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REGISTERED NUMBER: 11295717 (England and Wales)















Report of the Director and

Unaudited Financial Statements for the Year Ended 31 March 2024

for

LIM Estates Ltd

LIM Estates Ltd (Registered number: 11295717)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Report of the Director 2

Chartered Accountants' Report 3

Income Statement 4

Statement of Financial Position 5

Notes to the Financial Statements 7


LIM Estates Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: D Barnes





REGISTERED OFFICE: 6 Brackenwood
Midhurst
GU29 0FB





REGISTERED NUMBER: 11295717 (England and Wales)





ACCOUNTANTS: PB Partners LLP
Endeavour House
78 Stafford Road
Wallington
Surrey
SM6 9AY

LIM Estates Ltd (Registered number: 11295717)

Report of the Director
for the Year Ended 31 March 2024

The director presents his report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of property investment and rental.

DIRECTOR
D Barnes held office during the whole of the period from 1 April 2023 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





D Barnes - Director


14 August 2024

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
LIM Estates Ltd


In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of LIM Estates Ltd for the year ended 31 March 2024 which comprise the Income Statement, Statement of Financial Position 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of LIM Estates Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of LIM Estates Ltd and state those matters that we have agreed to state to the director of LIM Estates Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than LIM Estates Ltd and its director for our work or for this report.

It is your duty to ensure that LIM Estates Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of LIM Estates Ltd. You consider that LIM Estates Ltd 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 LIM Estates Ltd. 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 financial statements.






PB Partners LLP
Endeavour House
78 Stafford Road
Wallington
Surrey
SM6 9AY


14 August 2024

LIM Estates Ltd (Registered number: 11295717)

Income Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 131,871 113,948

Cost of sales 66,728 49,035
GROSS PROFIT 65,143 64,913

Administrative expenses 22,992 11,142
42,151 53,771

Other operating income 8,478 400
OPERATING PROFIT 50,629 54,171


Interest payable and similar expenses 4 31,989 29,648
PROFIT BEFORE TAXATION 18,640 24,523

Tax on profit 7,951 18,497
PROFIT FOR THE FINANCIAL YEAR 10,689 6,026

LIM Estates Ltd (Registered number: 11295717)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1 1
Investment property 6 1,618,983 1,245,000
1,618,984 1,245,001

CURRENT ASSETS
Debtors 7 5,758 99,075
Cash at bank 15,222 297,525
20,980 396,600
CREDITORS
Amounts falling due within one year 8 730,904 697,686
NET CURRENT LIABILITIES (709,924 ) (301,086 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

909,060

943,915

CREDITORS
Amounts falling due after more than one
year

9

(768,381

)

(815,971

)

PROVISIONS FOR LIABILITIES (16,857 ) (12,811 )
NET ASSETS 123,822 115,133

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 11 68,838 68,838
Retained earnings 54,884 46,195
123,822 115,133

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LIM Estates Ltd (Registered number: 11295717)

Statement of Financial Position - continued
31 March 2024


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

The financial statements were approved by the director and authorised for issue on 14 August 2024 and were signed by:





D Barnes - Director


LIM Estates Ltd (Registered number: 11295717)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

LIM Estates Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Revenue represents rents receivable, excluding value added tax. Rental income is recognised in the period to which it relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Computer Equipment -25% per annum on cost

Investment property
Investment property is included at fair value. Gains and losses are recognised in the income statement. Deferred tax is provided at the future tax rate expected to apply when the property may be sold.

Taxation
Taxation for the year comprises current and deferred tax. 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.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

LIM Estates Ltd (Registered number: 11295717)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Mortgage 31,989 28,853
Loan interest - 795
31,989 29,648

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 April 2023
and 31 March 2024 2,335
DEPRECIATION
At 1 April 2023
and 31 March 2024 2,334
NET BOOK VALUE
At 31 March 2024 1
At 31 March 2023 1

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 1,245,000
Additions 373,983
At 31 March 2024 1,618,983
NET BOOK VALUE
At 31 March 2024 1,618,983
At 31 March 2023 1,245,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2023 68,838
Cost 1,550,145
1,618,983

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Prepayments 5,758 99,075

LIM Estates Ltd (Registered number: 11295717)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Corporation tax 3,905 5,686
Directors' current accounts 725,000 690,000
Accruals and deferred income 1,999 2,000
730,904 697,686

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other loans more 5yrs non-inst 768,381 815,971

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 768,381 815,971

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other loans 768,381 815,971

The lending company has legal charges dated 14 September 2018 and 19 December 2018 over both properties at 39 Barton Road, Manchester and 499 Liverpool Road, Manchester in favour of Paragon Bank Plc; fixed charges dated 1 May 2020 over Apartments 1209 & 1309, Park Central in Liverpool in favour of OneSavings Bank Plc; fixed charges dated 29 November 2020 and 30 September 2022 over 39 Barton Road in Manchester in favour of Paragon Bank Plc; fixed charges dated 29 November 2020 and 30 September 2022 over 499 Liverpool Road in Manchester in favour of Paragon Bank Plc, as well as a legal charge dated 20 May 2021 over 5 Wheatley Place in Doncaster in favour of Paragon Bank Plc.

11. RESERVES
Fair
value
reserve
£   
At 1 April 2023
and 31 March 2024 68,838

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is D Barnes.