Registered number
07925240
Lifestyle Marine Properties Ltd
Report and Accounts
31 January 2024
Lifestyle Marine Properties Ltd
Registered number: 07925240
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 295,000 295,000
Current assets
Cash at bank and in hand (3) (1)
Creditors: amounts falling due within one year 4 (192,528) (195,630)
Net current liabilities (192,531) (195,631)
Total assets less current liabilities 102,469 99,369
Provisions for liabilities (11,970) (11,970)
Net assets 90,499 87,399
Capital and reserves
Called up share capital 1 1
Profit and loss account 90,498 87,398
Shareholder's funds 90,499 87,399
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
N Jones
Director
Approved by the board on 23 October 2024
Lifestyle Marine Properties Ltd
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 represents revenue earned from letting and is recognised upon receipt.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Investment properties
Investment properties are measured at fair value based on open market value. Changes in fair value are recognised in profit or loss.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Investment properties
£
Cost
At 1 February 2023 295,000
At 31 January 2024 295,000
Depreciation
At 31 January 2024 -
Net book value
At 31 January 2024 295,000
At 31 January 2023 295,000
Freehold land and buildings: 2024 2023
£ £
Historical cost 232,000 232,000
Cumulative depreciation based on historical cost - -
232,000 232,000
The properties were revalued at fair value in April 2019 by the managing director, Mr Nick Jones. Fair value was ascertained by review of current prices on an active market for similar property in the same location and condition.
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 362 683
Corporation tax 3,578 2,851
Other creditors 188,588 192,096
192,528 195,630
5 Related party transactions
N Jones - Managing Director
Included in other creditors is a loan due to Mr Jones of £188,588 (2023: £192,096). The loan arose from the transfer of property title from Mr Jones to the company and is made free of interest. Mr Jones has assured that he will not draw substantially upon the loan if to do so would have an averse effect on the financial stability of the company.
6 Other information
Lifestyle Marine Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
5a Church Road South
Woolton Village
Liverpool
L25 7RJ
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