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Registration number: 07387356

Lancaster Investment Property Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Lancaster Investment Property Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Lancaster Investment Property Ltd

Company Information

Directors

Mr M Harrison

Mr N Harrison

Registered office

Unit 1 Open Barn Business Centre
Main Road Kempsey
Worcester
Worcestershire
WR5 3LW

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Lancaster Investment Property Ltd

(Registration number: 07387356)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

11,082

14,536

Investment property

5

1,209,912

1,698,959

 

1,220,994

1,713,495

Current assets

 

Debtors

6

6,123

8,624

Cash at bank and in hand

 

31,111

84,753

 

37,234

93,377

Creditors: Amounts falling due within one year

7

(150,042)

(142,364)

Net current liabilities

 

(112,808)

(48,987)

Total assets less current liabilities

 

1,108,186

1,664,508

Creditors: Amounts falling due after more than one year

7

(874,531)

(1,404,007)

Net assets

 

233,655

260,501

Capital and reserves

 

Called up share capital

2

2

Retained earnings

233,653

260,499

Shareholders' funds

 

233,655

260,501

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Lancaster Investment Property Ltd

(Registration number: 07387356)
Balance Sheet as at 29 February 2024

Approved and authorised by the Board on 27 September 2024 and signed on its behalf by:
 

.........................................
Mr M Harrison
Director

   
 

Lancaster Investment Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 1 Open Barn Business Centre
Main Road Kempsey
Worcester
Worcestershire
WR5 3LW
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Lancaster Investment Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Investment property

not provided

Fixtures & fittings

33.3% on cost

Motor vehicles

20% on cost

Investment property

Investment property is carried at fair value. The fair values of the properties are assessed on an annual basis by the directors, with regard to current property prices in the area along with purchase prices of similar properties by the company. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Lancaster Investment Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Lancaster Investment Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

8,713

17,990

26,703

At 29 February 2024

8,713

17,990

26,703

Depreciation

At 1 March 2023

8,713

3,454

12,167

Charge for the year

-

3,454

3,454

At 29 February 2024

8,713

6,908

15,621

Carrying amount

At 29 February 2024

-

11,082

11,082

At 28 February 2023

-

14,536

14,536

5

Investment properties

2024
£

At 1 March

1,698,959

Disposals

(489,047)

At 29 February

1,209,912

The directors have assessed the value of the investment properties and have concluded that the cost in the financial statements adequately reflects the current market values.

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2024
£

2023
£

Trade debtors

1,500

3,120

Prepayments

2,089

2,370

Other debtors

2,534

3,134

 

6,123

8,624

 

Lancaster Investment Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

29,493

31,981

Other creditors

 

120,549

110,383

 

150,042

142,364

Due after one year

 

Loans and borrowings

8

874,531

1,404,007

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

874,531

1,404,007

 

Lancaster Investment Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

305,453

824,454

Other borrowings

569,078

579,553

874,531

1,404,007

2024
£

2023
£

Current loans and borrowings

Bank borrowings

18,872

18,742

Hire purchase contracts

10,621

13,239

29,493

31,981