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COMPANY REGISTRATION NUMBER: 03426977
LORDBECK LIMITED
Filleted Unaudited Financial Statements
31 October 2023
LORDBECK LIMITED
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Investments
4
1,121,708
1,121,708
Current assets
Cash at bank and in hand
40
447
Creditors: amounts falling due within one year
5
497,098
510,823
---------
---------
Net current liabilities
497,058
510,376
------------
------------
Total assets less current liabilities
624,650
611,332
---------
---------
Net assets
624,650
611,332
---------
---------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
280,149
280,149
Profit and loss account
344,401
331,083
---------
---------
Shareholders funds
624,650
611,332
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 October 2024 , and are signed on behalf of the board by:
William Guirgis
Director
Company registration number: 03426977
LORDBECK LIMITED
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 82 Bexley High Street, Bexley, Kent, DA5 1LB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents rental income from freehold properties.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Investments
Other investments other than loans
£
Cost
At 1 November 2022 and 31 October 2023
1,121,708
------------
Impairment
At 1 November 2022 and 31 October 2023
------------
Carrying amount
At 31 October 2023
1,121,708
------------
At 31 October 2022
1,121,708
------------
The freehold was valued on open market value basis by director on 31 October 2022.No timing differences arise and no provision has been made for deferred tax in respect of the revaluation as the company has no intention of disposing of the properties in the foreseeable future. The historical cost of assets included as valuation at the balance sheet date is follows:-
5. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
326,148
347,678
Corporation tax
24,119
20,995
Other creditors
146,831
142,150
---------
---------
497,098
510,823
---------
---------
6. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
William Guirgis
( 52,271)
( 10,599)
( 62,870)
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
William Guirgis
( 55,766)
3,495
( 52,271)
--------
-------
--------
7. Related party transactions
The company was under the control of William Guirgis and his family throughout the current and previous year. William Guirgis is the managing director. During the year rental income of £40,000 (2022 £40,000) was received from Bexley Greek Taverna Ltd, a company in which the director has a material interest.