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COMPANY REGISTRATION NUMBER: 09595788
London Place Group Limited
Filleted Unaudited Financial Statements
31 October 2023
London Place Group Limited
Financial Statements
Year ended 31 October 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
London Place Group Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
4,041
1,519
Investments
6
901
901
-------
-------
4,942
2,420
Current assets
Debtors
7
2,199,284
2,176,999
Investments
8
500,000
500,000
Cash at bank and in hand
13,078
55,118
------------
------------
2,712,362
2,732,117
Creditors: amounts falling due within one year
9
( 2,648,452)
( 2,491,503)
------------
------------
Net current assets
63,910
240,614
--------
---------
Total assets less current liabilities
68,852
243,034
--------
---------
Net assets
68,852
243,034
--------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
68,752
242,934
--------
---------
Shareholders funds
68,852
243,034
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
London Place Group Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 2 September 2024 , and are signed on behalf of the board by:
Mr S J C Hill
Director
Company registration number: 09595788
London Place Group Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bedford House Fulham Green, 69-79 Fulham High Street, London, SW6 3JW, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adquate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 399 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Tangible assets
Equipment
£
Cost
At 1 November 2022
2,595
Additions
3,571
-------
At 31 October 2023
6,166
-------
Depreciation
At 1 November 2022
1,076
Charge for the year
1,049
-------
At 31 October 2023
2,125
-------
Carrying amount
At 31 October 2023
4,041
-------
At 31 October 2022
1,519
-------
6. Investments
Shares in group undertakings
£
Cost
At 1 November 2022 and 31 October 2023
901
----
Impairment
At 1 November 2022 and 31 October 2023
----
Carrying amount
At 31 October 2023
901
----
At 31 October 2022
901
----
7. Debtors
2023
2022
£
£
Trade debtors
4,000
4,000
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,478,172
1,456,591
Other debtors
717,112
716,408
------------
------------
2,199,284
2,176,999
------------
------------
8. Investments
2023
2022
£
£
Investments in group undertakings
500,000
500,000
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
13
13
Trade creditors
17,165
22,911
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,254,026
2,219,231
Social security and other taxes
1,442
1,442
Other creditors
375,806
247,906
------------
------------
2,648,452
2,491,503
------------
------------
10. Director's advances, credits and guarantees
At the year end the company was owed £73,558 (2022: £553,799) by a director. During the year the company made aggregate advances to a director of £137,256, a director made aggregate repayments of £620,030 and interest of £2,533 was charged on the outstanding balance.
11. Related party transactions
At the year end the company was owed £591,660 (2022: £102,473) by companies associated by common control. At the year end the company owed £354,994 (2022: £227,535) to companies associated by common control.