1 June 2021 v2024.6.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP120233562021-06-012022-05-31120233562022-05-31120233562021-05-3112023356core:WithinOneYear2022-05-3112023356core:WithinOneYear2021-05-3112023356core:AfterOneYear2021-05-3112023356core:ShareCapital2022-05-3112023356core:ShareCapital2021-05-3112023356core:RetainedEarningsAccumulatedLosses2022-05-3112023356core:RetainedEarningsAccumulatedLosses2021-05-3112023356bus:Director12021-06-012022-05-3112023356bus:RegisteredOffice2021-06-012022-05-3112023356core:FurnitureFittings2021-06-012022-05-31120233562020-06-012021-05-3112023356core:PlantMachinery2021-06-0112023356core:PlantMachinery2021-06-012022-05-3112023356core:PlantMachinery2022-05-3112023356core:PlantMachinery2021-05-3112023356core:CostValuation2021-06-0112023356core:AdditionsToInvestments2022-05-3112023356core:CostValuation2022-05-311202335612021-06-012022-05-3112023356countries:EnglandWales2021-06-012022-05-3112023356bus:AuditExemptWithAccountantsReport2021-06-012022-05-3112023356bus:PrivateLimitedCompanyLtd2021-06-012022-05-3112023356bus:SmallEntities2021-06-012022-05-3112023356bus:FullAccounts2021-06-012022-05-31
Company registration number:
12023356
Luna Property Partners Limited
Unaudited Filleted Financial Statements for the year ended
31 May 2022
Luna Property Partners Limited
Statement of Financial Position
31 May 2022
20222021
Note££
Fixed assets    
Tangible assets 5
21,893
 
25,579
 
Investments 6
196,225
 
181,604
 
218,118
 
207,183
 
Current assets    
Cash at bank and in hand
4,989
 
5,623
 
Creditors: amounts falling due within one year 7
(226,779
)
(234,207
)
Net current liabilities
(221,790
)
(228,584
)
Total assets less current liabilities (3,672 ) (21,401 )
Creditors: amounts falling due after more than one year 8 -  
(251
)
Net liabilities
(3,672
)
(21,652
)
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
(3,772
)
(21,752
)
Shareholders deficit
(3,672
)
(21,652
)
For the year ending
31 May 2022
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
13 March 2024
, and are signed on behalf of the board by:
N Hudson
Director
Company registration number:
12023356
Luna Property Partners Limited
Notes to the Financial Statements
Year ended
31 May 2022

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
20 Trent Boulevard Trent Boulevard
,
West Bridgford
,
Nottingham
,
NG2 5BA
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
25% reducing balance

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

Impairment

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.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4 Average number of employees

The average number of persons employed by the company during the year was
1
(2021:
1
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 June 2021
36,645
 
Additions
3,613
 
At
31 May 2022
40,258
 
Depreciation  
At
1 June 2021
11,066
 
Charge
7,299
 
At
31 May 2022
18,365
 
Carrying amount  
At
31 May 2022
21,893
 
At 31 May 2021
25,579
 

6 Investments

Other investments other than loans
£
Cost  
At
1 June 2021
181,604
 
Additions
14,621
 
At
31 May 2022
196,225
 
Impairment  
At
1 June 2021
and
31 May 2022
-  
Carrying amount  
At
31 May 2022
196,225
 
At 31 May 2021
181,604
 

7 Creditors: amounts falling due within one year

20222021
££
Bank loans and overdrafts
88,168
 
60,715
 
Other creditors
138,611
 
173,492
 
226,779
 
234,207
 

8 Creditors: amounts falling due after more than one year

20222021
££
Other creditors -  
251