REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 29 MARCH 2023 TO 31 MARCH 2024 |
FOR |
LANE PROPERTY DEVELOPMENTS LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 29 MARCH 2023 TO 31 MARCH 2024 |
FOR |
LANE PROPERTY DEVELOPMENTS LTD |
LANE PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 14766074) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 29 MARCH 2023 TO 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
LANE PROPERTY DEVELOPMENTS LTD |
COMPANY INFORMATION |
FOR THE PERIOD 29 MARCH 2023 TO 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
4 Office Village |
Forder Way |
Cygnet Park, Hampton |
Peterborough |
Cambridgeshire |
PE7 8GX |
LANE PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 14766074) |
BALANCE SHEET |
31 MARCH 2024 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Revaluation reserve |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LANE PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 14766074) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 29 MARCH 2023 TO 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Lane Property Developments Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
No significant judgements (apart from those involving estimations) have been made by management in the process of applying the entity's accounting policies and preparing these financial statements. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There have been no key assumptions or there sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Financial instruments |
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: |
Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. |
Financial liabilities - trade creditors, accruals and other creditors and basic financial instruments and are measured at amortised cost. Taxation and social security and not included in the financial instruments disclosure definition. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
LANE PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 14766074) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 29 MARCH 2023 TO 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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. |
Debtors |
Short term debtors are initially measured at transaction price less attributable costs and then subsequently measured at amortised costs using EIR. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Creditors |
Short term trade creditors are initially measured at transaction price less attributable costs. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
Revaluations | 45,188 |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2024 | 45,188 |
Cost | 196,812 |
242,000 |
If investment properties had not been revalued it would have been included at the following historical cost: |
£ |
Cost | 196,812 |
Investment properties were valued on an open market basis on 31 March 2024 by the directors . |
LANE PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 14766074) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 29 MARCH 2023 TO 31 MARCH 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Called up share capital not paid |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other loans |
Amounts owed to associates | 21,124 |
Accrued expenses |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
£ |
Other loans |
A charge dated May 2023 is held by Milldale Property Group Limited over the company's investment |
property known as 4 Gains Lane, Great Gidding, Huntingdon. The legal charge also contains a negative pledge. |
8. | PROVISIONS FOR LIABILITIES |
£ |
Deferred tax | 11,297 |
Deferred |
tax |
£ |
Provided during period |
Balance at 31 March 2024 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | £1 | 100 |
100 Ordinary shares of £1 each were allotted and fully paid for |
10. | ULTIMATE CONTROLLING PARTY |
The controlling parties are S J Lane, J M A Lane, J C Lane and J D Lane by virtue of their joint ownership of the issued ordinary share capital. |