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COMPANY REGISTRATION NUMBER: 10088058
LPL Property Limited
Filleted Unaudited Financial Statements
31 March 2024
LPL Property Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
LPL Property Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
8,019,481
8,025,612
Current assets
Debtors
7
87,936
55,998
Cash at bank and in hand
85,095
11,999
---------
--------
173,031
67,997
Creditors: amounts falling due within one year
8
5,837,801
5,769,193
------------
------------
Net current liabilities
5,664,770
5,701,196
------------
------------
Total assets less current liabilities
2,354,711
2,324,416
Creditors: amounts falling due after more than one year
9
2,214,099
2,202,944
------------
------------
Net assets
140,612
121,472
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
140,610
121,470
---------
---------
Shareholders funds
140,612
121,472
---------
---------
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 income and retained earnings 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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
LPL Property Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 3 December 2024 , and are signed on behalf of the board by:
Mr B C L Yong
Director
Company registration number: 10088058
LPL Property 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 76a Old Oak Common Lane, East Acton, London, United Kingdom, W3 7DA.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Investment properties are held at open market value and no depreciation is charged.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified and accounted for according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
56,500
--------
Amortisation
At 1 April 2023 and 31 March 2024
56,500
--------
Carrying amount
At 31 March 2024
--------
At 31 March 2023
--------
6. Tangible assets
Investment property
Motor vehicles
Equipment
Total
£
£
£
£
Cost / Valuation
At 1 April 2023
8,006,594
25,065
12,682
8,044,341
Additions
1,347
1,347
Disposals
( 6,666)
( 6,666)
------------
--------
--------
------------
At 31 March 2024
8,006,594
18,399
14,029
8,039,022
------------
--------
--------
------------
Depreciation
At 1 April 2023
11,164
7,565
18,729
Charge for the year
3,821
2,817
6,638
Disposals
( 5,826)
( 5,826)
------------
--------
--------
------------
At 31 March 2024
9,159
10,382
19,541
------------
--------
--------
------------
Carrying amount
At 31 March 2024
8,006,594
9,240
3,647
8,019,481
------------
--------
--------
------------
At 31 March 2023
8,006,594
13,901
5,117
8,025,612
------------
--------
--------
------------
Investment property is recorded at open market value as required under FRS 102. The investment properties above were acquired from the shareholders in previous periods at the market value at the date of acquisition. The director does not consider that the market value of these properties has changed since the date of acquisition.
7. Debtors
2024
2023
£
£
Trade debtors
17,040
4,788
Other debtors
70,896
51,210
--------
--------
87,936
55,998
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
252,339
113,503
Social security and other taxes
3,174
Other creditors
5,585,462
5,652,516
------------
------------
5,837,801
5,769,193
------------
------------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,214,099
2,202,944
------------
------------
10. Related party transactions
At the year end the company owed £5,560,416 (2023: £5,620,856) to the shareholders and their family trusts.