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Registration number: 02123185

Limanex Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Limanex Properties Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Limanex Properties Limited

Company Information

Directors

B Chandaria

K Chandaria

Registered office

Unitec House
2 Albert Place
London
N3 1QB

Accountants

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Financial Statements of
Limanex Properties Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Limanex Properties Limited for the year ended 31 December 2023 which comprise the statement of comprehensive income, balance sheet, statement of changes in equity and the related notes, from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation/a-z.

It is your duty to ensure that Limanex Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Limanex Properties Limited. You consider that Limanex Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Limanex Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Use of our report

This report is made solely to the Board of Directors of Limanex Properties Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Limanex Properties Limited and state those matters that we have agreed to state to the Board of Directors of Limanex Properties Limited, as a body, in this report in accordance with ICAEW Technical Release TECH 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Limanex Properties Limited and its Board of Directors, as a body, for our work or for this report.

......................................

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

9 August 2024

 

Limanex Properties Limited

(Registration number: 02123185)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed asset

 

Tangible assets

3

2,236

2,630

Investment property

4

2,056,000

2,056,000

 

2,058,236

2,058,630

Current assets

 

Cash at bank and in hand

 

266,152

212,280

Creditors: Amounts falling due within one year

5

(58,261)

(84,114)

Net current assets

 

207,891

128,166

Total assets less current liabilities

 

2,266,127

2,186,796

Provision for liabilities

6

(343)

(394)

Net assets

 

2,265,784

2,186,402

Capital and reserves

 

Called up share capital

7

50,000

50,000

Fair value reserve

949,562

949,562

Retained earnings

1,266,222

1,186,840

Shareholders' funds

 

2,265,784

2,186,402

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The statement of comprehensive income and the directors' report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

Approved and authorised for issue by the Board on 8 August 2024 and signed on its behalf by :

.........................................

B Chandaria
Director

 

Limanex Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital and incorporated in England. The registered office address is shown on page 1.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except where otherwise disclosed in these accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Judgements in applying accounting policies

The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities may require the use of certain critical accounting estimates. It may also require the directors to exercise judgement in applying the accounting policies.

In preparing these financial statements, the directors have had to make the following significant judgement:

- the directors have made an assumption in the determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset. There is an inevitable degree of judgement involved in that every property is unique and value can only ultimately be reliably tested in the market itself. The valuation method is described further in note 4 together with the valuation of the property at the reporting date.

There were no other significant judgements.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Turnover

Turnover consists of rent receivable from the letting of an investment property in the United Kingdom. Rental income is measured at the fair value of rent receivable for the year.

 

Limanex Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

Tax

The tax expense for the year comprises current and where applicable, deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or 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 company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is 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 suitable future taxable profits.

Deferred tax is measured using 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.

Current and deferred tax assets and liabilities are not discounted.

Tangible assets

Tangible assets are stated in the balance sheet at historical cost, less any subsequent accumulated depreciation and impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their expected useful lives as follows:

Asset class

Depreciation rate and method

Plant & machinery

15% reducing balance

Fixtures & fittings

15% reducing balance

Investment property

Investment property is carried at its fair value, determined annually and 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 profit or loss.

Cash at bank and in hand

This comprises cash at bank.

Financial instruments

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form.

The company's cash at bank and in hand and other creditors are measured initially at transaction price, and subsequently at amortised cost using the effective interest method, where appropriate.

 

Limanex Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

3

Tangible assets

Fixtures & fittings
 £

Plant & machinery
£

Total
£

Cost

At 1 January 2023

4,728

53,523

58,251

At 31 December 2023

4,728

53,523

58,251

Depreciation

At 1 January 2023

4,605

51,016

55,621

Charge for the year

18

376

394

At 31 December 2023

4,623

51,392

56,015

Carrying amount

At 31 December 2023

105

2,131

2,236

At 31 December 2022

123

2,507

2,630

4

Investment property

Valuation

£

At 1 January 2023

2,056,000

At 31 December 2023

2,056,000

The investment property was valued at 31 December 2023 by B Chandaria, a director of the company, at fair value. The valuation was arrived at after consideration of the most recently available market evidence of transaction prices for similar properties around its location on a vacant possession basis and also takes into account the director's assessment of the state of the rental market around the area where the property is situated as at the reporting date.

 

Limanex Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Creditors: amounts due within one year

2023
£

2022
£

Bank loan

-

45,931

Trade creditors

18,168

-

Accruals and deferred income

15,632

15,242

Corporation tax payable

24,461

22,941

58,261

84,114

6

Provision for liabilities

Deferred tax
£

At 1 January 2023

394

Decrease in existing provision

(51)

At 31 December 2023

343

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

50,000

50,000

50,000

50,000

       

8

Controlling party

There is no controlling party as no shareholder has more than 50% beneficial holding in the company .

9

Employee information

The average number of persons employed by the company (including directors) during the year was 2 (2022 - 2). The directors did not receive any remuneration from the company during the year (2022 - £nil).