limited (Registered number: 01253169)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 May 2022 98,770 8,759 32,887 140,416
Additions - 916 - 916
At 30 April 2023 98,770 9,675 32,887 141,332
DEPRECIATION
At 1 May 2022 95,778 8,497 32,887 137,162
Charge for year 981 340 - 1,321
At 30 April 2023 96,759 8,837 32,887 138,483
NET BOOK VALUE
At 30 April 2023 2,011 838 - 2,849
At 30 April 2022 2,992 262 - 3,254

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2022
and 30 April 2023 5,936,250
NET BOOK VALUE
At 30 April 2023 5,936,250
At 30 April 2022 5,936,250

Fair value at 30 April 2023 is represented by:
£   
Valuation in 1999 652,803
Valuation in 2006 1,207,126
Valuation in 2010 (118,642 )
Valuation in 2013 593,000
Valuation in 2022 1,357,487
Cost 2,244,476
5,936,250

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 2,244,476 2,244,476

Investment property was valued on an open market basis on 1 August 2019 by RMW Knight Chartered Surveyors .

Lloyd's Property Southwest Limited (Registered number: 01253169)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 56,735 30,684
Other debtors 537,959 591,292
Prepayments 14,211 10,354
Prepayments - 1,503
608,905 633,833

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 43,200 43,200
Trade creditors 22,650 27,934
Tax 62,948 53,307
Social security and other taxes 22,104 21,549
Other creditors 8,000 8,000
Directors' current accounts - 5
Accrued expenses 13,668 16,080
172,570 170,075

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loan 172,800 172,800
Bank loan 291,432 344,765
464,232 517,565

Amounts falling due in more than five years:

Repayable by instalments
Bank loan 291,432 344,765

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 507,432 560,765

Legal charge, created 26 August 2016, over the property known as Lodge Hill Industrial Estate, Station Road, Westbury Sub Mendip.

10. RELATED PARTY DISCLOSURES

Other debtors include £3,410 (2022 - £3,410) due from Lloyds Car Sales an unincorporated partnership of which K J Lloyd and P P Lloyd are partners. This loan is unsecured, interest free and has no fixed repayment terms.

Also included in other debtors is a loan to Lloyd's Property Holdings Limited of £532,548 (2022 - £585,882), a company in which the directors' family have an interest.This loan is unsecured, interest is being charged at a commercial rate and is being repaid over a 25 year period.