Registered number
09882463
Limegrange Smithfield Ltd
Unaudited Filleted Accounts
31 December 2023
Limegrange Smithfield Ltd
Registered number: 09882463
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,712,499 2,715,624
2,712,499 2,715,624
Current assets
Debtors 4 107,191 88,157
107,191 88,157
Creditors: amounts falling due within one year 5 (1,890,943) (1,809,752)
Net current assets (1,783,752) (1,721,595)
Total assets less current liabilities 928,747 994,029
Creditors: amounts falling due after more than one year 6 (969,519) (1,034,801)
Provisions for liabilities - -
Net assets (40,772) (40,772)
Capital and reserves
Called up share capital 1 1
Revaluation reserve 8 (183,965) (183,965)
Profit and loss account 143,192 143,192
Shareholder's funds (40,772) (40,772)
The director is 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 director acknowledges his 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 Smithfield 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:
Fixtures, fittings, tools and equipment Straight line over 10 years
Investment property
Investment property is revalued at each year end and any changes in fair value reflected in the statement of 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Investment property Fixtures & fittings Total
£ £ £
Cost
At 1 January 2023 2,700,000 31,249 2,731,249
At 31 December 2023 2,700,000 31,249 2,731,249
Depreciation
At 1 January 2023 - 15,625 15,625
Charge for the year - 3,125 3,125
At 31 December 2023 - 18,750 18,750
Net book value
At 31 December 2023 2,700,000 12,499 2,712,499
At 31 December 2022 2,700,000 15,624 2,715,624
Freehold land and buildings: 2023 2022
£ £
Historical cost 2,966,279 2,966,279
Cumulative depreciation based on historical cost - -
2,966,279 2,966,279
The investment property was revalued at the year end by the Director. The investment property is not depreciated. Compliance with FRS102 is a departure from the Companies Act 2006 necessary to give a true and fair view.
4 Debtors 2023 2022
£ £
Trade debtors 21,114 2,553
Deferred tax asset 86,077 85,604
107,191 88,157
Amounts due after more than one year included above - -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 53,416 47,516
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,825,982 1,645,645
Other creditors 11,545 116,591
1,890,943 1,809,752
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 960,926 1,020,242
Trade creditors 8,593 14,559
969,519 1,034,801
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 693,847 830,179
693,847 830,179
Secured bank loans 1,014,342 1,067,758
Principality building society holds a legal charge against the investment property up to the value of the outstanding loan. The loan is due to be repaid by June 2043.
8 Revaluation reserve 2023 2022
£ £
At 1 January 2023 (183,965) (179,469)
Revaluation in year - (5,550)
Deferred taxation arising on the revaluation of land and buildings - 1,054
At 31 December 2023 (183,965) (183,965)
9 Related party transactions
The company has taken advantage of section 33.1A of FRS102 regarding the disclosure of group transactions.
At the year end there was a loan from the Director of £nil (2022 - £105,193). This does not incur interest and is repayable on demand.
At the year end there was a loan from a relative of the Director of £10,000 (2022 - £10,000). This does not incur interest and is repayable on demand.
10 Controlling party
The company is a wholly owned subsidiary of Limegrange London Limited, a company incorproated in England. Limegrange London Limited is jointly owned and controlled by A. L. Denniss and H. Denniss. It's registered office is:
51-52 St John's Square
London
EC1V 4JL
11 Other information
Limegrange Smithfield Ltd is a private company limited by shares and incorporated in England. Its registered office is:
51-52 St John's Square
51-52 St John's Square
London
EC1V 4JL
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