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COMPANY REGISTRATION NUMBER: 00426636
Lifford Properties Limited
Filleted Unaudited Financial Statements
31 January 2024
Lifford Properties Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
1,866
Investments
6
205,000
205,000
---------
---------
206,866
205,000
Current assets
Debtors
7
27,849
43,374
Cash at bank and in hand
245,748
250,531
---------
---------
273,597
293,905
Creditors: amounts falling due within one year
8
7,022
10,780
---------
---------
Net current assets
266,575
283,125
---------
---------
Total assets less current liabilities
473,441
488,125
Creditors: amounts falling due after more than one year
9
26,682
60,356
Provisions
10
355
---------
---------
Net assets
446,404
427,769
---------
---------
Lifford Properties Limited
Statement of Financial Position (continued)
31 January 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
12
4,991
4,991
Profit and loss account
13
441,413
422,778
---------
---------
Shareholders funds
446,404
427,769
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 January 2024 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 .
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
S J Dalley
Director
Company registration number: 00426636
Lifford Properties Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3B Swallowfield Courtyard, Wolverhampton Road, Oldbury, West Midlands, B69 2JG, United Kingdom.
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.
Disclosure exemptions
The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
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
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
4. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to 3 (2023: 3).
5. Tangible assets
Equipment
£
Cost
At 1 February 2023
1,429
Additions
1,866
Disposals
( 1,429)
-------
At 31 January 2024
1,866
-------
Depreciation
At 1 February 2023
1,429
Disposals
( 1,429)
-------
At 31 January 2024
-------
Carrying amount
At 31 January 2024
1,866
-------
At 31 January 2023
-------
6. Investments
Other investments other than loans
£
Cost
At 1 February 2023 and 31 January 2024
205,000
---------
Impairment
At 1 February 2023 and 31 January 2024
---------
Carrying amount
At 31 January 2024
205,000
---------
At 31 January 2023
205,000
---------
Investment properties which are all freehold, were revalued to fair value at 31st January 2009. The fair value has been reviewed by the directors at the 31st January 2024 based on their knowledge of the locality and experience and is considered not to have changed.
The historical cost of the investment properties is £78,230 (2023: £78,230).
7. Debtors
2024
2023
£
£
Trade debtors
24,546
40,024
Prepayments and accrued income
3,303
3,350
--------
--------
27,849
43,374
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
2,350
2,255
Corporation tax
4,497
4,851
Social security and other taxes
175
3,674
-------
--------
7,022
10,780
-------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
26,682
60,356
--------
--------
10. Provisions
Deferred tax (note 11)
£
At 1 February 2023
Additions
355
----
At 31 January 2024
355
----
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 10)
355
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
355
----
----
12. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
4,991
4,991
4,991
4,991
-------
-------
-------
-------
13. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. The profit and loss account includes £126,770 (2023: £126,770) of non distributable reserves, with the remainder being distributable.
14. Directors' advances, credits and guarantees
At the year end the company owed £3,481 (2023: £1,155) to Mr S Dalley a director of the company. This loan was unsecured and was accruing interest of 7.5%. At the year end the company owed £23,201 (2023: £59,201) to Mr R Dalley a director of the company. This loan was unsecured.
15. Controlling party
The ultimate controlling party in the current and prior year is Mr S Dalley.