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Company Registration No. 09609910 (England and Wales)
Lendel Properties Limited Unaudited accounts for the year ended 30 November 2023
Lendel Properties Limited Unaudited accounts Contents
Page
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Lendel Properties Limited Company Information for the year ended 30 November 2023
Director
K Bacon
Company Number
09609910 (England and Wales)
Registered Office
7 School Lane Formby Liverpool L37 3LN
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Lendel Properties Limited Statement of financial position as at 30 November 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
2,160,000 
1,200,000 
Current assets
Cash at bank and in hand
58,255 
104,013 
Creditors: amounts falling due within one year
(640,699)
(687,545)
Net current liabilities
(582,444)
(583,532)
Total assets less current liabilities
1,577,556 
616,468 
Provisions for liabilities
Deferred tax
(282,808)
(100,408)
Net assets
1,294,748 
516,060 
Capital and reserves
Called up share capital
100 
100 
Revaluation reserve
1,205,656 
428,056 
Profit and loss account
88,992 
87,904 
Shareholders' funds
1,294,748 
516,060 
For the year ending 30 November 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 director acknowledges his 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
K Bacon Director Company Registration No. 09609910
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Lendel Properties Limited Notes to the Accounts for the year ended 30 November 2023
1
Statutory information
Lendel Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 09609910. The registered office is 7 School Lane, Formby, Liverpool, L37 3LN.
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
These financial statements for the year ended 30 November 2023 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 December 2021. The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously. The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
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 for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probably will be recovered.
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Lendel Properties Limited Notes to the Accounts for the year ended 30 November 2023
Tangible fixed assets and depreciation
Tangible assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. The gain or loss on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.
Land & buildings
Not depreciated - revalued at the balance sheet date.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial lnstruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual in the assets of the company after deducting all of its liabilities. Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised 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 a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Employee benefits
The costs of short term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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Lendel Properties Limited Notes to the Accounts for the year ended 30 November 2023
Deferred taxation
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantially enacted by the reporting end date.
4
Tangible fixed assets
Land & buildings 
£ 
Cost or valuation
At valuation 
At 1 December 2022
1,200,000 
Revaluations
960,000 
At 30 November 2023
2,160,000 
Depreciation
At 30 November 2023
- 
Net book value
At 30 November 2023
2,160,000 
At 30 November 2022
1,200,000 
2023 
2022 
£ 
£ 
Carrying amount of land and buildings on cost basis
671,536 
671,536 
The land and buildings has been revalued to market value by the director at the balance sheet date.
5
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Amounts owed to group undertakings and other participating interests
571,859 
650,064 
Taxes and social security
16,416 
16,161 
Other creditors
3,151 
4,642 
Loans from directors
49,273 
16,678 
640,699 
687,545 
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Lendel Properties Limited Notes to the Accounts for the year ended 30 November 2023
6
Deferred taxation
2023 
2022 
£ 
£ 
Revaluation of land and buildings
282,808 
100,408 
2023 
2022 
£ 
£ 
Provision at start of year
100,408 
- 
Charged to the profit and loss account
182,400 
100,408 
Provision at end of year
282,808 
100,408 
7
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
8
Average number of employees
During the year the average number of employees was 1 (2022: 1).
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