Company registration number 12604085 (England and Wales)
LANE PROPERTY HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
LANE PROPERTY HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
LANE PROPERTY HOLDINGS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
83,850
77,312
Investment properties
4
276,667
241,333
360,517
318,645
Current assets
Debtors
5
3,408
2,982
Cash at bank and in hand
425
1,330
3,833
4,312
Creditors: amounts falling due within one year
6
(292,718)
(288,411)
Net current liabilities
(288,885)
(284,099)
Total assets less current liabilities
71,632
34,546
Creditors: amounts falling due after more than one year
7
(61,500)
(61,500)
Provisions for liabilities
(3,901)
-
0
Net assets/(liabilities)
6,231
(26,954)
Capital and reserves
Called up share capital
8
100
100
Revaluation reserve
19,232
-
0
Profit and loss reserves
(13,101)
(27,054)
Total equity
6,231
(26,954)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
Mr J A Lane
Director
Company Registration No. 12604085
LANE PROPERTY HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Year ended 30 April 2023:
Loss for the year
-
-
(105,170)
(105,170)
Other comprehensive income:
Tax relating to other comprehensive income
-
30,526
(30,526)
-
Total comprehensive income for the year
-
30,526
(135,696)
(105,170)
Transfers
-
(122,102)
122,102
-
Balance at 30 April 2023
100
-
0
(27,054)
(26,954)
Year ended 30 April 2024:
Profit for the year
-
-
33,185
33,185
Other comprehensive income:
Tax relating to other comprehensive income
-
(6,411)
6,411
-
Total comprehensive income for the year
-
(6,411)
39,596
33,185
Transfers
-
25,643
(25,643)
-
Balance at 30 April 2024
100
19,232
(13,101)
6,231
LANE PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Lane Property Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Corporation Road, Newport, Gwent, Wales, NP19 0AR.

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 freehold properties and to include investment properties and 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.    true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Fair Value Cost
Fixtures and fittings
15% Straight Line
Computers
15% Straight Line
1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at 30 Apr 2024. Changes in fair value are recognised in profit or loss.

LANE PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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.

 

Debtors and creditors with stated interest rate and receivable or payable within one year are recorded at transaction price. Any loses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.7
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.

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.

 

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.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
LANE PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 May 2023
76,667
638
212
77,517
Additions
1,781
-
0
-
0
1,781
Revaluation
4,885
-
0
-
0
4,885
At 30 April 2024
83,333
638
212
84,183
Depreciation and impairment
At 1 May 2023
-
0
154
51
205
Depreciation charged in the year
-
0
96
32
128
At 30 April 2024
-
0
250
83
333
Carrying amount
At 30 April 2024
83,333
388
129
83,850
At 30 April 2023
76,667
484
161
77,312
4
Investment property
2024
£
Fair value
At 1 May 2023
241,333
Additions
3,563
Revaluations
31,771
At 30 April 2024
276,667

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 April 2024 by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
3,408
2,982
LANE PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
164,293
110,098
Other creditors
128,425
178,313
292,718
288,411
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
61,500
61,500
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
61,500
61,500
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
9
Parent company

The parent company is Lane Co Holdings Limited, whose registered office address is: 12 Corporation Road, Newport, Gwent, NP19 0AR.

LANE PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
10
Related party transactions

Included in the amounts owed from other debtors is an amount of £2,225 (2023 - £2,225) owed from Square Scaffolding Limited, a company which shares a common director. This is included in debtors; amounts falling due within one year.

 

Included in the amounts owed from other creditors is an amount of £126,175 (2023 - £126,175) owed to Mortgage Lane Limited, a company which shares a common director. This is included in creditors; amounts falling due within one year.

 

Included in the amounts owed from other creditors is an amount of £164,293 (2023 - £110,098) owed to Lane Co Holdings Limited, the parent company. This is included in creditors; amounts owed to group undertakings.

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