Leverford Properties Ltd
Registered number: 05655908
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,003,283 1,004,004
Current assets
Debtors 4 38,675 28,115
Cash at bank and in hand 28,448 17,544
67,123 45,659
Creditors: amounts falling due within one year 5 (943,541) (939,121)
Net current liabilities (876,418) (893,462)
Total assets less current liabilities 126,865 110,542
Provisions for liabilities (9,281) (9,281)
Net assets 117,584 101,261
Capital and reserves
Called up share capital 100 100
Profit and loss account (Distributable) 117,484 101,161
Shareholders' funds 117,584 101,261
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M Shah
Director
Approved by the board on 3 September 2024
Leverford Properties Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the rents received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from rents and from the rendering of services. In the current year, no rents were charged to the tenants due to Covid-19 pandemic.
Investments
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. The methods and significant assumptions used to acertain the fair value at the balance sheet date and fair value movement included in the profit for the year are as follows:
Properties are valued using open market valuation on freehold basis, conducted by the directors themselves.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company (Including directors) 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 1,094,525 7,909 1,102,434
At 31 December 2023 1,094,525 7,909 1,102,434
Depreciation
At 1 January 2023 94,525 3,905 98,430
Charge for the year - 721 721
At 31 December 2023 94,525 4,626 99,151
Net book value
At 31 December 2023 1,000,000 3,283 1,003,283
At 31 December 2022 1,000,000 4,004 1,004,004
The investment property held within the company was valued as at 31st December 2016 by the directors, who themselves have been involved in property developments in the recent past. The valuations were based on rental yeilds, and recent market land values achieved on comparable properties in the immediate vicinity
4 Debtors 2023 2022
£ £
Trade debtors 26,175 15,615
Other debtors 12,500 12,500
38,675 28,115
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 1,071 425
Trade creditors 91 1,197
Other taxes and social security costs 8,368 3,487
Other creditors 934,011 934,012
943,541 939,121
6 Related party transactions
Other creditors include £933,107 (2022: £933,107) as loans from shareholders
7 Other information
Leverford Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Leverford House
219 Kingsbuty Road
London
NW9 8XG
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