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Registration number: 13751396

Prepared for the registrar

Lunar Properties Oxford Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Lunar Properties Oxford Limited

(Registration number: 13751396)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

521,253

478,530

Current assets

 

Debtors

5

300

1,650

Cash at bank and in hand

 

57,140

32,643

 

57,440

34,293

Creditors: Amounts falling due within one year

6

(495,007)

(486,430)

Net current liabilities

 

(437,567)

(452,137)

Total assets less current liabilities

 

83,686

26,393

Deferred tax liabilities

 

(4,529)

(227)

Net assets

 

79,157

26,166

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

79,057

26,066

Shareholders' funds

 

79,157

26,166

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 April 2024 and signed on its behalf by:
 


L Belcher
Director

 

Lunar Properties Oxford Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Stonepit Barn
Kingston Road
Frilford
Abingdon
Oxfordshire
OX13 5HB

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Revenue recognition

Turnover comprises the fair value received for gross sales from the service of storage and rental of land.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Lunar Properties Oxford Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land

£nil

Plant and machinery

15% of written down value

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

Lunar Properties Oxford Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

4

Tangible assets

Freehold land
£

Plant and machinery
£

Cost

At 1 October 2022

462,150

18,000

Additions

-

50,492

At 30 September 2023

462,150

68,492

Depreciation

At 1 October 2022

-

1,620

Charge for the period

-

7,769

At 30 September 2023

-

9,389

Carrying amount

At 30 September 2023

462,150

59,103

At 30 September 2022

462,150

16,380

 

5

Debtors

30 September 2023
 £

30 September 2022
 £

Trade debtors

300

1,650

 

300

1,650

 

Lunar Properties Oxford Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

 

6

Creditors

Note

30 September 2023
 £

30 September 2022
 £

Due within one year

 

Directors' loan account

8

4,782

3,956

Amount owed by related party

8

467,900

467,900

Other creditors

 

5,250

3,350

Accrued expenses

 

5,130

2,500

Corporation tax liability

11,495

5,974

Deferred income

 

450

2,750

 

495,007

486,430

 

7

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Difference between accumulated depreciation and capital allowances

4,529

4,529

2022

Liability
£

Difference between accumulated depreciation and capital allowances

227

227

 

8

Related party transactions

At 30 September 2023, the directors were owed £4,782 (2022: £3,956) in the form of a directors' loan account. The loan is unsecured, repayable on demand and no interest is payable.

At 30 September 2023, the company owed £467,900 (2022: £467,900) to SCB (Oxford) Limited, a company related by virtue of the director S Belcher. The loan is unsecured, repayable on demand and no interest is payable.