Company registration number 07919349 (England and Wales)
LYPPARD GRANGE PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LYPPARD GRANGE PROPERTIES LIMITED
COMPANY INFORMATION
Director
Mr F W K Tsang
Company number
07919349
Registered office
1 Tench Close
Worcester
Worcestershire
WR5 3FE
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Handelsbanken
2nd Floor, Brook Court
Whittington Hall
Worcester
Worcestershire
WR5 2RX
LYPPARD GRANGE PROPERTIES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
LYPPARD GRANGE PROPERTIES LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LYPPARD GRANGE PROPERTIES LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lyppard Grange Properties Limited for the year ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Lyppard Grange Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lyppard Grange Properties Limited and state those matters that we have agreed to state to the board of directors of Lyppard Grange Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lyppard Grange Properties Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Lyppard Grange Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lyppard Grange Properties Limited. You consider that Lyppard Grange Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lyppard Grange Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
3 September 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
LYPPARD GRANGE PROPERTIES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
185,221
206,164
Investment property
4
2,684,550
2,684,550
2,869,771
2,890,714
Current assets
Debtors
5
104,988
119,982
Cash at bank and in hand
1,172
6,390
106,160
126,372
Creditors: amounts falling due within one year
6
(676,268)
(656,734)
Net current liabilities
(570,108)
(530,362)
Total assets less current liabilities
2,299,663
2,360,352
Creditors: amounts falling due after more than one year
7
(1,178,440)
(1,238,678)
Provisions for liabilities
9
(154,214)
(155,038)
Net assets
967,009
966,636
Capital and reserves
Called up share capital
10
10
10
Other reserves
460,031
460,031
Profit and loss reserves
506,968
506,595
Total equity
967,009
966,636

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year 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.

LYPPARD GRANGE PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 3 September 2024
Mr F W K Tsang
Director
Company registration number 07919349 (England and Wales)
LYPPARD GRANGE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Lyppard Grange Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Tench Close, Worcester, Worcestershire, WR5 3FE.

1.1
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 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.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.

Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.

1.3
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:

Improvements to property
5% on cost
1.4
Investment property

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. The surplus or deficit on revaluation is recognised in profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

LYPPARD GRANGE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Improvements to property
£
Cost
At 1 January 2023 and 31 December 2023
418,850
Depreciation and impairment
At 1 January 2023
212,686
Depreciation charged in the year
20,943
At 31 December 2023
233,629
Carrying amount
At 31 December 2023
185,221
At 31 December 2022
206,164
LYPPARD GRANGE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
2,684,550

The director has assessed the market value of the property and considers that there has been no significant change in the market value at the year end.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
100,879
116,606
Other debtors
4,109
3,376
104,988
119,982
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
82,043
85,625
Amounts owed to group undertakings
558,870
512,108
Taxation and social security
27,284
39,621
Other creditors
8,071
19,380
676,268
656,734
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,178,440
1,238,678
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
1,260,483
1,324,303
Bank loans are secured by way of a fixed charge over all assets of the company.
LYPPARD GRANGE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
154,214
155,038
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
10
10
10
10
11
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12
Control

Ultimate parent company

The ultimate parent company is Tsang & Tsang Holdings Limited, a company registered in England and Wales.

Ultimate controlling party

The ultimate controlling party is Mr F W K Tsang, by virtue of his controlling interest in the ultimate parent company.

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