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No description of principal activity
2022-10-01
Sage Accounts Production Advanced 2023 - FRS102_2023
15,490,298
1,030,524
16,520,822
16,520,822
15,490,298
xbrli:pure
xbrli:shares
iso4217:GBP
08317473
2022-10-01
2023-09-30
08317473
2023-09-30
08317473
2022-09-30
08317473
2021-10-01
2022-09-30
08317473
2022-09-30
08317473
2021-09-30
08317473
bus:Director2
2022-10-01
2023-09-30
08317473
core:LandBuildings
2022-10-01
2023-09-30
08317473
core:AfterOneYear
2023-09-30
08317473
core:AfterOneYear
2022-09-30
08317473
core:WithinOneYear
2023-09-30
08317473
core:WithinOneYear
2022-09-30
08317473
core:UKTax
2022-10-01
2023-09-30
08317473
core:UKTax
2021-10-01
2022-09-30
08317473
core:ShareCapital
2023-09-30
08317473
core:ShareCapital
2022-09-30
08317473
core:RetainedEarningsAccumulatedLosses
2023-09-30
08317473
core:RetainedEarningsAccumulatedLosses
2022-09-30
08317473
core:LandBuildings
2023-09-30
08317473
core:LandBuildings
2022-09-30
08317473
core:LandBuildings
2022-09-30
08317473
bus:SmallEntities
2022-10-01
2023-09-30
08317473
bus:AuditExemptWithAccountantsReport
2022-10-01
2023-09-30
08317473
bus:SmallCompaniesRegimeForAccounts
2022-10-01
2023-09-30
08317473
bus:PrivateLimitedCompanyLtd
2022-10-01
2023-09-30
08317473
bus:FullAccounts
2022-10-01
2023-09-30
COMPANY REGISTRATION NUMBER:
08317473
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
STATEMENT OF FINANCIAL POSITION |
|
30 September 2023
Fixed assets
Tangible assets |
6 |
|
16,520,822 |
15,490,298 |
|
|
|
|
|
Current assets
Debtors |
7 |
5,613,822 |
|
5,649,395 |
Investments |
8 |
360,000 |
|
– |
Cash at bank and in hand |
355,098 |
|
329,779 |
|
------------- |
|
------------- |
|
6,328,920 |
|
5,979,174 |
|
|
|
|
|
Creditors: amounts falling due within one year |
9 |
5,090,469 |
|
4,076,207 |
|
------------- |
|
------------- |
Net current assets |
|
1,238,451 |
1,902,967 |
|
|
--------------- |
--------------- |
Total assets less current liabilities |
|
17,759,273 |
17,393,265 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
10 |
|
10,888,000 |
10,653,000 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
1,443,472 |
1,101,621 |
|
|
--------------- |
--------------- |
Net assets |
|
5,427,801 |
5,638,644 |
|
|
--------------- |
--------------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
1 |
1 |
Profit and loss account |
11 |
|
5,427,800 |
5,638,643 |
|
|
------------- |
------------- |
Shareholders funds |
|
5,427,801 |
5,638,644 |
|
|
------------- |
------------- |
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
STATEMENT OF FINANCIAL POSITION (continued) |
|
30 September 2023
These financial statements were approved by the
board of directors
and authorised for issue on
12 September 2024
, and are signed on behalf of the board by:
Company registration number:
08317473
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 30 SEPTEMBER 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. No material uncertainties related to conditions that may cast doubt about the ability of the company to continue as a going concern have been identified by the directors.
Consolidation
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 401 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is not established under the law of an EEA State.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: - investment property valuations
Revenue recognition
Turnover represents amounts derived from the company's principal activity. Rental income is recognised over the term of the lease on a straight-line basis. The aggregate cost of incentives is deducted from the rental income and allocated to the profit and loss account over the lease term or to the next review date, whichever is shorter. Sales income and asset management fees are recognised when the financial risks and rewards are transferred.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2022:
2
).
5.
Tax on profit
Major components of tax expense
Current tax:
UK current tax expense |
35,135 |
68,006 |
|
|
|
Deferred tax:
Origination and reversal of timing differences |
– |
428,662 |
Impact of change in tax rate |
341,851 |
– |
|
---------- |
---------- |
Total deferred tax |
341,851 |
428,662 |
|
---------- |
---------- |
Tax on profit |
376,986 |
496,668 |
|
---------- |
---------- |
|
|
|
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2022: higher than) the
standard rate of corporation tax in the UK
of
22.01
% (2022:
19
%).
|
2023 |
2022 |
|
£ |
£ |
Profit on ordinary activities before taxation |
166,143 |
2,614,020 |
|
---------- |
------------- |
Profit on ordinary activities by rate of tax |
36,565 |
496,664 |
Effect of expenses not deductible for tax purposes |
5,330 |
(
428,651) |
Effect of capital allowances and depreciation |
(
120) |
(
7) |
Effect of group relief |
(
6,640) |
– |
Deferred tax charge |
341,851
|
428,662 |
|
---------- |
------------- |
Tax on profit |
376,986 |
496,668 |
|
---------- |
------------- |
|
|
|
6.
Tangible assets
|
Land and buildings |
|
£ |
Cost |
|
At 1 October 2022 |
15,490,298 |
Additions |
1,030,524 |
|
--------------- |
At 30 September 2023 |
16,520,822 |
|
--------------- |
Depreciation |
|
At 1 October 2022 and 30 September 2023 |
– |
|
--------------- |
Carrying amount |
|
At 30 September 2023 |
16,520,822 |
|
--------------- |
At 30 September 2022 |
15,490,298 |
|
--------------- |
|
|
Tangible assets held at valuation
The investment properties were valued by the directors on an open market value basis at 30 September 2023. Investment properties were last valued by an external valuer, CBRE Limited, at market value in December 2022.
7.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
46,464 |
5,932 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
5,564,654 |
5,641,316 |
Other debtors |
2,704 |
2,147 |
|
------------- |
------------- |
|
5,613,822 |
5,649,395 |
|
------------- |
------------- |
|
|
|
8.
Investments
|
2023 |
2022 |
|
£ |
£ |
Short-term deposits |
360,000 |
– |
|
---------- |
---- |
|
|
|
9.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
54,351 |
6,852 |
Corporation tax |
35,119 |
68,006 |
Other creditors |
5,000,999 |
4,001,349 |
|
------------- |
------------- |
|
5,090,469 |
4,076,207 |
|
------------- |
------------- |
|
|
|
10.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
10,400,000 |
10,400,000 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
488,000 |
253,000 |
|
--------------- |
--------------- |
|
10,888,000 |
10,653,000 |
|
--------------- |
--------------- |
|
|
|
11.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses (distributable), together with investment property revaluations and associated deferred tax (non-distributable). At 30 September 2023 the profit and loss account balance of £5,427,800 (2022: £5,638,643) represents accumulated losses of £(77,373) (2022: £208,381 losses) and non-distributable reserves of £5,505,173 (2022: £5,847,024).
12.
Related party transactions
The company were owed £5,564,654 by LAN Estates Limited, a company under common control, at the year end for monies lent to them (2022 £5,641,316). During the year the company received loan interest from LAN Estates Limited totalling £351,860 (2022 £202,037).
13.
Controlling party
LAN Investments Ltd (incorporated in Seychelles) is regarded by the directors as being the company's ultimate parent company. At the year end, LAN Investments Limited were owed £3,070,346 for deeply discounted securities (DDS) issued to them by LANN Estates Limited (2022 £3,046,228). This amount includes an arrangement fee and a discount for the year totalling £24,117 (2022 £48,234). At the year end, LAN Investments Limited were also owed £488,000 for loans made to LANN Estates Limited (2022 £253,000).