Company Registration No. 12188290 (England and Wales)
LIMES PLACE DEVELOPMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
LIMES PLACE DEVELOPMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
LIMES PLACE DEVELOPMENT LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,220
1,627
Current assets
Debtors
4
1,206
65,229
Cash at bank and in hand
4,858
11,316
6,064
76,545
Creditors: amounts falling due within one year
5
(40,303)
(106,502)
Net current liabilities
(34,239)
(29,957)
Net liabilities
(33,019)
(28,330)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(33,119)
(28,430)
Total equity
(33,019)
(28,330)
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.
The financial statements were approved by the board of directors and authorised for issue on 7 March 2024 and are signed on its behalf by:
D Goldsmith
Director
Company Registration No. 12188290
LIMES PLACE DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Limes Place Development Limited is a private company limited by shares incorporated in England and Wales. The registration number is 12188290 and the registered office is First Floor 1, Whittlebury Mews West, Primrose Hill, London, NW1 8HS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for sales of properties, and is shown net of VAT and other sales related taxes. Revenue is recognised on completion of the sale.
1.4
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:
Computers
25% Straight line
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.
1.5
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.
LIMES PLACE DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures.
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.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
3,253
Depreciation and impairment
At 1 April 2022
1,626
Depreciation charged in the year
407
At 31 March 2023
2,033
Carrying amount
At 31 March 2023
1,220
At 31 March 2022
1,627
LIMES PLACE DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,206
50,129
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
15,100
Total debtors
1,206
65,229
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
37,354
Corporation tax
94,552
Other creditors
2,949
11,950
40,303
106,502
6
Financial commitments, guarantees and contingent liabilities
Close Brothers Limited have a fixed and floating charge over all property undertakings of the company.
7
Related party transactions
At the year end, the company owed £38,354 to (2022: owed £66,100 by) Goldrose Sharpe Limited, the parent company, in respect of an interest free loan repayable on demand.