Registered number
02882000
L G PROPERTY INVESTMENTS LIMITED
Filleted Accounts
31 May 2024
L G PROPERTY INVESTMENTS LIMITED
Registered number: 02882000
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 - 3,820
Investment property 4 1,524,071 2,630,695
1,524,071 2,634,515
Current assets
Cash at bank and in hand 3,930,482 1,093,766
Creditors: amounts falling due within one year 5 (419,678) (158,597)
Net current assets 3,510,804 935,169
Net assets 5,034,875 3,569,684
Capital and reserves
Called up share capital 500 500
Profit and loss account 5,034,375 3,569,184
Shareholders' funds 5,034,875 3,569,684
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 members have 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.
S A Patel
Director
Approved by the board on 6 August 2024
L G PROPERTY INVESTMENTS LIMITED
Notes to the Accounts
for the year ended 31 May 2024
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).
Rental income
Rental income represents rent receivable, excluding value-added tax.
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:
Plant and machinery 25% on reducing balance
Motor van 25% of cost
Investment property
Investment properties are included at fair values. Any surplus or deficit is dealt with through profit and loss. No depreciation is provided in respect of investment properties.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 20,711 18,025 38,736
At 31 May 2024 20,711 18,025 38,736
Depreciation
At 1 June 2023 20,345 14,571 34,916
Charge for the year 366 3,454 3,820
At 31 May 2024 20,711 18,025 38,736
Net book value
At 31 May 2024 - - -
At 31 May 2023 366 3,454 3,820
4 Investment property
Investments
£
Fair value
At 1 June 2023 2,630,695
Disposals (1,106,624)
At 31 May 2024 1,524,071
Above fair value was estimated by company directors at 31 May 2024
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 60,122 97,287
Taxation and social security costs 359,556 61,310
419,678 158,597
6 Other information
L G PROPERTY INVESTMENTS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit A
715 North Circular Road
London
NW2 7AH
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