REGISTERED NUMBER: |
Report of the Director and |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
LIM Estates Ltd |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
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: |
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. |
Endeavour House |
78 Stafford Road |
Wallington |
Surrey |
SM6 9AY |
LIM Estates Ltd (Registered number: 11295717) |
Income Statement |
for the Year Ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
42,151 | 53,771 |
Other operating income |
OPERATING PROFIT |
Interest payable and similar expenses | 4 |
PROFIT BEFORE TAXATION |
Tax on profit |
PROFIT FOR THE FINANCIAL YEAR |
LIM Estates Ltd (Registered number: 11295717) |
Statement of Financial Position |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 11 |
Retained earnings |
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 were approved by the director and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue represents rents receivable, excluding value added tax. Rental income is recognised in the period to which it relates. |
Tangible fixed assets |
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 |
Loan interest |
5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Additions |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
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 |
Directors' current accounts | 725,000 | 690,000 |
Accruals and deferred income |
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 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Other loans |
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 |
12. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |