REGISTERED NUMBER: |
LARICHE INVESTMENTS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
REGISTERED NUMBER: |
LARICHE INVESTMENTS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
LARICHE INVESTMENTS LIMITED (REGISTERED NUMBER: 02302966) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
LARICHE INVESTMENTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants and |
Chartered Tax Advisers |
Broad House |
1 The Broadway |
Old Hatfield |
Hertfordshire |
AL9 5BG |
LARICHE INVESTMENTS LIMITED (REGISTERED NUMBER: 02302966) |
BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LARICHE INVESTMENTS LIMITED (REGISTERED NUMBER: 02302966) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Lariche Investments Limited is a |
2. | ACCOUNTING POLICIES |
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 applicable to small companies. 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. |
Going concern |
The directors have a reasonable expectation that the company will continue to operate for the foreseeable future and so these financial statements are again prepared on the going concern basis. |
Turnover |
The company lets its commercial and residential properties. Turnover represents rents received and receivable, excluding discounts and rebates, and is recognised as rents fall due; the company is not registered for Value Added Tax. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Tangible assets, other than investment properties (see below) are initially measured at cost and subsequently at cost less depreciation and impairment losses. |
The gain or loss arising on the disposal of an asset is the difference between its sale proceeds and the carrying value of the asset, and is immediately credited or charged to profit or loss. |
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, which include debtors, 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, in which case 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account. |
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. |
LARICHE INVESTMENTS LIMITED (REGISTERED NUMBER: 02302966) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
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 for 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. |
Investment property |
In accordance with the FRS102 (effective January 2015), the company's investment property is revalued annually at its open market value, with changes in fair value recognised immediately in profit or loss. |
Fair value gains do not represent distributable profits and so they are credited to a separate fair value reserve. Fair value losses are first used to reduce the fair value reserve and, once this is exhausted, they reduce retained earnings. |
Depreciation is not provided on investment property, which is a departure from the Companies Act 2006. In the opinion of the directors, the property is primarily an investment and so its current value is of more significance than any measure of consumption; consequently, they believe that a depreciation charge would distort the true and fair view presented by the accounts, which therefore do not include a depreciation charge for investment property. |
Impairment of fixed assets |
At the end of each reporting period, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered impairment. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.. |
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 concerned. |
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss. |
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 is increased to the lower of: |
a. the revised estimate of its recoverable amount; and |
b. the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. |
A reversal of an impairment loss is recognised immediately in profit or loss. |
Cash at bank and in hand |
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
LARICHE INVESTMENTS LIMITED (REGISTERED NUMBER: 02302966) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2022 |
and 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Cost or valuation at 31 March 2023 is represented by: |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
Valuation in 2023 | 900,000 | 3,390 | 903,390 |
If the freehold property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 751,892 | 751,892 |
Aggregate depreciation | 260,655 | 260,655 |
The freehold property was valued on an open market basis on 31 March 2023 by the directors . |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
LARICHE INVESTMENTS LIMITED (REGISTERED NUMBER: 02302966) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
8. | RELATED PARTY DISCLOSURES |
During the year, the company was charged consultancy fees of £47,000 (2022: £50,000) by a business in which a director has an interest. |