Company registration number 12726432 (England and Wales)
LEARNED PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
LEARNED PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
LEARNED PROPERTIES LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
180,000
180,000
Current assets
Debtors
4
860
160
Cash at bank and in hand
331
215
1,191
375
Creditors: amounts falling due within one year
5
(66,262)
(67,550)
Net current liabilities
(65,071)
(67,175)
Total assets less current liabilities
114,929
112,825
Creditors: amounts falling due after more than one year
6
(108,638)
(108,636)
Provisions for liabilities
(844)
(844)
Net assets
5,447
3,345
Capital and reserves
Called up share capital
7
2
2
Non-distributable profits reserve
8
3,600
3,600
Distributable profit and loss reserves
1,845
(257)
Total equity
5,447
3,345
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 July 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.
LEARNED PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
Sheridan Lewis
Director
Company Registration No. 12726432
LEARNED PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information
Learned Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Dartmouth Road, Chorlton, Manchester, M21 8XL.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The following assets and liabilities are classified as financial instruments – trade debtors, trade creditors, bank loans and directors’ loans.
Directors’ loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated capital allowances. All deferred tax is charged/(credited) to the Profit and Loss Account.
LEARNED PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
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
Investment property
2023
£
Fair value
At 1 August 2022 and 31 July 2023
180,000
The fair value of the investment property is the directors considered open market valuation.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
860
160
5
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
902
Other creditors
65,360
67,550
66,262
67,550
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
108,638
108,636
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
LEARNED PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
8
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
3,600
-
Non distributable profits in the year
-
3,600
At the end of the year
3,600
3,600