Registered number
11430281
LIS04 PS LTD
Unaudited Filleted Accounts
31 March 2024
LIS04 PS LTD
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of LIS04 PS LTD for the year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of LIS04 PS LTD for the year ended 31 March 2024 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Pitts & SeeUs
Chartered Accountants
Studio 6
6 Hornsey Street
Holloway
London
N7 6GR
8 October 2024
LIS04 PS LTD
Registered number: 11430281
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 9,786,056 7,806,701
Current assets
Cash at bank and in hand 130,028 270,086
Creditors: amounts falling due within one year 4 (604,565) (1,263,993)
Net current liabilities (474,537) (993,907)
Total assets less current liabilities 9,311,519 6,812,794
Creditors: amounts falling due after more than one year 5 (6,292,346) (6,410,883)
Net assets 3,019,173 401,911
Capital and reserves
Called up share capital 2,000 100
Share premium 2,555,000 -
Profit and loss account 462,173 401,811
Shareholders' funds 3,019,173 401,911
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Samouel
Director
Approved by the board on 8 October 2024
LIS04 PS LTD
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company - -
3 Investments
Property
investments
£
Cost
At 1 April 2023 7,806,701
Pior year adjustment 1,979,355
At 31 March 2024 9,786,056
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 261,012 261,012
Taxation and social security costs 27,658 54,638
Other creditors 315,895 948,343
604,565 1,263,993
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 6,292,346 6,410,883
6 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 6,553,358 6,659,934
The bank loan is secured against the investment properties.
7 Controlling party
The company was under control of Mr and Mrs P Samouel Life Interest Settlement 2004 until 29th February 2024.Mr P Samouel now controls the company by virtue of his 100% shareholding.
8 Other information
LIS04 PS LTD is a private company limited by shares and incorporated in England. Its registered office is:
Studio 6
6 Hornsey Street
Holloway
London
N7 6GR
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