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COMPANY REGISTRATION NUMBER: 03323014
Laxmi Properties Limited
Filleted Unaudited Financial Statements
31 March 2024
Laxmi Properties Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Laxmi Properties Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
3,981,661
3,982,125
Investments
6
402
7,016
------------
------------
3,982,063
3,989,141
Current assets
Stocks
900,001
1,680,151
Debtors
7
1,646
3,867
Cash at bank and in hand
174,014
17,225
------------
------------
1,075,661
1,701,243
Creditors: amounts falling due within one year
8
625,402
1,211,244
------------
------------
Net current assets
450,259
489,999
------------
------------
Total assets less current liabilities
4,432,322
4,479,140
Creditors: amounts falling due after more than one year
9
2,762,142
2,762,142
Provisions
Taxation including deferred tax
259,529
259,645
------------
------------
Net assets
1,410,651
1,457,353
------------
------------
Capital and reserves
Called up share capital
10
100
100
Profit and loss account
1,410,551
1,457,253
------------
------------
Shareholders funds
1,410,651
1,457,353
------------
------------
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 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Laxmi Properties Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
Mr A P Singh
Director
Company registration number: 03323014
Laxmi Properties Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
The turnover shown in the profit and loss account represents rental income accounted for on a receivable basis.
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment
-
20% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Investment property
Office equipment
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
3,979,806
15,313
3,995,119
------------
--------
------------
Depreciation
At 1 April 2023
12,994
12,994
Charge for the year
464
464
------------
--------
------------
At 31 March 2024
13,458
13,458
------------
--------
------------
Carrying amount
At 31 March 2024
3,979,806
1,855
3,981,661
------------
--------
------------
At 31 March 2023
3,979,806
2,319
3,982,125
------------
--------
------------
The director has valued the investment property at £3,979,806 as at 31 March 2024. The historical cost of the investment property is £2,415,616.
6. Investments
Shares in group undertakings
UK listed investments
Total
£
£
£
Cost
At 1 April 2023
125,400
402
125,802
Disposals
( 125,400)
( 125,400)
---------
----
---------
At 31 March 2024
402
402
---------
----
---------
Impairment
At 1 April 2023
118,786
118,786
Disposals
( 118,786)
( 118,786)
---------
----
---------
At 31 March 2024
---------
----
---------
Carrying amount
At 31 March 2024
402
402
---------
----
---------
At 31 March 2023
6,614
402
7,016
---------
----
---------
7. Debtors
2024
2023
£
£
Trade debtors
221
945
Prepayments and accrued income
561
363
Other debtors
864
2,559
-------
-------
1,646
3,867
-------
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,000
Accruals and deferred income
30,835
30,688
Corporation tax
57,672
Director loan accounts
33,238
101,458
Amounts owed to related undertakings
144,040
609,876
Other creditors
411,289
411,550
---------
------------
625,402
1,211,244
---------
------------
The bank loans and overdrafts are secured by charges over the company's investment property.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,762,142
2,762,142
------------
------------
The bank loans and overdrafts are secured by charges over the company's investment property.
Included within creditors: amounts falling due after more than one year is an amount of £2,762,142 (2023: £2,762,142) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
A Ordinary shares of £ 0.50 each
30
15
30
15
B Ordinary shares of £ 0.50 each
30
15
30
15
C Ordinary shares of £ 0.50 each
19
10
19
10
D Ordinary shares of £ 0.50 each
13
7
13
7
E Ordinary shares of £ 0.50 each
8
4
8
4
F Ordinary shares of £0.50 each
30
15
30
15
G Ordinary shares of £0.50 each
30
15
30
15
H Ordinary shares of £0.50 each
19
10
19
10
I Ordinary shares of £0.50 each
13
7
13
7
J Ordinary shares of £0.50 each
8
4
8
4
----
----
----
----
200
100
200
100
----
----
----
----
11. Related party transactions
At the year end the company owed its director £33,238 (2023: £101,458) which is shown within creditors due within one year. At the year end the company owed £411,289 (2023: £411,550) to close family members of the director, which is shown within other creditors. At the year end the company owed £144,040 (2023: £609,876) to related undertakings, of which the director is also a shareholder.
12. Controlling party
The company is a wholly owned subsidiary of Laxmi Properties Holdings Limited, a company incorporated in England and Wales. The registered office of Laxmi Properties Holdings Limited is 146 New London Road, Chelmsford, Essex, CM2 0AW.