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Registered number: 03204622
LIMEROSE PROPERTIES LIMITED
Financial Statements
For The Year Ended 31 January 2024
Devonports LAS Accountants Ltd
Cumberland House
24 - 28 Baxter Avenue
Southend on Sea
Essex
SS2 6HZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03204622
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,837,007 1,837,009
1,837,007 1,837,009
CURRENT ASSETS
Debtors 5 905,503 875,880
Cash at bank and in hand 11,042 44,882
916,545 920,762
Creditors: Amounts Falling Due Within One Year 6 (32,027 ) (33,466 )
NET CURRENT ASSETS (LIABILITIES) 884,518 887,296
TOTAL ASSETS LESS CURRENT LIABILITIES 2,721,525 2,724,305
Creditors: Amounts Falling Due After More Than One Year 7 (484,993 ) (504,993 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (301,217 ) (301,217 )
NET ASSETS 1,935,315 1,918,095
CAPITAL AND RESERVES
Called up share capital 8 2 2
Revaluation reserve 9 1,279,982 1,279,982
Profit and Loss Account 655,331 638,111
SHAREHOLDERS' FUNDS 1,935,315 1,918,095
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For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr P H Stannard
Director
21/10/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
LIMEROSE PROPERTIES LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 03204622 . The registered office is 249 Thorpe Hall Avenue, Thorpe Bay, Southend on Sea, Essex, SS1 3SG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Carried at fair value
Plant & Machinery 25% reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.4. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Total
£ £ £
Cost or Valuation
As at 1 February 2023 1,837,000 2,887 1,839,887
As at 31 January 2024 1,837,000 2,887 1,839,887
Depreciation
As at 1 February 2023 - 2,878 2,878
Provided during the period - 2 2
As at 31 January 2024 - 2,880 2,880
Net Book Value
As at 31 January 2024 1,837,000 7 1,837,007
As at 1 February 2023 1,837,000 9 1,837,009
Included within land and buildings are investment properties carried at fair value of £1,837,000 which was valued by research of online property values and approved by Directors. 
5. Debtors
2024 2023
£ £
Due within one year
Amounts owed by participating interests 902,159 865,184
Other debtors 3,344 10,696
905,503 875,880
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 3,588
Bank loans and overdrafts 20,000 20,000
Other creditors 12,027 3,044
Taxation and social security - 6,834
32,027 33,466
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 484,993 504,993
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
9. Reserves
Revaluation Reserve
£
As at 1 February 2023 1,279,982
As at 31 January 2024 1,279,982
10. Related Party Transactions
At the year end, £265,968 (2023: £235,797) was owed to the company from Opendoor Properties Limited, a company of which Limerose Properties Limited is a fully owned subsidiary. All transactions were undertaken at arms length.
At the year end, £635,481 (2023: £629,387) was owed to the company from Tower Hotel (Southend) Limited, a company held under common control. All transactions were undertaken at arms length.
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