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Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Lancefield Properties Limited

Lancefield Properties Limited (Registered number: 02274660)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Lancefield Properties Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: M A Boret





SECRETARY: M A Boret





REGISTERED OFFICE: Lancefield House
5 Commerce Way
Croydon
Surrey
CR0 4XA





REGISTERED NUMBER: 02274660 (England and Wales)





ACCOUNTANTS: Williams & Co Epsom LLP
Chartered Accountants
8-10 South Street
Epsom
Surrey
KT18 7PF

Lancefield Properties Limited (Registered number: 02274660)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 10,000,000 10,000,000

CURRENT ASSETS
Debtors 5 1,557,911 1,178,326
Cash at bank 5,440 2,603
1,563,351 1,180,929
CREDITORS
Amounts falling due within one year 6 120,839 131,772
NET CURRENT ASSETS 1,442,512 1,049,157
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,442,512

11,049,157

PROVISIONS FOR LIABILITIES 7 2,217,199 1,704,037
NET ASSETS 9,225,313 9,345,120

CAPITAL AND RESERVES
Called up share capital 8 250,000 250,000
Fair value reserve 9 7,301,821 7,814,983
Retained earnings 9 1,673,492 1,280,137
SHAREHOLDERS' FUNDS 9,225,313 9,345,120

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 September 2024 and were signed by:





M A Boret - Director


Lancefield Properties Limited (Registered number: 02274660)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Lancefield Properties 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.

Significant judgements and estimates
The valuation of the investment property is based on a formal valuation carried out in 2022, alongside the director's judgement as to the valuation being appropriate.

The valuation has been carried out in accordance with RICS Valuation - Global Standards 2022, but this still requires judgements to be made in terms of the market rent achievable and analysis of the facts to reach a reported market value.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

Lancefield Properties Limited (Registered number: 02274660)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 10,000,000
NET BOOK VALUE
At 31 December 2023 10,000,000
At 31 December 2022 10,000,000


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 1,549,971 1,171,290
Prepayments 7,940 7,036
1,557,911 1,178,326

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Tax 30,791 42,857
VAT 22,679 22,450
Other creditors 33,862 33,862
Directors' current accounts 23,967 23,967
Accruals and deferred income 7,940 7,036
Accrued expenses 1,600 1,600
120,839 131,772

7. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 2,217,199 1,704,037

Deferred
tax
£   
Balance at 1 January 2023 1,704,037
Provided during year 513,162
Balance at 31 December 2023 2,217,199

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
250,000 Ordinary shares £1 250,000 250,000

Lancefield Properties Limited (Registered number: 02274660)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


9. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 January 2023 1,280,137 7,814,983 9,095,120
Deficit for the year (119,807 ) (119,807 )
Transfer 513,162 (513,162 ) -
At 31 December 2023 1,673,492 7,301,821 8,975,313

10. OTHER FINANCIAL COMMITMENTS

The freehold property has been given as security for a bank loan taken by the ultimate holding company.

11. ULTIMATE CONTROLLING PARTY

The controlling party is M A Boret.