Silverfin false false 31/03/2024 01/04/2023 31/03/2024 L Smith 04/11/2015 26 November 2024 The principal activity of the Company during the financial year continued to be that of property rental. SC519527 2024-03-31 SC519527 bus:Director1 2024-03-31 SC519527 2023-03-31 SC519527 core:CurrentFinancialInstruments 2024-03-31 SC519527 core:CurrentFinancialInstruments 2023-03-31 SC519527 core:ShareCapital 2024-03-31 SC519527 core:ShareCapital 2023-03-31 SC519527 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC519527 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC519527 bus:OrdinaryShareClass1 2024-03-31 SC519527 2023-04-01 2024-03-31 SC519527 bus:FilletedAccounts 2023-04-01 2024-03-31 SC519527 bus:SmallEntities 2023-04-01 2024-03-31 SC519527 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC519527 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC519527 bus:Director1 2023-04-01 2024-03-31 SC519527 2022-04-01 2023-03-31 SC519527 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC519527 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC519527 (Scotland)

LKS PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

LKS PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

LKS PROPERTIES LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
LKS PROPERTIES LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 563,106 661,496
563,106 661,496
Current assets
Debtors 4 3,169 217
Cash at bank and in hand 25,118 999
28,287 1,216
Creditors: amounts falling due within one year 5 ( 586,764) ( 658,685)
Net current liabilities (558,477) (657,469)
Total assets less current liabilities 4,629 4,027
Net assets 4,629 4,027
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 4,529 3,927
Total shareholder's funds 4,629 4,027

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Lks Properties Limited (registered number: SC519527) were approved and authorised for issue by the Director on 26 November 2024. They were signed on its behalf by:

L Smith
Director
LKS PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
LKS PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Lks Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O Anderson Strathern Llp, 58 Morrison Street, Edinburgh, EH3 8BP, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 April 2023 661,496
Disposals (98,390)
As at 31 March 2024 563,106

4. Debtors

2024 2023
£ £
Other debtors 3,169 217

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 991
Taxation and social security 0 4,230
Other creditors 586,764 653,464
586,764 658,685

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary Shares shares of £ 1.00 each 100 100

7. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Key management personnel 544,481 631,420

Interest is charged at 7% on this loan (3% in 2023) . The loan has no fixed terms of repayment.