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REGISTERED NUMBER: 00682353 (England and Wales)















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: S L Douglas
D W James
J L Rollinson
B W Rollinson





Registered office: 10 Moor Road
Swanage
Dorset
BH19 1RG





Registered number: 00682353 (England and Wales)





Accountants: Cooper Parry Advisory Limited
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 4 800 -
Investment property 5 1,600,000 1,500,000
1,600,800 1,500,000

Current assets
Debtors 6 12,107 -
Cash at bank 106,308 57,552
118,415 57,552
Creditors
Amounts falling due within one year 7 78,966 49,455
Net current assets 39,449 8,097
Total assets less current liabilities 1,640,249 1,508,097

Capital and reserves
Called up share capital 8 1,000 1,000
Fair value reserve 9 (100,000 ) (200,000 )
Retained earnings 1,739,249 1,707,097
Shareholders' funds 1,640,249 1,508,097

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2024 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 2 September 2024 and were signed on its behalf by:





J L Rollinson - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the 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.

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 equipment20% 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 (2023 - 4 ) .

4. Tangible fixed assets
Fixtures,
fittings
and
equipment
£
Cost
At 6 April 2023 2,133
Additions 1,000
Disposals (2,133 )
At 5 April 2024 1,000
Depreciation
At 6 April 2023 2,133
Charge for year 200
Eliminated on disposal (2,133 )
At 5 April 2024 200
Net book value
At 5 April 2024 800
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 1,500,000
Revaluations 100,000
At 5 April 2024 1,600,000
Net book value
At 5 April 2024 1,600,000
At 5 April 2023 1,500,000

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 10,003 -
Prepayments 2,104 -
12,107 -

7. Creditors: amounts falling due within one year
2024 2023
£ £
Tax 56,678 28,616
Other creditors 16,251 16,251
Directors' current accounts 1,308 308
Accruals and deferred income 4,729 4,280
78,966 49,455

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
1,000 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 (200,000 )
No description 100,000

At 5 April 2024 (100,000 )