Registered number
02853666
Limegrange Properties Ltd
Unaudited Filleted Accounts
31 December 2023
Limegrange Properties Ltd
Registered number: 02853666
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 5,704,458 5,707,407
Investments 5 460,539 471,271
6,164,997 6,178,678
Current assets
Debtors 6 4,074,535 3,841,754
Investments held as current assets 7 500 500
Cash at bank and in hand 211,821 101,279
4,286,856 3,943,533
Creditors: amounts falling due within one year 8 (5,189,318) (4,783,486)
Net current assets (902,462) (839,953)
Total assets less current liabilities 5,262,535 5,338,725
Creditors: amounts falling due after more than one year 9 (1,312,065) (1,377,440)
Provisions for liabilities (179,200) (179,755)
Net assets 3,771,270 3,781,530
Capital and reserves
Called up share capital 4 4
Revaluation reserve 11 3,609,815 3,609,815
Profit and loss account 161,451 171,711
Shareholder's funds 3,771,270 3,781,530
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
O. C. Denniss
Director
Approved by the board on 29.07.2024
Limegrange Properties Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office Equipment 20% reducing balance
Fixtures, fittings, tools and equipment 10% straight line
Investments
Unlisted Investments are measured at cost less any accumulated impairment losses. Listed Investments are measured at fair value. Chainges in fair value are included in the profit and loss account.
Investment Properties
Investment Properties are revalued each year end with any change in valuation being included in other comprehensive income.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Exceptional items 2023 2022
£ £
Loan write off 0 - 10,000
- - 10,000
Loan written off was to an unrelated small company.
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
4 Tangible fixed assets
Investment Properties Office Equipment Fixtures and fittings Total
£ £ £ £
Cost
At 1 January 2023 5,700,000 23,534 25,382 5,748,916
At 31 December 2023 5,700,000 23,534 25,382 5,748,916
Depreciation
At 1 January 2023 - 19,204 22,305 41,509
Charge for the year - 1,410 1,539 2,949
At 31 December 2023 - 20,614 23,844 44,458
Net book value
At 31 December 2023 5,700,000 2,920 1,538 5,704,458
At 31 December 2022 5,700,000 4,330 3,077 5,707,407
Freehold land and buildings: 2023 2022
£ £
Historical cost 2,219,442 2,219,442
Cumulative depreciation based on historical cost - -
2,219,442 2,219,442
The investment property was revalued by the Director at the year end at market value.
The Investment Property is not depreciated. Compliance with FRS 102 is a departure from Companies Act 2006 necessary to give a true and fair view.
There is a charge over the property held by the Principality Building Society up to the total value of loans and interest outstanding from the company at any time. At they year end this was £1,341,778.
5 Investments
Unlisted Other
Investments investments Total
£ £ £
Cost
At 1 January 2023 460,000 11,271 471,271
Revaluation - (3,339) (3,339)
Disposals - (7,393) (7,393)
At 31 December 2023 460,000 539 460,539
Historical cost
At 1 January 2023 460,000 8,019
At 31 December 2023 460,000 2,019
Unlisted Investments comprise the timeshare purchase of a hotel suite in Deauville with an option to renew every 10 years. For the first 10 years there is an annual payment of 3.4% rising by the French RPI annually. This is measured at cost less impairment.
Other Investment is a share portfolio managed by Hargreave Lansdown. This is measured at fair value through the profit and loss.
6 Debtors 2023 2022
£ £
Trade debtors 41,836 19,198
Amounts owed by group undertakings and undertakings in which the company has a participating interest 4,032,699 3,822,556
Other debtors - -
4,074,535 3,841,754
Amounts due after more than one year included above - -
7 Investments held as current assets 2023 2022
£ £
Fair value
Listed investments 500 500
Unlisted investments - -
500 500
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments - -
Unlisted investments - -
- -
8 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 83,620 89,987
Other loans 5,053,680 4,613,167
Trade creditors 37,886 65,708
Amounts owed to group undertakings and undertakings in which the company has a participating interest 674 637
Taxation and social security costs (4,059) 1,993
Other creditors 17,517 11,994
5,189,318 4,783,486
9 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,280,071 1,357,324
Trade creditors 31,994 20,116
1,312,065 1,377,440
10 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 967,143 1,009,177
967,143 1,009,177
Secured bank loans 1,341,778 1,416,705
Principality Building Society has a charge over the property up to the value of the loan outstanding. The bank loan has a final repayment date of January 2040.
Bank loans include a Bounceback loan that is due to be repaid over 60 months. Interest is charged at 2.5% pa.
11 Revaluation reserve 2023 2022
£ £
At 1 January 2023 3,609,815 3,653,589
Revaluation - (43,774)
Deferred taxation arising on the revaluation of land and buildings - -
At 31 December 2023 3,609,815 3,609,815
12 Related party transactions
The company has taken advantage of section 33.1A of FRS102 regarding group transaction disclosures.
The company had the following loan due to a company owned jointly by a Director and a relative at the year end: Dalegold Investments Ltd £18,206 (2022 - £60,926). The company had the following loan due to a Friendly Society which a Director was a member of at the year end: DM Friendly Society £4,691,057 (2022 - £4,481,244)
The company owed the Director £344,416 at the year end (2022 - £72,523). This loan is shown in note 8, 'other loans'.
All of the Related Party loans are repayable on demand. None charge interest except for DM Friendly Society, which has reinstated its loan interest at 6% per annum but capped at profits if the latter are less than the 6% calculated on the outstanding loan.
13 Controlling party
Limegrange Properties Ltd is a wholly owned subsidiary of Limegrange London Limited, a company incorporated in England. Limegrange London Ltd is controlled jointly by A.L. Denniss and H. Dennis. It's registered office is:
51-52 St John's Square
London
EC1V 4JL
14 Other information
Limegrange Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
51-52 St John's Square
London
EC1V 4JL
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