Registered number
09890610
LAE Holdings Limited
Unaudited Filleted Accounts
30 November 2023
LAE Holdings Limited
Registered number: 09890610
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Investment property 4 452,399 452,399
Fixed assets 5 1,930 2,338
Investments 6 20 20
454,349 454,757
Current assets
Debtors 7 24,892 49,997
Cash at bank and in hand 5,360 3,555
30,252 53,552
Creditors: amounts falling due within one year 8 (82,978) (100,137)
Net current liabilities (52,726) (46,585)
Total assets less current liabilities 401,623 408,172
Creditors: amounts falling due after more than one year 9 (278,148) (293,559)
Provisions for liabilities (16,114) (16,192)
Net assets 107,361 98,421
Capital and reserves
Called up share capital 100 100
Fair value reserve 11 67,134 67,134
Profit and loss account 40,127 31,187
Shareholders' funds 107,361 98,421
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.
Mr L L Barletta
Director
Approved by the board on 30/08/2024.
LAE Holdings Limited
Notes to the Accounts
for the year ended 30 November 2023
1 Statutory information
LAE Holdings Limited is a private company, limited by shares, registered in England and Wales.
The company's registered number and registered office address are as below:
Registered number: 09890610
Registered office: The Grange
Upsall Road
South Kilvington
YO7 2NF
The presentation currency of the financial statements is the Pound Sterling (£).
2 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" including provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
Turnover
Turnover represents income received and receivable from investments.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
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 a reducing balance basis
Computer equipment 25% on a reducing balance basis
Investments
Investments in associates are measured at cost less any accumulated impairment losses.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Accounting policies (continued)
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
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.
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
4 Investment property
Total
£
Fair value
At 1 December 2022 452,399
At 30 November 2023 452,399
Net book value
At 30 November 2023 452,399
At 30 November 2022 452,399
The historic cost of investment property was £369,517 (2022: £369,517).
The investment property was valued on an open market basis on 30 November 2023 by the directors.
5 Fixed assets
Plant and machinery Computer equipment Total
£ £ £
Cost
At 1 December 2022 4,800 - 4,800
Additions - 190 190
At 30 November 2023 4,800 190 4,990
Depreciation
At 1 December 2022 2,462 - 2,462
Charge for the year 585 13 598
At 30 November 2023 3,047 13 3,060
Net book value
At 30 November 2023 1,753 177 1,930
At 30 November 2022 2,338 - 2,338
6 Investments
Other
investments
£
Cost
At 1 December 2022 20
At 30 November 2023 20
7 Debtors 2023 2022
£ £
Trade debtors - 21,475
Prepayments and accrued income 1,110 922
Directors' current account 18,268 24,586
Amounts owed by related undertakings 3,514 1,014
Other debtors 2,000 2,000
24,892 49,997
8 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 15,176 14,439
Trade creditors 1,560 560
Amounts owed to related undertakings 47,343 47,343
Taxation and social security costs 16,727 14,407
Accruals and deferred income 172 21,388
Other creditors 2,000 2,000
82,978 100,137
9 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 278,148 293,559
10 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 218,138 233,359
Secured bank loans 286,270 298,453
Bank loans are secured over the properties to which they relate.
11 Fair value reserve 2023 2022
£ £
At 1 December 2022 67,134 67,134
At 30 November 2023 67,134 67,134
12 Related party transactions
During the year the directors advanced £20,244 (2022: £43,878) to the company. The company made repayments on this loan totalling £13,926 (2022: £66,948). Leaving an amount of £18,268 (2022: £24,586) due from the directors at the year end. This loan is interest free and repayable on demand.
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