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Company registration number: 13911369
LGD Property Ltd
Unaudited filleted financial statements
28 February 2024
LGD Property Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
LGD Property Ltd
Directors and other information
Directors Shan Nicholas
Katy Nicholas
Company number 13911369
Registered office 8 Roberts Road
Barton Stacey
Winchester
SO21 3RY
Accountants Paterson Boyd & Co
Chartered Certified Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
Bankers HSBC
55 Above Bar Street
Southampton
Hampshire
SO14 7DZ
LGD Property Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of LGD Property Ltd
Year ended 28 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of LGD Property Ltd for the year ended 28 February 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of LGD Property Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of LGD Property Ltd and state those matters that we have agreed to state to the board of directors of LGD Property Ltd as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than LGD Property Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that LGD Property Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of LGD Property Ltd. You consider that LGD Property Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of LGD Property Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Paterson Boyd & Co
Chartered Certified Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
15 November 2024
LGD Property Ltd
Statement of financial position
28 February 2024
28/02/24 28/02/23
Note £ £ £ £
Fixed assets
Tangible assets 4 70,360 70,360
_______ _______
70,360 70,360
Current assets
Debtors 5 357 237
Cash at bank and in hand 600 928
_______ _______
957 1,165
Creditors: amounts falling due
within one year 6 ( 23,185) ( 23,182)
_______ _______
Net current liabilities ( 22,228) ( 22,017)
_______ _______
Total assets less current liabilities 48,132 48,343
Creditors: amounts falling due
after more than one year 7 ( 50,246) ( 50,230)
_______ _______
Net liabilities ( 2,114) ( 1,887)
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account ( 2,116) ( 1,889)
_______ _______
Shareholders deficit ( 2,114) ( 1,887)
_______ _______
For the year ending 28 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 November 2024 , and are signed on behalf of the board by:
Shan Nicholas
Director
Company registration number: 13911369
LGD Property Ltd
Statement of changes in equity
Year ended 28 February 2024
Called up share capital Profit and loss account Total
£ £ £
At 11 February 2022 - - -
Loss for the year ( 1,889) ( 1,889)
_______ _______ _______
Total comprehensive income for the year - ( 1,889) ( 1,889)
Issue of shares 2 2
_______ _______ _______
Total investments by and distributions to owners 2 - 2
_______ _______ _______
At 28 February 2023 and 1 March 2023 2 ( 1,889) ( 1,887)
Loss for the year ( 227) ( 227)
_______ _______ _______
Total comprehensive income for the year - ( 227) ( 227)
_______ _______ _______
At 28 February 2024 2 ( 2,116) ( 2,114)
_______ _______ _______
LGD Property Ltd
Notes to the financial statements
Year ended 28 February 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 8 Roberts Road, Barton Stacey, Winchester, SO21 3RY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
4. Tangible assets
Freehold property
£
Cost
At 1 March 2023 and 28 February 2024 70,360
_______
Carrying amount
At 28 February 2024 70,360
_______
At 28 February 2023 70,360
_______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 March 2023 and 28 February 2024 70,360
_______
Investment property has been valued by the directors, who do not hold a recognised relevant qualification. The valuation is based on knowledge of the property market and local area.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 28 February 2024
Aggregate cost 70,360 70,360
Aggregate depreciation - -
_______ _______
Carrying amount 70,360 70,360
_______ _______
At 28 February 2023
Aggregate cost 70,360 70,360
Aggregate depreciation - -
_______ _______
Carrying amount 70,360 70,360
_______ _______
5. Debtors
28/02/24 28/02/23
£ £
Other debtors 357 237
_______ _______
6. Creditors: amounts falling due within one year
28/02/24 28/02/23
£ £
Other creditors 23,185 23,182
_______ _______
7. Creditors: amounts falling due after more than one year
28/02/24 28/02/23
£ £
Bank loans and overdrafts 50,246 50,230
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 50,246 (2023 £ 50,230 ) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
8. Related party transactions
Included in other creditors in note 6 to the financial statements is an amount of £22,510 (2023: £22,510) due to the directors. This loan is interest free and has no fixed terms of repayment.