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Company Registration No. 09448262 (England and Wales)
LC Prestige Properties Limited Unaudited accounts for the period from 1 March 2023 to 28 February 2024
LC Prestige Properties Limited Unaudited accounts Contents
Page
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LC Prestige Properties Limited Company Information for the period from 1 March 2023 to 28 February 2024
Director
L S Clark
Company Number
09448262 (England and Wales)
Registered Office
14 Halifax Court Fernwood Business Park Fernwood Newark NG24 3JP United Kingdom
Accountants
Future Cloud Accounting Limited 14 Halifax Court Fernwood Business Centre Newark Nottinghamshire NG24 3JP
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LC Prestige Properties Limited Statement of financial position as at 28 February 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Investment property
600,000 
600,000 
Investments
110,000 
80,000 
710,000 
680,000 
Current assets
Debtors
10,574 
7,765 
Cash at bank and in hand
28,197 
79,859 
38,771 
87,624 
Creditors: amounts falling due within one year
(334,824)
(331,869)
Net current liabilities
(296,053)
(244,245)
Total assets less current liabilities
413,947 
435,755 
Creditors: amounts falling due after more than one year
(412,500)
(412,500)
Net assets
1,447 
23,255 
Capital and reserves
Called up share capital
100 
100 
Revaluation reserve
95,931 
95,931 
Profit and loss account
(94,584)
(72,776)
Shareholders' funds
1,447 
23,255 
For the period ending 28 February 2024 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 in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 August 2024 and were signed on its behalf by
L S Clark Director Company Registration No. 09448262
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LC Prestige Properties Limited Notes to the Accounts for the period from 1 March 2023 to 28 February 2024
1
Statutory information
LC Prestige Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 09448262. The registered office is 14 Halifax Court, Fernwood Business Park, Fernwood, Newark, NG24 3JP, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Investments
Investments in shares are included at cost less accumulated impairment losses.
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LC Prestige Properties Limited Notes to the Accounts for the period from 1 March 2023 to 28 February 2024
Going concern
At the year end the company's liabilities exceeded its assets by £296,053 (2023: £244,245) . Included within current liabilities is a loan £331,470 (2023: 328,833), provided by the director and will continue to be available for a period of at least 12 months. The financial statements have therefore been prepared on the going concern basis.
4
Investment property
2024 
£ 
Fair value at 1 March 2023
600,000 
At 28 February 2024
600,000 
5
Investments
Other investments 
£ 
Valuation at 1 March 2023
80,000 
Additions
30,000 
Valuation at 28 February 2024
110,000 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Deferred tax asset
9,769 
7,765 
Accrued income and prepayments
805 
- 
10,574 
7,765 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Trade creditors
- 
96 
Loans from directors
331,470 
328,833 
Accruals
3,354 
2,940 
334,824 
331,869 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
412,500 
412,500 
9
Average number of employees
During the period the average number of employees was 1 (2023: 1).
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