Company registration number 12102581 (England and Wales)
Lipman Estate Ltd
Unaudited FINANCIAL STATEMENTS
For the year ended 30 June 2024
PAGES FOR FILING WITH REGISTRAR
Lipman Estate Ltd
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
LIPMAN ESTATE LTD
Lipman Estate Ltd
Balance sheet
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
116,848
61,553
Investments
4
32,162
35,900
149,010
97,453
Current assets
Debtors
5
19
18
Investments
6
11,860
8,293
Cash at bank and in hand
1,496
1,808
13,375
10,119
Creditors: amounts falling due within one year
8
(161,309)
(158,108)
Net current liabilities
(147,934)
(147,989)
Total assets less current liabilities
1,076
(50,536)
Provisions for liabilities
(835)
Net assets/(liabilities)
241
(50,536)
Capital and reserves
Called up share capital
100
100
Revaluation reserve
9
26,154
Profit and loss reserves
(26,013)
(50,636)
Total equity
241
(50,536)
LIPMAN ESTATE LTD
Lipman Estate Ltd
Balance sheet (continued)
- 2 -
For the financial year ended 30 June 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 year 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 and signed by the director and authorised for issue on 25 October 2024
Mr B Lipman
Director
Company registration number 12102581 (England and Wales)
Lipman Estate Ltd
Notes to the financial statements
For the year ended 30 June 2024
- 3 -
1
Accounting policies
Company information
Lipman Estate Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 242 Broadway North, Walsall, England, WS1 2PU.
1.1
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” (“FRS 102”) 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, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Intangible fixed assets other than goodwill
Cryptocurrencies are recognised as an intangible asset and carried at their fair value under the revaluation model. Increases in fair value and decreases to the extent that they reverse previous increases are initially recognised through other comprehensive income and accumulated in the revaluation reserve. Decreases in fair value and increases to the extent that they reverse previous decreases are recognised through the profit and loss account. Realised gains and losses at the point of selling are recognised through the profit and loss account.
1.4
Fixed asset investments
Interests in quoted investments, artworks and fine wines classified as fixed and current asset investments are initially measured at transaction price and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in the profit and loss account.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
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.
Lipman Estate Ltd
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
- 4 -
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. As all financial assets are classified as receivable within one year, they are not amortised but carried at face value.
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 are initially recognised at transaction price. Financial liabilities classified as payable within one year are carried at face value.
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 continue to be measured at face value.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Lipman Estate Ltd
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors and the company secretary, without service contracts) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
Lipman Estate Ltd
Notes to the financial statements (continued)
For the year ended 30 June 2024
- 6 -
3
Intangible fixed assets
Cryptocurrency
£
Cost or valuation
At 1 July 2023
86,320
Additions
81,714
Disposals
(78,175)
Revaluation
26,989
At 30 June 2024
116,848
Amortisation and impairment
At 1 July 2023
24,767
Reversal of past impairment loss
(24,767)
At 30 June 2024
Carrying amount
At 30 June 2024
116,848
At 30 June 2023
61,553
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2024
2023
£
£
Cost
89,859
86,320
Accumulated amortisation
-
24,767
Carrying value
89,859
61,553
The non distributable revaluation surplus is disclosed in note 9.
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
32,162
35,900
Lipman Estate Ltd
Notes to the financial statements (continued)
For the year ended 30 June 2024
4
Fixed asset investments
(Continued)
- 7 -
Fixed asset investments revalued
Fixed asset investments in artwork and fine wines are initially measured at transaction price and are subsequently measured at fair value.
The art investments have been valued by the director at fair value taking into account the art gallery sale prices as adjusted for anticipated discount / price variations upon sale.
The value of the fine wine been valued by the director by reference to market retail values of the wine concerned.
The historic cost of the fixed asset investments is £35,900.
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 July 2023
35,900
Valuation changes
(3,738)
At 30 June 2024
32,162
Carrying amount
At 30 June 2024
32,162
At 30 June 2023
35,900
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
19
18
6
Current asset investments
2024
2023
£
£
Other investments
11,860
8,293
Other investments comprise listed investments with an original cost of £15,330 with a fair value of £11,860 at the balance sheet date.
7
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
44,022
44,193
Lipman Estate Ltd
Notes to the financial statements (continued)
For the year ended 30 June 2024
- 8 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
161,309
158,108
9
Revaluation reserve
2024
2023
£
£
At the beginning of the year
Revaluation surplus arising in the year
26,989
Deferred tax on revaluation of tangible assets
(835)
-
At the end of the year
26,154
-
10
Related party transactions
During the year the director has advanced funds to the company on an interest free and repayable upon demand basis as follows:
2024
2023
Amounts due to related parties
£
£
Key management personnel
159,924
156,788