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COMPANY REGISTRATION NUMBER: 10531367
LINDPET INVESTMENTS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2024
LINDPET INVESTMENTS LTD
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
Fixed assets
Investments
5
3,200,000
3,635,000
Current assets
Debtors
6
80,420
67,665
Cash at bank and in hand
1,102,270
717,725
-------------
----------
1,182,690
785,390
Creditors: amounts falling due within one year
7
313,909
248,969
-------------
----------
Net current assets
868,781
536,421
-------------
-------------
Total assets less current liabilities
4,068,781
4,171,421
Creditors: amounts falling due after more than one year
8
598,693
798,195
-------------
-------------
Net assets
3,470,088
3,373,226
-------------
-------------
LINDPET INVESTMENTS LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
2,000
2,000
Profit and loss account
3,468,088
3,371,226
-------------
-------------
Shareholders funds
3,470,088
3,373,226
-------------
-------------
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.
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 .
These financial statements were approved by the board of directors and authorised for issue on 13 September 2024 , and are signed on behalf of the board by:
P W Burrows
Director
Company registration number: 10531367
LINDPET INVESTMENTS LTD
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 Lindpet House, Market Place, Grantham, Lincs, NG31 6LJ.
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.
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. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. - Significant judgements No judgements have been made which would have a significant effect on the amounts recognised in the financial statements. - Key sources of estimation uncertainty Investment properties have been revalued at the balance sheet date by the directors at open market value.
Revenue recognition
The turnover shown in the profit and loss account represents rental income due for the year, net of any VAT due and recognised on an accruals 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.
Investment properties
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued by the directors to its fair value at each reporting date and any changes in fair value are 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.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Investments
Investment properties
£
Cost
At 1 April 2023
3,635,000
Disposals
( 390,000)
Revaluations
( 45,000)
-------------
At 31 March 2024
3,200,000
-------------
Impairment
At 1 April 2023 and 31 March 2024
-------------
Carrying amount
At 31 March 2024
3,200,000
-------------
At 31 March 2023
3,635,000
-------------
6. Debtors
2024
2023
£
£
Trade debtors
68,353
47,934
Other debtors
12,067
19,731
---------
---------
80,420
67,665
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
71,273
96,700
Trade creditors
4,580
1,136
Corporation tax
25,926
22,909
Social security and other taxes
15,331
19,715
Other creditors
196,799
108,509
----------
----------
313,909
248,969
----------
----------
Bank loans totalling £71,273 (2023 - £96,700) are secured by legal charges and debentures in favour of Lloyds Bank Plc.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
598,693
798,195
----------
----------
Included within creditors: amounts falling due after more than one year is an amount of £257,355 (2023: £388,388) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The mortgage which is due for payment in greater than 5 years is payable monthly in installments and subject to a market rate of interest.
Bank loans totalling £598,693 (2023 - £798,195) are secured by legal charges and debentures in favour of Lloyds Bank Plc.
9. Non distributable reserves
From the reserves, £1,362,066 relates to property revaluations and is non distributable which leaves £2,106,022 of distributable reserves.
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
P W Burrows
1,336
1,336
L R Lukies
----
-------
----
-------
1,336
1,336
----
-------
----
-------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
P W Burrows
733
( 733)
L R Lukies
131
( 131)
----
----
----
----
864
( 864)
----
----
----
----
11. Related party transactions
There are no transactions with related parties which are required to be disclosed under FRS 102 section 1A.
12. Controlling party
The immediate and ultimate parent undertaking is Lindpet Ltd and the ultimate controlling party is P Burrows .