2 false false false false false false false false false false true false false false false false false No description of principal activity 2022-08-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,203,045 9,780 2,212,825 2,212,825 2,203,045 xbrli:pure xbrli:shares iso4217:GBP 03414890 2022-08-01 2023-08-31 03414890 2023-08-31 03414890 2022-07-31 03414890 2021-08-01 2022-07-31 03414890 2022-07-31 03414890 2021-07-31 03414890 bus:Director3 2022-08-01 2023-08-31 03414890 core:LandBuildings 2022-08-01 2023-08-31 03414890 core:WithinOneYear 2023-08-31 03414890 core:WithinOneYear 2022-07-31 03414890 core:ShareCapital 2023-08-31 03414890 core:ShareCapital 2022-07-31 03414890 core:RetainedEarningsAccumulatedLosses 2023-08-31 03414890 core:RetainedEarningsAccumulatedLosses 2022-07-31 03414890 core:LandBuildings 2023-08-31 03414890 core:LandBuildings 2022-07-31 03414890 core:LandBuildings 2022-07-31 03414890 bus:SmallEntities 2022-08-01 2023-08-31 03414890 bus:AuditExempt-NoAccountantsReport 2022-08-01 2023-08-31 03414890 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-08-31 03414890 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-08-31 03414890 bus:FullAccounts 2022-08-01 2023-08-31
COMPANY REGISTRATION NUMBER: 03414890
LORDSGROVE LIMITED
Filleted Unaudited Financial Statements
31 August 2023
LORDSGROVE LIMITED
Statement of Financial Position
31 August 2023
31 Aug 23
31 Jul 22
Note
£
£
£
Fixed assets
Tangible assets
5
2,212,825
2,203,045
Current assets
Debtors
6
2,288,772
2,359,784
Cash at bank and in hand
15,024
16,619
------------
------------
2,303,796
2,376,403
Creditors: amounts falling due within one year
7
4,308,676
4,441,687
------------
------------
Net current liabilities
2,004,880
2,065,284
------------
------------
Total assets less current liabilities
207,945
137,761
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
207,943
137,759
---------
---------
Shareholders funds
207,945
137,761
---------
---------
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 income and retained earnings has not been delivered.
For the period ending 31 August 2023 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 period 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 were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
Mrs S Friedman
Director
Company registration number: 03414890
LORDSGROVE LIMITED
Notes to the Financial Statements
Period from 1 August 2022 to 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 0DH, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover represents rents and service charges receivable during the year.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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
The company's freehold properties are included in the Balance Sheet at historical cost. This is not in accordance with the requirements of Statement of Standard Accounting Practice No 19 which requires such properties to be stated at their open market value.
Investment property
Investment property is initially recorded 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 of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 (2022: 2 ).
5. Tangible assets
Land and buildings
£
Cost
At 1 August 2022
2,203,045
Additions
9,780
------------
At 31 August 2023
2,212,825
------------
Depreciation
At 1 August 2022 and 31 August 2023
------------
Carrying amount
At 31 August 2023
2,212,825
------------
At 31 July 2022
2,203,045
------------
The directors believe that the investment properties are stated at fair value as at 31 August 2023. No independent valuation was undertaken.
6. Debtors
31 Aug 23
31 Jul 22
£
£
Other debtors
2,288,772
2,359,784
------------
------------
7. Creditors: amounts falling due within one year
31 Aug 23
31 Jul 22
£
£
Corporation tax
23,700
17,760
Other creditors
4,284,976
4,423,927
------------
------------
4,308,676
4,441,687
------------
------------
8. Related party transactions
The company was controlled throughout the current year by Mrs S Friedman by virtue of the fact that she owns all of the company's ordinary share capital.