REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
LONSTO INVESTMENT LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
LONSTO INVESTMENT LIMITED |
LONSTO INVESTMENT LIMITED (REGISTERED NUMBER: 00972945) |
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 |
LONSTO INVESTMENT LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Five Ways |
57-59 Hatfield Road |
Potters Bar |
Hertfordshire |
EN6 1HS |
LONSTO INVESTMENT LIMITED (REGISTERED NUMBER: 00972945) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
LONSTO INVESTMENT LIMITED (REGISTERED NUMBER: 00972945) |
BALANCE SHEET - continued |
31 MARCH 2024 |
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 |
LONSTO INVESTMENT LIMITED (REGISTERED NUMBER: 00972945) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Lonsto Investment Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rents receivable and management fees at invoiced amounts less value added tax. Rental income and management fees are both recognised in the period to which they relate. |
Tangible fixed assets |
Plant and machinery etc | - |
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where is it not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash- generating unit to which the asset belongs. |
Investment property |
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
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. |
LONSTO INVESTMENT LIMITED (REGISTERED NUMBER: 00972945) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Finance instruments |
Basic financial instruments are recognised at amortised cost, except for investments in nonconvertible |
preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in the income statement. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the income statement. |
Lease premiums |
Lease premiums are recognised in the income statement in the accounting period that is was received. The value of the leasehold increases in value when the lease premium is received. |
Consolidation |
In the opinion of the directors, the company and its subsidiary undertakings comprise of a small group. The company has therefore taken advantage of the exemption provided by section 398 of the Companies Act 2006 not to prepare group accounts. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
LONSTO INVESTMENT LIMITED (REGISTERED NUMBER: 00972945) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The company's investment properties are carried at their open market value on 31 March 2024 based on a valuation by Mr R I Dudding who is a director of the company. In making the valuations he has considered the value in use of the properties and the present market conditions. Mr R I Dudding is qualified to make the valuations on the basis of his knowledge and experience of the residential and commercial property market. |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2012 | 5,086,719 |
Valuation in 2017 | 2,484,209 |
Valuation in 2020 | (324,413 | ) |
Cost | 2,437,172 |
9,683,687 |
LONSTO INVESTMENT LIMITED (REGISTERED NUMBER: 00972945) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2024 |
5. | INVESTMENT PROPERTY - continued |
All monies due, or to become due, from the company to National Westminster Bank PLC on any account whatsoever, are secured by a fixed charge over the assets of the company and personal guarantees made by Mr R I Dudding, a director of the company. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
9. | POST BALANCE SHEET EVENTS |
The company made an insurance claim against J Nicholson and Son, in regards to a property held at Lansdowne Place. The amount received, after the year end, from the insurance claim amounted to £150,000. |
10. | ULTIMATE CONTROLLING PARTY |
The company's ultimate controlling party is R I Dudding by virtue of his controlling shareholding in Lonsto Investment (Holdings) Limited. |
11. | RETAINED EARNINGS |
Included in retained earnings is £6,072,032 (2023: £6,072,032) of profits that are not available for distribution as they are unrealised. |