Registered number
12397080
Lakes Property Commercial Limited
Unaudited Filleted Accounts
31 January 2024
Lakes Property Commercial Limited
Registered number: 12397080
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Investment Property 3 490,000 490,000
490,000 490,000
Current assets
Debtors 4 - 60,000
Cash at bank and in hand 76,840 59,407
76,840 119,407
Creditors: amounts falling due within one year 5 (471,116) (539,828)
Net current liabilities (394,276) (420,421)
Total assets less current liabilities 95,724 69,579
Provisions for liabilities (4,703) (4,703)
Net assets 91,021 64,876
Capital and reserves
Called up share capital 100 100
Revaluation reserve 20,052 20,052
Profit and loss account 70,869 44,724
Shareholders' funds 91,021 64,876
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.
Mrs S Parvaiz
Director
Approved by the board on 16 April 2024
Lakes Property Commercial Limited
Notes to the Accounts
for the year ended 31 January 2024
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. Turnover includes revenue earned from the rendering of services. 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:
Fixtures, fittings, tools and equipment over 5 years
Investment Property
Investment property is included at 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.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Investment Property
Investment Property Total
£ £
Cost
At 1 February 2023 490,000 490,000
Additions - -
Surplus on revaluation - -
Disposals - -
At 31 January 2024 490,000 490,000
Depreciation
At 1 February 2023 - -
Charge for the year - -
Surplus on revaluation - -
On disposals - -
At 31 January 2024 - -
Net book value
At 31 January 2024 490,000 490,000
At 31 January 2023 490,000 490,000
Freehold land and buildings: 2024 2023
£ £
Historical cost 465,245 465,245
Cumulative depreciation based on historical cost - -
465,245 465,245
The directors are in the opinion that there has not been a fair value increase in the investment property during the current year (2023 -24,755). This opinion was ascertained based on similar properties in the locality and reviews conducted on an open market valuation of a freehold basis.
4 Debtors 2024 2023
£ £
Other debtors - 60,000
- 60,000
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 6,146 3,765
Other creditors 464,970 536,063
471,116 539,828
6 Other information
Lakes Property Commercial Limited is a private company limited by shares and incorporated in England. Its registered office is:
11 George Street West
Luton
Bedfordshire
LU1 2BJ
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