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Registered number: 13188660









LAZENBY PYPER PROPERTY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
LAZENBY PYPER PROPERTY LIMITED
 

CONTENTS



Page
Accountants' report
 
1
Balance sheet
 
2 - 3
Statement of changes in equity
 
4
Notes to the financial statements
 
5 - 12


 
LAZENBY PYPER PROPERTY LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LAZENBY PYPER PROPERTY LIMITED
FOR THE YEAR ENDED 29 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 Lazenby Pyper Property Limited for the year ended 29 February 2024 which comprise  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 (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Lazenby Pyper Property Limited, as a body, in accordance with the terms of our engagement letter dated 20 September 2024Our work has been undertaken solely to prepare for your approval the financial statements of Lazenby Pyper Property Limited and state those matters that we have agreed to state to the Board of directors of Lazenby Pyper Property Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lazenby Pyper Property Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Lazenby Pyper Property Limited 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 Lazenby Pyper Property Limited. You consider that Lazenby Pyper Property Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Lazenby Pyper Property Limited. 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.

  



MA Partners LLP
 
7 The Close
Norwich
Norfolk
NR1 4DJ
 
27 November 2024
Page 1

 
LAZENBY PYPER PROPERTY LIMITED
REGISTERED NUMBER: 13188660

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
45,891
46,814

Investment property
 5 
120,000
110,000

  
165,891
156,814

Current assets
  

Debtors: amounts falling due within one year
  
-
193

Cash at bank and in hand
  
700
5,265

  
700
5,458

Creditors: amounts falling due within one year
 7 
(52,291)
(52,791)

Net current liabilities
  
 
 
(51,591)
 
 
(47,333)

Total assets less current liabilities
  
114,300
109,481

Creditors: amounts falling due after more than one year
 8 
(105,552)
(107,984)

Provisions for liabilities
  

Deferred tax
 10 
(1,900)
-

  
 
 
(1,900)
 
 
-

Net assets
  
6,848
1,497


Capital and reserves
  

Called up share capital 
  
200
200

Revaluation reserve
  
8,100
-

Profit and loss account
  
(1,452)
1,297

  
6,848
1,497


Page 2

 
LAZENBY PYPER PROPERTY LIMITED
REGISTERED NUMBER: 13188660
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2024.




I Anderson
Director

The notes on pages 5 to 12 form part of these financial statements.

Page 3

 
LAZENBY PYPER PROPERTY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 March 2022
200
-
(2,547)
(2,347)



Profit for the year
-
-
3,844
3,844



At 1 March 2023
200
-
1,297
1,497



Loss for the year
-
-
(2,749)
(2,749)

Surplus on revaluation of freehold property
-
8,100
-
8,100


At 29 February 2024
200
8,100
(1,452)
6,848


The notes on pages 5 to 12 form part of these financial statements.

Page 4

 
LAZENBY PYPER PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

The company is a private company limited by shares. It is both incorporated and domiciled in England and Wales. The address of the registered office is Ash Tree Barn, Park Farm Barns, Bylaugh, Dereham, Norfolk, NR20 4QE.
The Company's principal activity is the letting of residential and holiday let properties, and its principal place of activity is England.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises of rents receivable in the year.

 
2.3

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date.
Current and deferred tax is determined using rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
LAZENBY PYPER PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Freehold property
-
4%
straight line
Fixtures and fittings
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

 
2.8

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
LAZENBY PYPER PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Financial instruments


The Company only enters into basic financial insruments transactions that result in the recognition of financial assets and liabilities, like trade and other debtors and creditors, loans from banks and other third parties.


3.


Employees




The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







2
2

Page 7

 
LAZENBY PYPER PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Tangible fixed assets







Freehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 March 2023
44,750
2,064
46,814


Additions
683
970
1,653



At 29 February 2024

45,433
3,034
48,467



Depreciation


Charge for the year on owned assets
1,817
759
2,576



At 29 February 2024

1,817
759
2,576



Net book value



At 29 February 2024
43,616
2,275
45,891



At 28 February 2023
44,750
2,064
46,814




The net book value of land and buildings may be further analysed as follows:


29 February
28 February
2024
2023
£
£

Freehold
43,616
44,750

43,616
44,750


Page 8

 
LAZENBY PYPER PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Investment property





Freehold investment property

£



Valuation


At 1 March 2023
110,000


Surplus on revaluation
10,000



At 29 February 2024
120,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.



At 29 February 2024



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

29 February
28 February
2024
2023
£
£


Historic cost
110,000
110,000

110,000
110,000


6.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
-
193

-
193


Page 9

 
LAZENBY PYPER PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans
6,000
6,000

Other creditors
44,791
46,791

Accruals and deferred income
1,500
-

52,291
52,791



8.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank and other loans
105,552
107,984

105,552
107,984


The following liabilities were secured:

29 February
28 February
2024
2023
£
£



Mortgage
73,300
73,300

73,300
73,300

Details of security provided:

The above loan is secured against the rental property to which is relates via a fixed charge. The loan is repayable in July 2046, and the interest rate is 8.85%.

Page 10

 
LAZENBY PYPER PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

9.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Bank loans
6,000
6,000


6,000
6,000

Amounts falling due 1-2 years

Bank loans
6,000
6,000


6,000
6,000

Amounts falling due 2-5 years

Bank loans
18,000
18,000


18,000
18,000

Amounts falling due after more than 5 years

Bank loans
81,554
83,984

81,554
83,984

111,554
113,984



10.


Deferred taxation






2024


£






Charged to profit or loss
(1,900)



At end of year
(1,900)

Page 11

 
LAZENBY PYPER PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
 
10.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

29 February
28 February
2024
2023
£
£


Revaluation gain on property
(1,900)
-

(1,900)
-


11.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



200 Ordinary shares of £1.00 each
200
200


12.


Reserves

Revaluation reserve

The revaluation reserve represents the cumulative value of revaluations of the Company's investment property to fair value, net of deferred tax. The amounts debited or credited to this reserve are transfers from the profit and loss account.

Profit and loss account

The profit and loss account includes all current and prior period retained profit and losses.


13.


Related party transactions

At the year end the Company owed the directors £44,791 (2023 - £46,791), and this is included within other creditors in note 7 to the financial statements.
There is a loan from associate of 
£38,254 (2023 - £40,684) included within other creditors in notes 7 & 8 to the financial statements.

 
Page 12