REGISTERED NUMBER: |
Launspach Property Company Limited |
Unaudited Financial Statements |
for the Year Ended 5 April 2024 |
REGISTERED NUMBER: |
Launspach Property Company Limited |
Unaudited Financial Statements |
for the Year Ended 5 April 2024 |
Launspach Property Company Limited (Registered number: 00682353) |
Contents of the Financial Statements |
for the year ended 5 April 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Launspach Property Company Limited |
Company Information |
for the year ended 5 April 2024 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
250 Fowler Avenue |
Farnborough |
Hampshire |
GU14 7JP |
Launspach Property Company Limited (Registered number: 00682353) |
Balance Sheet |
5 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investment property | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 8 |
Fair value reserve | 9 | ( |
) | ( |
) |
Retained earnings |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Launspach Property Company Limited (Registered number: 00682353) |
Notes to the Financial Statements |
for the year ended 5 April 2024 |
1. | Statutory information |
Launspach Property Company Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound. |
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below. |
Going concern |
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Hence, the director continues to adopt the going concern basis of accounting in preparing the financial statements. |
Turnover |
Turnover represents amounts receivable for the provision of services and property rental incomes recognised on an accruals basis. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Fixtures, fittings and equipment | 20% Reducing balance |
The gain or loss arising 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 profit or loss. |
Investment property |
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost value, which includes the current market value and any directly attributable expenditure. The investment property value is reviewed annually, with a view to making any necessary revisions to fair value through the profit & loss account. |
Cash at bank and in hand |
Cash and cash equivalents are basic financial assets and include deposits held at call with banks. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Basic financial assets |
Basic financial assets, which include cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
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 interest in the assets of the company after deducting all of its liabilities. |
Launspach Property Company Limited (Registered number: 00682353) |
Notes to the Financial Statements - continued |
for the year ended 5 April 2024 |
2. | Accounting policies - continued |
Basic financial liabilities |
Basic financial liabilities, including creditors are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised. |
Equity instruments |
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. |
Taxation |
The tax expense represents the sum of the tax currently payable and deferred tax. |
Current 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 substantively enacted by the reporting end date. |
Retirement benefits |
The company operates a defined contribution scheme for the benefit of its directors. Contributions payable are charged to the profit and loss account in the year they are payable. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Fixtures, |
fittings |
and |
equipment |
£ |
Cost |
At 6 April 2023 |
Additions |
Disposals | ( |
) |
At 5 April 2024 |
Depreciation |
At 6 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 5 April 2024 |
Net book value |
At 5 April 2024 |
At 5 April 2023 |
Launspach Property Company Limited (Registered number: 00682353) |
Notes to the Financial Statements - continued |
for the year ended 5 April 2024 |
5. | Investment property |
Total |
£ |
Fair value |
At 6 April 2023 |
Revaluations | 100,000 |
At 5 April 2024 |
Net book value |
At 5 April 2024 |
At 5 April 2023 |
Investment property comprises freehold land and buildings. The fair value of the investment property has been arrived based on the directors best estimates. The historical cost of these properties is £1,720,009. |
Fair value at 5 April 2024 is represented by: |
£ |
Valuation in 2019 | (20,009 | ) |
Valuation in 2021 | (200,000 | ) |
Valuation in 2004 | 100,000 |
Cost | 1,720,009 |
1,600,000 |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Accrued income |
Prepayments |
7. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Tax |
Other creditors |
Directors' current accounts | 1,308 | 308 |
Accruals and deferred income |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary Shares | £1 | 1,000 | 1,000 |
Launspach Property Company Limited (Registered number: 00682353) |
Notes to the Financial Statements - continued |
for the year ended 5 April 2024 |
9. | Reserves |
Fair value |
reserve |
£ |
At 6 April 2023 | ( |
) |
No description | 100,000 |
At 5 April 2024 | ( |
) |