Registration number:
Lion Plaza Propco Limited
for the Period from 26 May 2023 to 31 December 2023
Lion Plaza Propco Limited
(Registration number: 14897777)
Statement of Financial Position as at 31 December 2023
Note |
2023 |
|
Fixed assets |
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Investment property |
|
|
Current assets |
||
Debtors |
|
|
Cash at bank and in hand |
|
|
|
||
Creditors: Amounts falling due within one year |
( |
|
Net current liabilities |
( |
|
Total assets less current liabilities |
|
|
Provisions for liabilities |
( |
|
Net assets |
|
|
Capital and reserves |
||
Called up share capital |
100 |
|
Other reserves |
88,257,936 |
|
Profit and loss account |
(1,532,770) |
|
Shareholders' funds |
86,725,266 |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.
Approved and authorised by the
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Lion Plaza Propco Limited
Notes to the Financial Statements for the Period from 26 May 2023 to 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Audit report
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Key sources of estimation uncertainty
Revaluation of investment properties: The company caries its investment properties at fair value, with changes in fair value being recognised in the income statement. The carrying value and key assumptions used to determine the fair value of investment property are further explained in Note 4..
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Government grants
Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.
Lion Plaza Propco Limited
Notes to the Financial Statements for the Period from 26 May 2023 to 31 December 2023
Tax
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Investment property
Trade debtors
Short term debtors are measured at transaction price, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and bank deposits.
Trade creditors
Short term creditors are measured at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Employee benefits
Short-term employee benefits are recognised as an expense in the period which they are incurred.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Lion Plaza Propco Limited
Notes to the Financial Statements for the Period from 26 May 2023 to 31 December 2023
Investment properties |
2023 |
|
Additions |
|
At 31 December 2023 |
|
There has been no valuation of investment property by an independent valuer, as the investment property was purchased in the year.
The investment property is financed by a third party mortgage provider, who has fixed and floating charges over the company's assets, including the investment property
Debtors |
2023 |
|
Trade debtors |
|
Other debtors |
|
Prepayments |
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
|
Bank loans and overdrafts |
|
|
Trade creditors |
|
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Taxation and social security |
|
|
Accruals and deferred income |
|
|
Other creditors |
|
|
|
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £122,818,803.
Lion Plaza Propco Limited
Notes to the Financial Statements for the Period from 26 May 2023 to 31 December 2023
Loans and borrowings |
2023 |
|
Current loans and borrowings |
|
Bank borrowings |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the statement of financial position
The total amount of financial commitments not included in the statement of financial position is £
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
These financial statements are available upon request from Commerce Chambers, Road Town, Tortola, British Virgin Islands
Going concern |
The financial statements have been prepared on a going concern basis due to the continuing support of the immediate parent company, Halley Six Limited, a company registered in the British Virgin Islands.