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COMPANY REGISTRATION NUMBER: 10705169
L & I Pugh Properties Limited
Filleted Unaudited Financial Statements
31 March 2024
L & I Pugh Properties Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Investments
4
1,051,904
854,492
Current assets
Cash at bank and in hand
2,351
8,468
Creditors: amounts falling due within one year
5
356,627
281,273
---------
---------
Net current liabilities
354,276
272,805
------------
---------
Total assets less current liabilities
697,628
581,687
Creditors: amounts falling due after more than one year
6
718,172
567,763
Provisions
8,845
8,845
---------
---------
Net (liabilities)/assets
( 29,389)
5,079
---------
---------
Capital and reserves
Called up share capital
2
2
Revaluation reserve
35,380
35,380
Profit and loss account
( 64,771)
( 30,303)
--------
--------
Shareholders (deficit)/funds
( 29,389)
5,079
--------
--------
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 comprehensive income has not been delivered.
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.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
L & I Pugh Properties Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 19 November 2024 , and are signed on behalf of the board by:
Mr I Pugh
Director
Company registration number: 10705169
L & I Pugh Properties Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Devonshire House, 582 Honeypot Lane, Stanmore, Middlesex, HA7 1JS.
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 is measured at the fair value of the consideration received or receivable and represents amounts receivable for rental income.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Investments
Other investments other than loans
£
Cost
At 1 April 2023
854,492
Additions
197,412
------------
At 31 March 2024
1,051,904
------------
Impairment
At 1 April 2023 and 31 March 2024
------------
Carrying amount
At 31 March 2024
1,051,904
------------
At 31 March 2023
854,492
------------
In the opinion of the directors, the valuation of the company's property investment portfolio as at 31 March 2023 is fairly stated at a total open market value of £854,492.
5. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
7,909
Amounts owed to connected company
324,910
241,647
Other creditors
31,717
31,717
---------
---------
356,627
281,273
---------
---------
6. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
718,172
567,763
---------
---------