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Registered number: 12348197
Levels Properties Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
VSP Accountancy Services
ACA
188 Victoria Avenue
Hull
East Yorkshire
HU53DY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 12348197
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 7,650 9,180
Investment Properties 5 107,741 107,741
115,391 116,921
CURRENT ASSETS
Debtors 6 13,628 24,298
Cash at bank and in hand 3,600 3,504
17,228 27,802
Creditors: Amounts Falling Due Within One Year 7 (10,026 ) (626 )
NET CURRENT ASSETS (LIABILITIES) 7,202 27,176
TOTAL ASSETS LESS CURRENT LIABILITIES 122,593 144,097
Creditors: Amounts Falling Due After More Than One Year 8 (247,776 ) (248,703 )
NET LIABILITIES (125,183 ) (104,606 )
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account (125,185 ) (104,608 )
SHAREHOLDERS' FUNDS (125,183) (104,606)
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jason Kay
Director
06/12/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Levels Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12348197 . The registered office is 127 Chanterlands Avenue, Hull, HU5 3TG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Investment Properties
All investment properties are carried at fair value determined annually 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 for. Changes in fair value are recognised in the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Intangible Assets
Other
£
Cost
As at 1 April 2023 15,300
As at 31 March 2024 15,300
Amortisation
As at 1 April 2023 6,120
Provided during the period 1,530
As at 31 March 2024 7,650
Net Book Value
As at 31 March 2024 7,650
As at 1 April 2023 9,180
Page 3
Page 4
5. Investment Property
2024
£
Fair Value
As at 1 April 2023 and 31 March 2024 107,741
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,628 335
Other debtors 12,000 23,288
Directors' loan accounts - 675
13,628 24,298
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1 626
Other taxes and social security 7,827 -
Other creditors 712 -
Directors' loan accounts 1,486 -
10,026 626
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 140,434 145,708
Other creditors 107,342 102,995
247,776 248,703
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 4