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REGISTERED NUMBER: 02386434 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Loadace Limited

Loadace Limited (Registered number: 02386434)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Loadace Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: A J White
Mrs A Underhill
Mrs S Ling





SECRETARY: Mrs S Ling





REGISTERED OFFICE: Woodlands
Staplegrove
Taunton
Somerset
TA2 6AL





REGISTERED NUMBER: 02386434 (England and Wales)

Loadace Limited (Registered number: 02386434)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 229
Investments 5 50 50
Investment property 6 15,675,623 15,263,221
15,675,673 15,263,500

CURRENT ASSETS
Stocks 308,190 217,808
Debtors 7 25,454 60,187
Cash at bank 137,763 214,905
471,407 492,900
CREDITORS
Amounts falling due within one year 8 625,114 1,691,986
NET CURRENT LIABILITIES (153,707 ) (1,199,086 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,521,966

14,064,414

CREDITORS
Amounts falling due after more than one
year

9

(3,981,211

)

(2,827,938

)

PROVISIONS FOR LIABILITIES (98,295 ) (98,295 )
NET ASSETS 11,442,460 11,138,181

CAPITAL AND RESERVES
Called up share capital 200,000 200,000
Other reserves 941,552 941,552
Retained earnings 10,300,908 9,996,629
SHAREHOLDERS' FUNDS 11,442,460 11,138,181

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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.

Loadace Limited (Registered number: 02386434)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2024 and were signed on its behalf by:




Mrs A Underhill - Director A J White - Director




Mrs S Ling - Director


Loadace Limited (Registered number: 02386434)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Loadace Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents amounts due during the year, exclusive of Value Added Tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on straight line basis

Investments in associates
Investments in associate undertakings are recognised at cost.

Investment property
Investment properties are initially recognised at cost and subsequently carried at fair value, determined annually by the Director who is not a professionally qualified valuer. Changes in fair values are recognised in the profit and loss.

The investment properties are subject to renovations or improvements at regular intervals. The cost of major renovations and improvements are capitalised and the carrying amounts of the replaced components are recognised in the profit and loss. The cost of maintenance, repairs and minor improvements is recognised in the profit and loss when incurred.

On disposal of an investment property, the difference between the disposal proceeds and the carrying amount is recognised in the profit or loss.

Stocks
Stock comprising property under development and represents accumulated costs of development shown net of cost or net realisable value.

Taxation
Taxation for the year 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.

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 year 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.

Loadace Limited (Registered number: 02386434)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 13,618 70,758 84,376
DEPRECIATION
At 1 April 2023 13,389 70,758 84,147
Charge for year 229 - 229
At 31 March 2024 13,618 70,758 84,376
NET BOOK VALUE
At 31 March 2024 - - -
At 31 March 2023 229 - 229

5. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
At 1 April 2023
and 31 March 2024 50
NET BOOK VALUE
At 31 March 2024 50
At 31 March 2023 50

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 15,263,221
Additions 412,402
At 31 March 2024 15,675,623
NET BOOK VALUE
At 31 March 2024 15,675,623
At 31 March 2023 15,263,221

The historical cost of the property investments is £14,635,776 with no accumulated depreciation. The property portfolio has been valued by the director Mr A J White who is not a professionally qualified valuer.

Loadace Limited (Registered number: 02386434)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2023 (868,532 )
Valuation in 2022 450,000
Valuation in 2020 1,458,379
Cost 14,635,776
15,675,623

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 21,894 44,255
Prepayments and accrued income 3,560 15,932
25,454 60,187

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 152,516 1,225,457
Trade creditors 356 -
Trade creditors -
Rents in advance 137,915 149,259
Corporation tax 103,051 101,282
VAT 18,694 18,868
Other creditors 125,223 22,874
Security deposits 17,351 24,872
Directors' current accounts 4,939 4,939
Accruals and deferred income 65,069 144,435
625,114 1,691,986

The bank loans and overdraft facility are secured on the assets of the company.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 1,632,138 118,053
Bank loans - 2-5 years 457,549 2,617,847
Bank loans more 5 yr by instal 1,891,524 92,038
3,981,211 2,827,938

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,891,524 92,038

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 4,133,727 4,053,395

11. RELATED PARTY DISCLOSURES

During the year, total dividends of £90,000 (2023 - £90,000) were paid to the directors .

Loadace Limited (Registered number: 02386434)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

11. RELATED PARTY DISCLOSURES - continued

Marblehome Limited
A company in which Mr A J White is a director.

Management charges to Marblehome Limited of £10,000 (2023: £10,000) are included in the company's profit and loss account. Duringthe year a loan of £102,000 is due from the company to Marblehome Ltd and shown in creditors.

Huish Estates Limited
A company in which Mrs A Underhill is a director.

Management charges to Huish Estates Limited of £10,000 (2023: £10,000) are included in the company's profit and loss account.

Levelpath Limited
A company in which Mrs S Ling is a director.

Management charges to Levelpath Limited of £10,000 (2023: £10,000) are included in the company's profit and loss account.