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Company No: 13219114 (England and Wales)

LIL (K) LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

LIL (K) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

LIL (K) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
LIL (K) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 1,992,031 1,147,031
1,992,031 1,147,031
Current assets
Debtors 4 5,742 3,145
Cash at bank and in hand 131,634 114,689
137,376 117,834
Creditors: amounts falling due within one year 5 ( 9,628) ( 7,121)
Net current assets 127,748 110,713
Total assets less current liabilities 2,119,779 1,257,744
Creditors: amounts falling due after more than one year 6 ( 1,146,005) ( 300,000)
Net assets 973,774 957,744
Capital and reserves
Called-up share capital 996,405 996,405
Profit and loss account ( 22,631 ) ( 38,661 )
Total shareholders' funds 973,774 957,744

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of LIL (K) Limited (registered number: 13219114) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

M G Blake
Director

17 October 2024

LIL (K) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
LIL (K) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

LIL (K) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 432 Woodbridge Road, Ipswich, IP4 4EL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Investment property

Investment property
£
Valuation
As at 01 April 2023 1,147,031
Additions 845,000
As at 31 March 2024 1,992,031

The 2024 valuations were made by the directors, on an open market value for existing use basis.

4. Debtors

2024 2023
£ £
Trade debtors 0 2,250
Amounts owed by directors 0 61
Prepayments 3,677 631
Other debtors 2,065 203
5,742 3,145

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 750 2,377
Accruals 4,374 4,500
Taxation and social security 4,504 244
9,628 7,121

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Amounts owed to related parties 1,146,005 300,000

There are no amounts included above in respect of which any security has been given by the small entity.

7. Related party transactions

The company has taken the exemption available within FRS102 for reporting transactions with members of the same wholly owned group.