Acorah Software Products - Accounts Production 15.0.600 false true true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 12369857 Mr Lambros Christoforou Mr George Frangeskou iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12369857 2022-12-31 12369857 2023-12-31 12369857 2023-01-01 2023-12-31 12369857 frs-core:CurrentFinancialInstruments 2023-12-31 12369857 frs-core:Non-currentFinancialInstruments 2023-12-31 12369857 frs-core:ShareCapital 2023-12-31 12369857 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 12369857 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12369857 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 12369857 frs-bus:SmallEntities 2023-01-01 2023-12-31 12369857 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12369857 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12369857 frs-bus:Director1 2023-01-01 2023-12-31 12369857 frs-bus:Director2 2023-01-01 2023-12-31 12369857 frs-countries:EnglandWales 2023-01-01 2023-12-31 12369857 2021-12-31 12369857 2022-12-31 12369857 2022-01-01 2022-12-31 12369857 frs-core:CurrentFinancialInstruments 2022-12-31 12369857 frs-core:Non-currentFinancialInstruments 2022-12-31 12369857 frs-core:ShareCapital 2022-12-31 12369857 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 12369857
L & G Real Estate Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Mouktaris & Co Ltd
Chartered Accountants & Registered Auditors
156a Burnt Oak Broadway
Edgware
Middlesex
HA8 0AX
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 12369857
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 879,106 879,106
879,106 879,106
CURRENT ASSETS
Debtors 5 2,842 -
Cash at bank and in hand 169,575 123,773
172,417 123,773
Creditors: Amounts Falling Due Within One Year 6 (12,541 ) (48,274 )
NET CURRENT ASSETS (LIABILITIES) 159,876 75,499
TOTAL ASSETS LESS CURRENT LIABILITIES 1,038,982 954,605
Creditors: Amounts Falling Due After More Than One Year 7 (1,075,439 ) (990,373 )
PROVISIONS FOR LIABILITIES
Provisions For Charges (2,800 ) (2,800 )
NET LIABILITIES (39,257 ) (38,568 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Income Statement (39,357 ) (38,668 )
SHAREHOLDERS' FUNDS (39,257) (38,568)
Page 1
Page 2
For the year ending 31 December 2023 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Lambros Christoforou
Director
Mr George Frangeskou
Director
31 July 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
L & G Real Estate Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12369857 . The registered office is 156a Burnt Oak Broadway, Edgware, Middlesex, HA8 0AX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis on the grounds that the company's shareholders will continue to support the company over the following twelve months at least and on the expectation of an improvement in the company's profitability.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances. 
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement.
2023 fair value of investment property: £879,106 (2022: £879,106)
Investment property is derecognised when disposed of, or when no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property is recognised in profit or loss in the period in which the property is derecognised.
In accordance with FRS 102 reporting standards, depreciation is not provided for on investment properties. This is a departure from the Companies Act 2006 which requires all tangible assets to be depreciated. In the opinion of the directors, this departure is necessary for the financial statements to give a true and fair view and comply with applicable accounting standards which require investment properties to be included in the financial statements at fair value. The effect of depreciation is implicitly reflected in the valuation of investment properties, and the amount attributable to this factor cannot reasonably be separately identified or quantified by the valuers. Had the provisions of the Act been followed, assets would not have been affected but operating costs would have increased for this and earlier years and valuation movements would have correspondingly changed. There would be no impact on profit for the year.
2.5. Taxation
The tax expense represents the sum of the corporation tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and where material are subsequently measured at amortised cost using the effective interest method, less any impairment.
2.7. Basic financial liabilities
Basic financial liabilities, including trade and other payables and loans from company undertakings that are classified as debt are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at the market rate of interest.
2.8. Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Investment Property
2023
£
Fair Value
As at 1 January 2023 and 31 December 2023 879,106
5. Debtors
2023 2022
£ £
Due within one year
Other debtors 2,842 -
Other debtors of £2,842 is accrued interest arising on a deposit account, at a fixed rate of 4.87% over a period of 12 months.
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - 801
Bank loans and overdrafts - 34,932
Accruals and deferred income 12,541 12,541
12,541 48,274
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7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans > 1 year 489,322 454,390
Shareholders loan 483,518 433,572
Amounts owed to related parties 102,599 102,411
1,075,439 990,373
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
9. Related Party Transactions
Included within Creditors is an amount of £102,599 (2022: £102,411) owed to Pantop Limited, a related party company by virtue of being under the significant influence of a common member of the board of directors. The amount owing to Pantop Limited is unsecured, interest-free, and has no fixed terms of repayment.
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