Company registration number:
13049681
LOXHILL PROPERTIES LTD
Unaudited filleted abridged financial statements
30 November 2023
LOXHILL PROPERTIES LTD
Contents
Abridged statement of financial position
Notes to the financial statements
LOXHILL PROPERTIES LTD
Abridged statement of financial position
30 November 2023
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2023 |
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2022 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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4 |
468,529 |
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468,529 |
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_______ |
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_______ |
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468,529 |
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468,529 |
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Current assets |
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Debtors |
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2,015 |
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- |
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Cash at bank and in hand |
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11,443 |
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11,189 |
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_______ |
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_______ |
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13,458 |
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11,189 |
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Creditors: amounts falling due |
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within one year |
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(
172,876) |
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(
174,685) |
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_______ |
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_______ |
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Net current liabilities |
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(
159,418) |
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(
163,496) |
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_______ |
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_______ |
Total assets less current liabilities |
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309,111 |
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305,033 |
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Creditors: amounts falling due |
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after more than one year |
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5 |
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(
310,030) |
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(
310,030) |
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_______ |
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_______ |
Net liabilities |
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(
919) |
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(
4,997) |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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10 |
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10 |
Profit and loss account |
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(
929) |
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(
5,007) |
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_______ |
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_______ |
Shareholders deficit |
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(
919) |
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(
4,997) |
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_______ |
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_______ |
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
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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;
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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 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.
All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 30 November 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
07 August 2024
, and are signed on behalf of the board by:
ANDREW TENIZIS
Director
Company registration number:
13049681
LOXHILL PROPERTIES LTD
Notes to the financial statements
Year ended 30 November 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 71-75 SHELTON ROAD, LONDON, WC2H 9JQ.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
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Investment propery |
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No depreciation provided |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4.
Tangible assets
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£ |
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Cost |
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At 1 December 2022 and 30 November 2023 |
468,529 |
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_______ |
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Depreciation |
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At 1 December 2022 and 30 November 2023 |
- |
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_______ |
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Carrying amount |
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At 30 November 2023 |
468,529 |
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_______ |
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At 30 November 2022 |
468,529 |
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_______ |
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Investment property
The fair value of the property at 30 November 2023 has been arrived at on the basis of a valuation carried out at that date by Mr Tenizis, a director of the company who is not a professionally qualified valuer. The valuation, which does not differ from the valuation at the end of the previous reporting period, was arrived at by reference to market evidence of transaction prices for similar properties in its location and takes into account the depressed state of the rental market in the area where the property is situated.The historical cost of the Investment Property was £468,529
5.
Creditors: amounts falling due after more than one year
The bank loan is secured by way of legal charge over the Company's Investment Property.
Included within creditors: amounts falling due after more than one year is an amount of £ 310,030
(2022 £ 310,030 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loans are repayable by monthly instalments and the bank loans are accruing interest at 3.64%