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
LC Prestige Properties Limited
Company Information
for the period from 1 March 2023 to 28 February 2024
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
LC Prestige Properties Limited
Statement of financial position
as at 28 February 2024
Investment property
600,000
600,000
Investments
110,000
80,000
Cash at bank and in hand
28,197
79,859
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)
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
LC Prestige Properties Limited
Notes to the Accounts
for the period from 1 March 2023 to 28 February 2024
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 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 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 in shares are included at cost less accumulated impairment losses.
LC Prestige Properties Limited
Notes to the Accounts
for the period from 1 March 2023 to 28 February 2024
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.
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
Valuation at 28 February 2024
110,000
Amounts falling due within one year
Deferred tax asset
9,769
7,765
Accrued income and prepayments
805
-
7
Creditors: amounts falling due within one year
2024
2023
Loans from directors
331,470
328,833
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).