Registered number
08266959
Lorven Housing Ltd
Filleted Accounts
31 October 2023
Lorven Housing Ltd
Registered number: 08266959
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,162,682 2,737,897
Current assets
Debtors 4 293,422 84,346
Cash at bank and in hand 351,762 244,628
645,184 328,974
Creditors: amounts falling due within one year 5 (537,664) (345,793)
Net current assets/(liabilities) 107,520 (16,819)
Total assets less current liabilities 3,270,202 2,721,078
Creditors: amounts falling due after more than one year 6 (1,772,429) (1,446,990)
Net assets 1,497,773 1,274,088
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 1,487,773 1,264,088
Shareholders' funds 1,497,773 1,274,088
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ananda Chakravarthy Kota
Director
Approved by the board on 3 October 2024
Lorven Housing Ltd
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings No depreciation provided
Plant and machinery 10 % on reducing balance basis
Fixtures, fittings, tools and equipment 5 % on reducing balance basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 20 24
3 Tangible fixed assets
Land and buildings Fixtures and fittings Plant and machinery etc Total
£ £ £ £
Cost
At 1 November 2022 2,174,143 609,558 130,870 2,914,571
Additions 302,814 64,143 103,211 470,168
At 31 October 2023 2,476,957 673,701 234,081 3,384,739
Depreciation
At 1 November 2022 - 119,141 57,533 176,674
Charge for the year - 27,728 17,655 45,383
At 31 October 2023 - 146,869 75,188 222,057
Net book value
At 31 October 2023 2,476,957 526,832 158,893 3,162,682
At 31 October 2022 2,174,143 490,417 73,337 2,737,897
4 Debtors 2023 2022
£ £
Trade debtors 40,558 59,210
Other debtors 252,864 25,136
293,422 84,346
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 246,600 118,300
Taxation and social security costs 110,141 88,675
Other creditors 180,923 138,818
537,664 345,793
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,755,517 1,364,078
Other creditors 16,912 82,912
1,772,429 1,446,990
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 1,845,567 1,265,227
The bank loan is secured by a first charge over the company’s property and bear interest at a variable rate.
8 Other information
Lorven Housing Ltd is a private company limited by shares and incorporated in England. Its registered office is:
114 Church Road
Croydon
Surrey
CR0 1SD
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