Company registration number 13944035 (England and Wales)
L R PROPERTIES (NW) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
L R PROPERTIES (NW) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
L R PROPERTIES (NW) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
31 March 2024
31 May 2023
Notes
£
£
£
£
Fixed assets
Investment property
3
235,000
235,000
Current assets
Debtors
4
24,243
712
Cash at bank and in hand
4,348
22,219
28,591
22,931
Creditors: amounts falling due within one year
5
(246,783)
(257,830)
Net current liabilities
(218,192)
(234,899)
Net assets
16,808
101
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
16,708
1
Total equity
16,808
101
For the financial period ended 31 March 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 of its financial statements for the period in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 30 October 2024 and are signed on its behalf by:
Mr S Wells
Director
Company registration number 13944035 (England and Wales)
L R PROPERTIES (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
L R Properties (NW) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 16/20 Long Causeway, Farnworth, Bolton, Lancashire, BL4 9BG.
1.1
Reporting period
These financial statements have been prepared for the 10 month period ended 31 March 2024 to align with that of group members. The financial reporting period in relation to the comparative figures had been extended to end on 31 May 2023 when there was a change of ownership.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
The company is reliant upon the financial support of its parent company in order to meet its liabilities as they fall due. The director has indicated that this support will continue for the foreseeable future and, as a result, have continued to adopt the going concern basis in preparing the financial statements.true
1.4
Turnover
Turnover represents amounts received for rent.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is recognised at historic cost.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
L R PROPERTIES (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
1
2
3
Investment property
2024
£
Fair value
At 1 June 2023 and 31 March 2024
235,000
L R PROPERTIES (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
3
Investment property
(Continued)
- 4 -
Investment property is currently valued at historic cost. The Director believes this to be a fair representation of the market value of the property.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
23,575
Other debtors
668
712
24,243
712
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
236,422
Corporation tax
8,986
4,138
Other creditors
1,375
253,692
246,783
257,830
Other creditors includes a loan from the directors of £nil (2023: £126,054) from Mr David Leyland and £nil (2023: £125,838) from Mr Anthony Leyland.
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100