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COMPANY REGISTRATION NUMBER: 04241308
L & D PROPERTIES (LONDON) LIMITED
Filleted Unaudited Financial Statements
30 June 2023
L & D PROPERTIES (LONDON) LIMITED
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,801,041
1,801,387
Current assets
Debtors
6
1,066,619
1,092,846
Cash at bank and in hand
166
------------
------------
1,066,619
1,093,012
Creditors: amounts falling due within one year
7
12,582
18,553
------------
------------
Net current assets
1,054,037
1,074,459
------------
------------
Total assets less current liabilities
2,855,078
2,875,846
Creditors: amounts falling due after more than one year
8
1,112,342
1,134,718
Provisions
Taxation including deferred tax
68,000
68,000
------------
------------
Net assets
1,674,736
1,673,128
------------
------------
Capital and reserves
Called up share capital
995,001
995,001
Fair value reserve
731,345
731,345
Profit and loss account
( 51,610)
( 53,218)
------------
------------
Shareholders funds
1,674,736
1,673,128
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
L & D PROPERTIES (LONDON) LIMITED
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 16 April 2024 , and are signed on behalf of the board by:
Mr D Michaels
Director
Company registration number: 04241308
L & D PROPERTIES (LONDON) LIMITED
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 0DH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents rents and service charges receivable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% straight line
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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 .
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Land and buildings
Equipment
Total
£
£
£
Cost
At 1 July 2022 and 30 June 2023
1,800,000
5,793
1,805,793
------------
-------
------------
Depreciation
At 1 July 2022
4,406
4,406
Charge for the year
346
346
------------
-------
------------
At 30 June 2023
4,752
4,752
------------
-------
------------
Carrying amount
At 30 June 2023
1,800,000
1,041
1,801,041
------------
-------
------------
At 30 June 2022
1,800,000
1,387
1,801,387
------------
-------
------------
Tangible assets held at valuation
The revaluation of the investment properties was made by the directors on an open market value for existing use basis at the end of 30 June 2017.
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,066,619
1,092,846
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
553
Corporation tax
63
5,574
Social security and other taxes
600
326
Other creditors
5,844
5,843
Other creditors
5,522
6,810
--------
--------
12,582
18,553
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,112,342
1,134,718
------------
------------
9. Controlling party
The ultimate parent undertaking is L & D Developments (London) Limited, a company incorporated in England.