Registered number
NI065415
Letfern Properties Limited
Filleted Accounts
30 June 2023
Letfern Properties Limited
Registered number: NI065415
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 645,675 381,468
Current assets
Stocks 159,970 293,722
Debtors 4 93,782 27,599
Cash at bank and in hand 70,604 53,305
324,356 374,626
Creditors: amounts falling due within one year 5 (692,924) (482,698)
Net current liabilities (368,568) (108,072)
Total assets less current liabilities 277,107 273,396
Creditors: amounts falling due after more than one year 6 (88,559) (97,959)
Net assets 188,548 175,437
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 144,000 144,000
Profit and loss account 44,448 31,337
Shareholders' funds 188,548 175,437
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Laurence McCann
Director
Approved by the board on 29 March 2024
Letfern Properties Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Not depreciated
Motor vehicles 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 370,000 1,446 26,420 397,866
Additions 266,500 - - 266,500
At 30 June 2023 636,500 1,446 26,420 664,366
Depreciation
At 1 July 2022 - 854 15,544 16,398
Charge for the year - 118 2,175 2,293
At 30 June 2023 - 972 17,719 18,691
Net book value
At 30 June 2023 636,500 474 8,701 645,675
At 30 June 2022 370,000 592 10,876 381,468
4 Debtors 2023 2022
£ £
Trade debtors 6,199 1,576
Amounts owed by group undertakings and undertakings in which the company has a participating interest 24,886 -
Deferred tax asset 25,221 25,460
Other debtors 37,476 563
93,782 27,599
5 Creditors: amounts falling due within one year 2023 2022
£ £
Other creditors 692,924 482,698
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 88,559 97,959
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 60,359 60,359
Bank loan secured by way of first legal charge over residential property, and a personal guarantee signed by the directors.
8 Revaluation reserve 2023 2022
£ £
At 1 July 2022 144,000 10,000
Gain on revaluation of land and buildings - 134,000
At 30 June 2023 144,000 144,000
9 Off-balance sheet arrangements
The directors have signed a joint and several personal guarantee for the sum of £60,000 in relation to the mortgage, taken out by the company, on the investment property. There is no direct financial impact on the company.
10 Controlling party
Laurence and Colette McCann are considered the ultimate controlling parties.
11 Investment properties
Investment properties have been revalued to fair value as at the balance sheet date. The method used to revalue was the directors estimate based on local market values. Any gain or loss has been taken to the profit and loss.
12 Other information
Letfern Properties Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
7 Letfern Avenue
Tattyreagh
Omagh
Co Tyrone
BT78 1LA
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