Company registration number:
07572976
Lowrey Venus Properties Ltd
Unaudited financial statements
For the year ended
31 March 2024
Lowrey Venus Properties Ltd
Contents
Statement of financial position
Notes to the financial statements
Lowrey Venus Properties Ltd
Statement of financial position
31 March 2024
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Investment property |
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3 |
925,493 |
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925,493 |
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________ |
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________ |
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925,493 |
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925,493 |
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Current assets |
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Debtors |
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4 |
126 |
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135 |
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Cash at bank and in hand |
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1,669 |
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9,303 |
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________ |
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________ |
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1,795 |
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9,438 |
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Creditors: amounts falling due |
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within one year |
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5 |
(
74,560) |
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(
80,041) |
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________ |
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________ |
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Net current liabilities |
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(
72,765) |
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(
70,603) |
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________ |
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________ |
Total assets less current liabilities |
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852,728 |
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854,890 |
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Provisions for liabilities |
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Deferred taxation |
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(
19,615) |
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(
19,615) |
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________ |
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________ |
Net assets |
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833,113 |
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835,275 |
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________ |
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________ |
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Capital and reserves |
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Called up share capital |
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847,600 |
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847,600 |
Fair value reserve |
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58,844 |
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58,844 |
Profit and loss account |
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(
73,331) |
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(
71,169) |
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________ |
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________ |
Shareholders funds |
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833,113 |
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835,275 |
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________ |
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________ |
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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.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
21 November 2024
, and are signed on behalf of the board by:
Mr A P Lowrey
Director
Company registration number:
07572976
Lowrey Venus Properties Ltd
Notes to the financial statements
Year ended 31 March 2024
1.
Accounting policies
Statutory information
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same financial statements.
Lowrey Venus Properties Ltd is a private company, limited by shares, domiciled in England and Wales, registration number
07572976
. The registered office is 28 Lowther Street, Whitehaven, Cumbria, CA28 7DJ.
Basis of preparation
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006'. There were no material departures from that standard.
Turnover
Turnover represents the total amount of rents charged during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investment property
The company's properties are held for long term investment and are included in the balance sheet at their open market values. Deficits on revaluation are transferred to profit and loss with any surpluses being transferred to the fair value reserve.Depreciation is not provided in respect of investment properties. This policy represents a departure from statutory accounting principles, which requires depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the financial statements may give a true and fair view, because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of the many factors reflected in the valuation and the amount which might have been shown cannot be separately identified or quantified.
Provisions
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for fixed asset investments which are measured at fair value, with changes recognised in the fair value reserve.
2.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
3
Investment property
The investment properties were valued by the director's on 31 March 2023. The director's consider that the valuation shown in the accounts is a fair reflection of market value.
4.
Debtors
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2024 |
2023 |
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|
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£ |
£ |
|
Other debtors |
|
126 |
135 |
|
|
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________ |
________ |
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5.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade creditors |
|
22 |
22 |
|
Corporation tax |
|
- |
2,967 |
|
Director loan accounts |
|
2,370 |
9,040 |
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Other creditors |
|
72,168 |
68,012 |
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________ |
________ |
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74,560 |
80,041 |
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________ |
________ |
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