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Registered number: 9882760
Linford Estates Limited
Financial Statements
For The Year Ended 30 November 2023
Kennedy Johnson
83 Carlton Drive
Wigston
LE18 1DG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 9882760
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,477,382 1,359,350
1,477,382 1,359,350
CURRENT ASSETS
Investments 5 787,967 1,222,700
Cash at bank and in hand 9,256 15,786
797,223 1,238,486
Creditors: Amounts Falling Due Within One Year 6 (67,000 ) (43,299 )
NET CURRENT ASSETS (LIABILITIES) 730,223 1,195,187
TOTAL ASSETS LESS CURRENT LIABILITIES 2,207,605 2,554,537
Creditors: Amounts Falling Due After More Than One Year 7 (1,956,986 ) (2,352,009 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (13,202 ) (15,435 )
NET ASSETS 237,417 187,093
CAPITAL AND RESERVES
Called up share capital 8 100 100
Revaluation reserve 9 19,798 19,798
Profit and Loss Account 217,519 167,195
SHAREHOLDERS' FUNDS 237,417 187,093
Page 1
Page 2
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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr John Sugden
Director
23/05/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Linford Estates Limited is a private company, limited by shares, incorporated in England & Wales, registered number 9882760 . The registered office is 32 Main Street, Newtown Linford, Leicester, Leicestershire, LE6 0AD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
2.2. Turnover
Turnover comprises gross rental income receivable plus the gross sale price of properties sold, except where those properties have previously been regarded and shown as investment properties by the company, together with the invoiced sale of goods and services supplied by the company, net of value added tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% per annum calculated on the reducing balance
Motor Vehicles 20% per annum calculated on the reducing balance
2.4. Investment Properties
Investment properties shall not be subject to periodic charges for depreciation except for properties held on lease, which shall be depreciated at least over the period when the unexpired term is 20 years or less.
Investment properties shall be included in the balance sheet at their market value.
2.5. Taxation
Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 1 1
1 1
Page 3
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4. Tangible Assets
Investment Properties Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost or Valuation
As at 1 December 2022 1,297,910 9,269 104,953 1,412,132
Additions 129,787 1,000 - 130,787
As at 30 November 2023 1,427,697 10,269 104,953 1,542,919
Depreciation
As at 1 December 2022 - 4,924 47,858 52,782
Provided during the period - 1,336 11,419 12,755
As at 30 November 2023 - 6,260 59,277 65,537
Net Book Value
As at 30 November 2023 1,427,697 4,009 45,676 1,477,382
As at 1 December 2022 1,297,910 4,345 57,095 1,359,350
5. Current Asset Investments
2023 2022
£ £
Short term deposits 787,967 1,222,700
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Corporation tax 14,038 13,744
Mortgage repayments in next 12 months 44,005 26,516
Rents paid in advance 7,380 -
Accruals 1,577 3,039
67,000 43,299
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Mortgages 238,972 330,495
Other loans - 99,000
Directors loan account 1,718,014 1,922,514
1,956,986 2,352,009
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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Page 5
9. Reserves
Revaluation Reserve
£
As at 1 December 2022 19,798
As at 30 November 2023 19,798
Page 5