Caseware UK (AP4) 2023.0.135 2023.0.135 truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-11-01falseproperty investment21false 672611 2022-11-01 2023-10-31 672611 2021-11-01 2022-10-31 672611 2023-10-31 672611 2022-10-31 672611 2021-11-01 672611 c:Director1 2022-11-01 2023-10-31 672611 d:Buildings 2022-11-01 2023-10-31 672611 d:Buildings 2023-10-31 672611 d:Buildings 2022-10-31 672611 d:Buildings d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 672611 d:PlantMachinery 2022-11-01 2023-10-31 672611 d:PlantMachinery 2023-10-31 672611 d:PlantMachinery 2022-10-31 672611 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 672611 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 672611 d:CurrentFinancialInstruments 2023-10-31 672611 d:CurrentFinancialInstruments 2022-10-31 672611 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 672611 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 672611 d:ShareCapital 2023-10-31 672611 d:ShareCapital 2022-10-31 672611 d:ShareCapital 2021-11-01 672611 d:RevaluationReserve 2023-10-31 672611 d:RevaluationReserve 2021-11-01 2022-10-31 672611 d:RevaluationReserve 2022-10-31 672611 d:RevaluationReserve 2021-11-01 672611 d:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 672611 d:RetainedEarningsAccumulatedLosses 2023-10-31 672611 d:RetainedEarningsAccumulatedLosses 2021-11-01 2022-10-31 672611 d:RetainedEarningsAccumulatedLosses 2022-10-31 672611 d:RetainedEarningsAccumulatedLosses 2021-11-01 672611 c:FRS102 2022-11-01 2023-10-31 672611 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 672611 c:FullAccounts 2022-11-01 2023-10-31 672611 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 672611 d:OtherDeferredTax 2023-10-31 672611 d:OtherDeferredTax 2022-10-31 672611 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure
Registered number: 672611





 
L. Page Motors Limited          
 
Financial statements          

For the year ended 31 October 2023          

 
L. Page Motors Limited
Registered number:672611

Balance sheet
As at 31 October 2023


2023 

2022 
                                                                                    Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
1,004,312
1,005,656

Current assets
  

Debtors
 5 
70,713
34,221

Cash at bank and in hand
 6 
189,447
173,923

  
260,160
208,144

Creditors: amounts falling due within one year
 7 
(159,720)
(168,240)

Net current assets
  
 
 
100,440
 
 
39,904

Total assets less current liabilities
  
1,104,752
1,045,560

Provisions for liabilities
  

Deferred tax
 8 
(21,539)
(21,539)

Net assets
  
1,083,213
1,024,021


Capital and reserves
  

Called up share capital 
  
2,000
2,000

Investment property revaluation reserve
  
785,069
785,069

Profit and loss account
  
296,144
236,952

  
1,083,213
1,024,021


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board; and were signed on its behalf on 19 July 2024.


C.R. Orrock
Director

The notes on pages 3 to 9 form part of these financial statements.
Page 1

 
L. Page Motors Limited
 

Statement of changes in equity
For the Year Ended 31 October 2023


Called up share capital
Investment
property
revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 November 2022
2,000
785,069
236,952
1,024,021



Profit for the year
-
-
59,192
59,192


At 31 October 2023
2,000
785,069
296,144
1,083,213



 
 
 
 
 
 
Statement of changes in equity
For the Year Ended 31 October 2022


Called up share capital
Investment
property
revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 November 2021
2,000
795,112
173,288
970,400



Profit for the year
-
-
53,621
53,621

Transfer between reserves
-
(10,043)
10,043
-


At 31 October 2022
2,000
785,069
236,952
1,024,021










The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
L. Page Motors Limited
 
 
Notes to the financial statements
For the Year Ended 31 October 2023

1.


General information

L. Page Motors Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is Construction House, Runwell Road, Wickford, Essex, SS11 7HQ. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
L. Page Motors Limited
 
 
Notes to the financial statements
For the Year Ended 31 October 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided at the following rate:

Plant and machinery
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Investment property

Investment property is carried at fair value as determined annually by the directors, having regard to professional advice taken personally, and is derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and loss account. 

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
 

Page 4

 
L. Page Motors Limited
 
 
Notes to the financial statements
For the Year Ended 31 October 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Page 5

 
L. Page Motors Limited
 
 
Notes to the financial statements
For the Year Ended 31 October 2023

2.Accounting policies (continued)

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.10

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
2
1

Page 6

 
L. Page Motors Limited
 
 
Notes to the financial statements
For the Year Ended 31 October 2023

4.


Tangible fixed assets





Investment property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 November 2022
1,000,000
15,713
1,015,713


Additions
-
97
97



At 31 October 2023

1,000,000
15,810
1,015,810



Depreciation


At 1 November 2022
-
10,057
10,057


Charge for the year
-
1,441
1,441



At 31 October 2023

-
11,498
11,498



Net book value



At 31 October 2023
1,000,000
4,312
1,004,312



At 31 October 2022
1,000,000
5,656
1,005,656

Included in tangible fixed assets is freehold land and buildings at valuation of £1,000,000 (2022 - £1,000,000) which is not depreciated. 
The aforementioned valuation represents the open market value of the property, as provided by the directors, having regard to professional advice taken personally.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
193,392
193,392

Accumulated depreciation
-
-

Net book value
193,392
193,392

Page 7

 
L. Page Motors Limited
 
 
Notes to the financial statements
For the Year Ended 31 October 2023

5.


Debtors

2023
2022
£
£


Trade debtors
56,471
20,047

Other debtors
1,268
-

Prepayments and accrued income
12,974
14,174

70,713
34,221



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
189,447
173,923



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
68
394

Corporation tax
15,624
13,495

Other taxation and social security
8,858
3,696

Other creditors
103,116
124,605

Accruals and deferred income
32,054
26,050

159,720
168,240


Page 8

 
L. Page Motors Limited
 
 
Notes to the financial statements
For the Year Ended 31 October 2023

8.


Deferred taxation




2023
2022


£

£






At beginning of year
21,539
16,614


Charge for the year
-
4,925



At end of year
21,539
21,539

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Potential chargeable gain on revalued investment property
21,539
21,539

 


 

Page 9