Company Registration No. 03117154 (England and Wales)
Liconi Limited
Unaudited accounts
for the year ended 31 October 2023
Liconi Limited
Unaudited accounts
Contents
Liconi Limited
Company Information
for the year ended 31 October 2023
Directors
Mr John Wray
Mr Derrick Williams
Secretary
Mr Patrick Williams
Company Number
03117154 (England and Wales)
Registered Office
68 Bruce Grove
Tottenham
London
N17 6UZ
United Kingdom
Accountants
DF Powell & Co, Chartered Certified Accountants
3 Cumbrian House
First Floor, 217 Marsh Wall
London
E14 9FJ
Liconi Limited
Statement of financial position
as at 31 October 2023
Tangible assets
7,739,746
7,648,580
Cash at bank and in hand
124,048
308,867
Creditors: amounts falling due within one year
(118,799)
(125,872)
Net current assets
562,317
648,868
Total assets less current liabilities
8,302,063
8,297,448
Creditors: amounts falling due after more than one year
(4,195,505)
(4,205,308)
Provisions for liabilities
Deferred tax
(787,209)
(787,209)
Net assets
3,319,349
3,304,931
Called up share capital
150,000
150,000
Capital contribution reserve
3,152,577
3,149,076
Profit and loss account
16,772
5,855
Shareholders' funds
3,319,349
3,304,931
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. 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by
Mr Derrick Williams
Director
Company Registration No. 03117154
Liconi Limited
Notes to the Accounts
for the year ended 31 October 2023
Liconi Limited is a private company, limited by shares, registered in England and Wales, registration number 03117154. The registered office is 68 Bruce Grove, Tottenham, London, N17 6UZ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents total rent receivable from property lettings and ground rent received during the year.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Straight line over 50 years
Plant & machinery
20% Reducing balance method
Fixtures & fittings
25% Reducing balance method
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
Liconi Limited
Notes to the Accounts
for the year ended 31 October 2023
The company carries its investment properties at fair value at each reporting date, with changes in fair value being recognised in profit or loss.
The valuation of the company's property portfolio is inherently subjective due to, among other factors, the individual nature of each property, its location and expected future rental revenues from that particular property. As a result, the valuations the company places on its property portfolio are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 November 2022
7,648,579
-
8,539
7,657,118
Additions
-
113,957
-
113,957
At 31 October 2023
7,648,579
113,957
8,539
7,771,075
At 1 November 2022
-
-
8,538
8,538
Charge for the year
-
22,791
-
22,791
At 31 October 2023
-
22,791
8,538
31,329
At 31 October 2023
7,648,579
91,166
1
7,739,746
At 31 October 2022
7,648,579
-
1
7,648,580
Amounts falling due within one year
Trade debtors
213,751
111,024
Accrued income and prepayments
16,000
15,000
Other debtors
327,317
339,849
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
20,239
18,345
Taxes and social security
79,464
79,464
Other creditors
10,318
10,318
Loans from directors
3,478
15,045
7
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
4,195,505
4,205,308
Liconi Limited
Notes to the Accounts
for the year ended 31 October 2023
Allotted, called up and fully paid:
150,000 Ordinary shares of £1 each
150,000
150,000
9
Average number of employees
During the year the average number of employees was 0 (2022: 0).