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Registration number: 09012398

Limpley Stoke Properties Limited

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 30 April 2024

 

Limpley Stoke Properties Limited

(Registration number: 09012398)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

850,000

850,000

Current assets

 

Debtors

5

2,953

2,943

Cash at bank and in hand

 

55,687

63,421

 

58,640

66,364

Creditors: Amounts falling due within one year

6

(246,326)

(305,023)

Net current liabilities

 

(187,686)

(238,659)

Total assets less current liabilities

 

662,314

611,341

Creditors: Amounts falling due after more than one year

6

(203,000)

(203,000)

Provisions for liabilities

(37,258)

(37,258)

Net assets

 

422,056

371,083

Capital and reserves

 

Called up share capital

100

100

Fair value reserve

166,688

166,688

Profit and loss account

255,268

204,295

Shareholders' funds

 

422,056

371,083

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 16 January 2025
 

 

Limpley Stoke Properties Limited

(Registration number: 09012398)
Statement of Financial Position as at 30 April 2024

.........................................
Mr L J Newlyn
Director

 

Limpley Stoke Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY. England.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Depreciation

Asset class

Depreciation method and rate

Freehold property

see investment property policy below

 

Limpley Stoke Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Limpley Stoke Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Investment properties

2024
£

At 1 May 2023

850,000

At 30 April 2024

850,000

The freehold investment properties have been valued by the director on an open market value for existing use basis, based on a review of rent yields and a general market appraisal conducted by him.

There has been no valuation of investment property by an independent valuer.

5

Debtors

2024
£

2023
£

Trade debtors

2,600

2,600

Prepayments

353

343

2,953

2,943

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Taxation and social security

16,188

12,292

Accruals and deferred income

1,980

3,180

Other creditors

228,158

289,551

246,326

305,023

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

7

203,000

203,000

 

Limpley Stoke Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

203,000

203,000

Bank borrowings

Mortgage is denominated in £ with a nominal interest rate of 3.74%, and the final instalment is due on 19 August 2036. The carrying amount at year end is £203,000 (2023 - £203,000).

The bank loan is secured by a legal charge over the property that it relates to.