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Company registration number: |
14733715
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LAIYEE & WALLACE LIMITED
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REPORT OF THE DIRECTORS' AND |
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FINANCIAL STATEMENTS |
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FOR THE PERIOD ENDED 31 March 2024 |
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LAIYEE & WALLACE LIMITED |
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BALANCE SHEET |
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AS AT 31 March 2024
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2024 |
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Notes |
£ |
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£ |
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FIXED ASSETS | | | | | | | | | | | |
Tangible assets | | | 3 | | | 393,733 | |
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| | | | | | | 393,733 |
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CURRENT ASSETS |
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Debtors | | | | 258 |
Cash at bank and in hand | | | | 4,664 |
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| | | | | 4,922 |
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CREDITORS |
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Amounts falling due within one year |
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(400,820) |
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NET CURRENT ASSETS |
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(395,898) |
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TOTAL ASSETS LESS |
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CURRENT LIABILITIES |
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(2,165) |
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NET ASSETS |
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(2,165) |
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CAPITAL AND RESERVES |
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Called-up equity share capital |
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100 |
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Profit and loss account |
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(2,265) |
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SHAREHOLDERS FUNDS |
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(2,165) |
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For the period ending 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. | | | | | | | |
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. | | | | | | | |
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of the accounts. | | | | | | | |
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All the members have consented to the preparation of abridged financial statements for the period ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006. | | | | | | | |
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The profit and loss account has not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies' regime. | | | | | | | |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. Approved by the board of directors on 19 October 2024 and signed on its behalf. | | | | | | | |
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.......................................................................... |
C H Chan |
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19 October 2024
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The annexed notes form part of these financial statements. | | | | | | | |
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LAIYEE & WALLACE LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
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FOR THE PERIOD ENDED 31 MARCH 2024 |
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1. |
Accounting policies |
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Basis of preparing the financial statements |
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The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below. These financial statements have been prepared in accordance with FRS102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements are prepared under the historical cost convention and incorporate the results of the principal activity which is described in the directors' report and which is continuing.
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| Turnover | | | | | | | | | |
| Turnover represents rental income on investment properties, excluding value added tax. | |
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| Financial assets |
| Investment properties are carried at fair value, and are not depreciated, in accordance with FRS 102 section 1A. | |
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| Fixed Assets | | | | | | | | |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. Fixtures & Fittings - 20% on cost | |
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| Deferred Taxation | | | | | | | | |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. | |
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| GOING CONCERN | | | | | | | |
| The company has a deficit on its reserves and net current liabilities at the balance sheet date. Therefore, prima facie, it may not be in a position to continue as a going concern. The deficit is wholly attributable to debts owed to the directors / shareholders, who will not seek repayments of amounts that may threaten the future of the company. The company has therefore adopted the going concern principles in compiling these financial statements. |
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2. | Employees | | | |
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| The average number of persons employed by the company (including directors) during the year was 2. |
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3. | Tangible fixed assets | | | | | | | | | |
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Total |
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| Cost | | | | | | | | | | |
| Additions | | | 393,811 | |
| At end of period | | 393,811 | |
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| Depreciation | | | | | | | | | | |
| Provided during the period | | 78 | |
| At end of period | | 78 | |
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| Net Book Value | | | | | | | | | |
| At end of period | | 393,733 | |
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| The investments properties were valued at 30 September 2022 by the directors of the company. |
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4. | Related Party Transactions | | | | | | | | |
| The directors have provided loans to the company upon which no interest is being charged. The balance due to the directors at the end of the year was £395,948. There are no formal terms for repayment of the loans. It is therefore, included in its entirety within Creditors: Amounts falling due within one year. | |
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