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REGISTERED NUMBER: 09654599 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

FOR

LANEGATE LIMITED

LANEGATE LIMITED (REGISTERED NUMBER: 09654599)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LANEGATE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTOR: Mr C R Lacey





REGISTERED OFFICE: Ingram House
6 Meridian Way
Norwich
NR7 0TA





REGISTERED NUMBER: 09654599 (England and Wales)





ACCOUNTANTS: LEES
Chartered Certified Accountants
Ingram House
Meridian Way
Norwich
Norfolk
NR7 0TA

LANEGATE LIMITED (REGISTERED NUMBER: 09654599)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 2,560,000 2,560,000

CURRENT ASSETS
Debtors 5 47,696 63,507
Cash at bank 341,086 319,241
388,782 382,748
CREDITORS
Amounts falling due within one year 6 1,878,426 1,961,981
NET CURRENT LIABILITIES (1,489,644 ) (1,579,233 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,070,356 980,767

PROVISIONS FOR LIABILITIES 68,305 68,305
NET ASSETS 1,002,051 912,462

CAPITAL AND RESERVES
Called up share capital 7 100 100
Non-distributable reserve 244,168 244,168
Retained earnings 757,783 668,194
SHAREHOLDERS' FUNDS 1,002,051 912,462

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

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

The director acknowledges his 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.

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 director and authorised for issue on 4 March 2024 and were signed by:





Mr C R Lacey - Director


LANEGATE LIMITED (REGISTERED NUMBER: 09654599)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

Lanegate 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.

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.

The financial statements are presented in Sterling, which is the functional currency of the company and rounded to the nearest £.

As at 30 June 2023 the company has net current liabilities of £1,489,644. Included in other creditors due within one year is an amount of £1,796,600 due to C R Lacey, the director of the company. The director will not seek repayment of this loan to the detriment of other creditors and will continue to provide the company with financial support as and when required. The director therefore considers it appropriate to prepare the accounts on a going concern basis.

Turnover
Turnover represents amounts receivable for rental, associated income and other services supplied during the period, net of value added tax. Rents received in advance are initially deferred with revenue recognised in the Statement of Comprehensive Income over the terms as detailed in the respective tenancy agreements.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and loss.

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.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022
and 30 June 2023 2,560,000
NET BOOK VALUE
At 30 June 2023 2,560,000
At 30 June 2022 2,560,000

LANEGATE LIMITED (REGISTERED NUMBER: 09654599)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

4. INVESTMENT PROPERTY - continued

The director values the company's investment property portfolio annually at the balance sheet date. The director takes an external property agent's view on the market, together with his own knowledge and experience to assess the open market value of each property.

The historical cost of the company's investment properties was £2,247,527 (2022 - £2,247,527).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 22,785 42,036
VAT 666 -
Prepayments & accrued income 24,245 21,471
47,696 63,507

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors - 3,466
Corporation tax 22,937 35,937
VAT - 568
Directors' loan accounts 1,796,600 1,856,452
Accruals and deferred income 58,889 65,558
1,878,426 1,961,981

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100