Company registration number 00885991 (England and Wales)
LA'PEC PROPERTIES (BRIDGEND) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
LA'PEC PROPERTIES (BRIDGEND) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
LA'PEC PROPERTIES (BRIDGEND) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,680
2,978
Investment property
4
14,655,000
14,655,000
Investments
5
10
10
14,657,690
14,657,988
Current assets
Debtors
6
236,470
230,098
Cash at bank and in hand
696,433
695,668
932,903
925,766
Creditors: amounts falling due within one year
7
(647,259)
(586,042)
Net current assets
285,644
339,724
Total assets less current liabilities
14,943,334
14,997,712
Creditors: amounts falling due after more than one year
8
(2,716,774)
(2,726,605)
Provisions for liabilities
(2,294,312)
(2,294,312)
Net assets
9,932,248
9,976,795
Capital and reserves
Called up share capital
9
3,000
3,000
Profit and loss reserves
9,929,248
9,973,795
Total equity
9,932,248
9,976,795

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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 the provisions of FRS 102 Section 1A - small entities.

LA'PEC PROPERTIES (BRIDGEND) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 January 2025 and are signed on its behalf by:
A J C Gash
Director
Company registration number 00885991 (England and Wales)
LA'PEC PROPERTIES (BRIDGEND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

La'Pec Properties (Bridgend) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 73 Cornhill, London, EC3V 3QQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rent receivable net of VAT which falls due in the period to which it relates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
10% per annum reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

LA'PEC PROPERTIES (BRIDGEND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

Classification of financial liabilities

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.

LA'PEC PROPERTIES (BRIDGEND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future, with the following exceptions:

 

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, only to the extent that , at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.

 

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

 

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

 

LA'PEC PROPERTIES (BRIDGEND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
102,626
Depreciation and impairment
At 1 April 2023
99,648
Depreciation charged in the year
298
At 31 March 2024
99,946
Carrying amount
At 31 March 2024
2,680
At 31 March 2023
2,978
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
14,655,000

The fair values of the investment properties have been arrived at on the basis of valuations carried out at 31 March 2024 by the directors. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

LA'PEC PROPERTIES (BRIDGEND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Fixed asset investments
2024
2023
£
£
Investments
10
10

Fixed asset investments are stated at cost less provisions for diminution in value.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
11,619
20,793
Other debtors
224,851
209,305
236,470
230,098
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,648
10,648
Trade creditors
651
-
0
Taxation and social security
96,777
93,193
Other creditors
539,183
482,201
647,259
586,042

The bank loans are secured by a first legal charge over the company's investment properties.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,716,774
2,726,605

The bank loans are secured by a first legal charge over the company's investment properties.

LA'PEC PROPERTIES (BRIDGEND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
2,988 Ordinary shares of £1 each
2,988
2,988
1 Ordinary class 'A' share of £1 each
1
1
1 Ordinary class 'B' share of £1 each
1
1
1 Ordinary class 'C' share of £1 each
1
1
1 Ordinary class 'D' share of £1 each
1
1
1 Ordinary class 'E' share of £1 each
1
1
1 Ordinary class 'F' share of £1 each
1
1
1 Ordinary class 'G' share of £1 each
1
1
1 Ordinary class 'H' share of £1 each
1
1
1 Ordinary class 'I' share of £1 each
1
1
1 Ordinary class 'J' share of £1 each
1
1
1 Ordinary class 'K' share of £1 each
1
1
1 Ordinary class 'L' share of £1 each
1
1
3,000
3,000

The Ordinary, Ordinary-A, Ordinary-B, Ordinary-C, Ordinary-D, Ordinary-E, Ordinary-F, Ordinary-G, Ordinary-H, Ordinary-I, Ordinary-J, Ordinary-K and Ordinary-L shares rank pari passu in all aspects except in declaration of a dividends, whereby one class shall not compel a dividend at the same rate to be declared for any other class of shares.

LA'PEC PROPERTIES (BRIDGEND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
10
Related party transactions

Included in other creditors is an amount of £76,531 (2023: £76,531) due to the directors. There are no terms as to interest or repayment on this balance.

During the year the company paid total dividends of £290,537 (2023: £315,789) to the directors and their close family members.

2024-03-312023-04-01false14 January 2025CCH SoftwareCCH Accounts Production 2024.210No description of principal activityJ P GashA J C GashS W GashA J C Gashfalsefalse008859912023-04-012024-03-31008859912024-03-31008859912023-03-3100885991core:OtherPropertyPlantEquipment2024-03-3100885991core:OtherPropertyPlantEquipment2023-03-3100885991core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3100885991core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3100885991core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3100885991core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3100885991core:CurrentFinancialInstruments2024-03-3100885991core:CurrentFinancialInstruments2023-03-3100885991core:ShareCapital2024-03-3100885991core:ShareCapital2023-03-3100885991core:RetainedEarningsAccumulatedLosses2024-03-3100885991core:RetainedEarningsAccumulatedLosses2023-03-3100885991core:ShareCapitalOrdinaryShares2024-03-3100885991core:ShareCapitalOrdinaryShares2023-03-3100885991bus:CompanySecretaryDirector12023-04-012024-03-3100885991core:FurnitureFittings2023-04-012024-03-31008859912022-04-012023-03-3100885991core:OtherPropertyPlantEquipment2023-03-3100885991core:OtherPropertyPlantEquipment2023-04-012024-03-31008859912023-03-3100885991core:WithinOneYear2024-03-3100885991core:WithinOneYear2023-03-3100885991core:Non-currentFinancialInstruments2024-03-3100885991core:Non-currentFinancialInstruments2023-03-3100885991bus:OrdinaryShareClass12024-03-3100885991bus:OrdinaryShareClass22024-03-3100885991bus:OrdinaryShareClass32024-03-3100885991bus:OrdinaryShareClass42024-03-3100885991bus:OrdinaryShareClass52024-03-3100885991bus:OrdinaryShareClass12023-04-012024-03-3100885991bus:OrdinaryShareClass22023-04-012024-03-3100885991bus:OrdinaryShareClass32023-04-012024-03-3100885991bus:OrdinaryShareClass42023-04-012024-03-3100885991bus:OrdinaryShareClass52023-04-012024-03-3100885991bus:PrivateLimitedCompanyLtd2023-04-012024-03-3100885991bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3100885991bus:FRS1022023-04-012024-03-3100885991bus:AuditExemptWithAccountantsReport2023-04-012024-03-3100885991bus:Director12023-04-012024-03-3100885991bus:Director22023-04-012024-03-3100885991bus:Director32023-04-012024-03-3100885991bus:CompanySecretary12023-04-012024-03-3100885991bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP