Company Registration No. 08032828 (England and Wales)
The Lodge House Properties Limited
Unaudited accounts
for the year ended 31 December 2023
The Lodge House Properties Limited
Unaudited accounts
Contents
The Lodge House Properties Limited
Company Information
for the year ended 31 December 2023
Company Number
08032828 (England and Wales)
Registered Office
109 Station Road
Beaconsfield
HP9 1UT
The Lodge House Properties Limited
Statement of financial position
as at 31 December 2023
Tangible assets
7,042
11,171
Investment property
1,845,975
1,845,975
Cash at bank and in hand
4,918
20,307
Creditors: amounts falling due within one year
(1,298,508)
(1,275,048)
Net current liabilities
(1,237,220)
(1,222,672)
Total assets less current liabilities
615,797
634,474
Provisions for liabilities
Deferred tax
(198,213)
(198,213)
Net assets
417,584
436,261
Called up share capital
100
100
Revaluation reserve
263,670
263,670
Profit and loss account
153,814
172,491
Shareholders' funds
417,584
436,261
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 22 September 2024 and were signed on its behalf by
Federica Monsone
Director
Company Registration No. 08032828
The Lodge House Properties Limited
Notes to the Accounts
for the year ended 31 December 2023
The Lodge House Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 08032828. The registered office is 109 Station Road, Beaconsfield, HP9 1UT.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The company has net current liabilities of £1,237,220. Included in creditors is £1,290,915 owed to a business under common control. This business has agreed to continue to provide financial support to the company for the foreseeable future and therefore the director believes it is appropriate to prepare the financial statements on a going concern basis.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% Straight liine
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
The Lodge House Properties Limited
Notes to the Accounts
for the year ended 31 December 2023
4
Tangible fixed assets
Fixtures & fittings
At 31 December 2023
27,773
At 31 December 2023
20,731
At 31 December 2022
11,171
Fair value at 1 January 2023
1,845,975
At 31 December 2023
1,845,975
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.
Investment property comprises of four flats, a freehold interest and a holiday let. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2021 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
Amounts falling due within one year
Other debtors
56,370
32,069
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Creditors: amounts falling due within one year
2023
2022
Trade creditors
1,698
1,556
Other creditors
1,296,810
1,273,492
The Lodge House Properties Limited
Notes to the Accounts
for the year ended 31 December 2023
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
25,165
(53,257)
20,000
(48,092)
25,165
(53,257)
20,000
(48,092)
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Transactions with related parties
Include within other debtors is a loan made to a company under common control of the director. The Lodge House Properties Limited. The interest rate is 2.25% HMRC official rate and the loan is repayable on demand. The value of the loan is £1,290,915 at 31st December 2023 (2022: 1,267,597)
Interest payable and similar expenses includes the following:
Interest payable to group undertakings £28,406 (2022: £71,751)
10
Average number of employees
During the year the average number of employees was 1 (2022: 1).