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Registration number: 07099088

LLK Property Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

LLK Property Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

LLK Property Limited

(Registration number: 07099088)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,030

3,608

Investment property

5

1,275,000

-

 

1,278,030

3,608

Current assets

 

Debtors

6

2,640,860

3,334,213

Investments

7

3,198,238

6,846,916

Cash at bank and in hand

 

3,618,437

64,735

 

9,457,535

10,245,864

Creditors: Amounts falling due within one year

8

(7,595,014)

(7,965,629)

Net current assets

 

1,862,521

2,280,235

Total assets less current liabilities

 

3,140,551

2,283,843

Provisions for liabilities

(712)

(865)

Net assets

 

3,139,839

2,282,978

Capital and reserves

 

Called up share capital

2

2

Retained earnings

3,139,837

2,282,976

Shareholders' funds

 

3,139,839

2,282,978

 

LLK Property Limited

(Registration number: 07099088)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 September 2024 and signed on its behalf by:
 

Mr R P Heffer
Director

   
     
 

LLK Property Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Winchester House
Deane Gate Avenue
Taunton
Somerset
TA1 2UH

The principal place of business is:
1st Floor
153 Commercial Road
Poole
Dorset
BH14 0JJ

These financial statements were authorised for issue by the Board on 16 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

 

LLK Property Limited

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Turnover derived from property development represents amounts chargeable in respect of the sale of properties to customers.

Turnover derived from loans made represents amounts chargeable, allocated proportionately to accounting periods, over the life of the loans.

Turnover derived from rent receivable, represents amounts receivable in respect of the provision of residential accommodation on a straight line basis over the lease term.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% reducing balance

 

LLK Property Limited

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

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. The directors have adequate experience and knowledge of the industry to fairly value the properties. Changes in fair value are recognised in profit or loss.

Investments

Investments not relating to equity shares are included at historical cost and are assessed for impairment. Any impairment is recognised immediately in profit or loss. Income in relation to investments is recognised when receivable.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

LLK Property Limited

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 3 (2022 - 3).

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

8,775

8,775

Additions

180

180

At 31 December 2023

8,955

8,955

Depreciation

At 1 January 2023

5,167

5,167

Charge for the year

758

758

At 31 December 2023

5,925

5,925

Carrying amount

At 31 December 2023

3,030

3,030

At 31 December 2022

3,608

3,608

 

LLK Property Limited

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

5

Investment properties

2023
£

Additions

1,275,000

At 31 December 2023

1,275,000

The investment properties have been valued at the year end at market value by the directors. There has been no year end valuation by an independant valuer.

6

Debtors

2023
£

2022
£

Trade debtors

39,637

44,976

Prepayments and accrued income

96,700

119,773

Other debtors

2,504,523

3,169,464

2,640,860

3,334,213

7

Current asset investments

2023
£

2022
£

Other investments

3,198,238

6,846,916

8

Creditors

Due within one year

Note

2023
£

2022
£

Other loans

9

795,000

-

Trade creditors

 

9,016

100,637

Amounts owed to related parties

 

104,110

105,556

Other creditors

 

6,412,660

7,580,006

Accruals and deferred income

 

20,561

148,138

Corporation tax liability

 

253,667

31,292

 

7,595,014

7,965,629

 

LLK Property Limited

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

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Other borrowings

795,000

-

10

Related party transactions

Key management personnel

Key management are considered to be the company's directors.

Summary of transactions with key management

The company received loans from key management. The loans are interest free and repayable on demand.
 

Summary of transactions with other related parties

Other related parties are considered to be companies under common control.

 During the year the company received loans from other related parties. The loans are interest free and repayable on demand.
 

Loans from related parties

2023

Key management
£

Other related parties
£

Total
£

At start of period

7,577,092

105,556

7,682,648

Advanced

5,601

-

5,601

Repaid

(1,172,655)

(1,446)

(1,174,101)

At end of period

6,410,038

104,110

6,514,148

2022

Key management
£

Other related parties
£

Total
£

At start of period

7,437,253

121,565

7,558,818

Advanced

195,488

-

195,488

Repaid

(55,649)

(16,009)

(71,658)

At end of period

7,577,092

105,556

7,682,648