Company registration number SC757512 (Scotland)
LAMB AND KERR PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
LAMB AND KERR PROPERTIES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
LAMB AND KERR PROPERTIES LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
Notes
£
£
Fixed assets
Tangible assets
3
665
Investment properties
4
356,358
357,023
Current assets
Cash at bank and in hand
1,363
Creditors: amounts falling due within one year
5
(117,565)
Net current liabilities
(116,202)
Total assets less current liabilities
240,821
Creditors: amounts falling due after more than one year
6
(248,795)
Net liabilities
(7,974)
Capital and reserves
Called up share capital
7
2
Profit and loss reserves
(7,976)
Total equity
(7,974)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 July 2024 and are signed on its behalf by:
Mr D Lamb
Director
Company Registration No. SC757512
LAMB AND KERR PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information
Lamb And Kerr Properties Ltd is a private company limited by shares incorporated in Scotland. The registered office is 158 Glasgow Road, Edinburgh, United Kingdom, EH12 8LS.
1.1
Reporting period
The extended reported period is due to this being the first period of accounts for the company. This is at the decision of the directors'.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.3
Going concern
At the year end, the company had net liabilities of £7,974. The directors have confirmed that they will continue to provide financial support to the company until such time that the financial position improves. The directors therefore consider it appropriate to prepare the financial statements on a going concern basis.true
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown inclusive of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.5
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 and fittings
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.
1.6
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
LAMB AND KERR PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 2 February 2023
Additions
713
At 28 February 2024
713
Depreciation and impairment
At 2 February 2023
Depreciation charged in the period
48
At 28 February 2024
48
Carrying amount
At 28 February 2024
665
4
Investment property
2024
£
Fair value
At 2 February 2023
Additions
356,358
At 28 February 2024
356,358
Investment property comprises one property. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 14 August 2023 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
LAMB AND KERR PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2024
- 4 -
5
Creditors: amounts falling due within one year
2024
£
Other creditors
115,765
Accruals and deferred income
1,800
117,565
6
Creditors: amounts falling due after more than one year
2024
£
Bank loans and overdrafts
248,795
7
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary of £1 each
2
2