Company Registration No. 07370268 (England and Wales)
Lancaster Property Lettings Ltd
Unaudited accounts
for the year ended 29 April 2024
Lancaster Property Lettings Ltd
Unaudited accounts
Contents
Lancaster Property Lettings Ltd
Company Information
for the year ended 29 April 2024
Directors
Peter Charnley
Marian Charnley
Company Number
07370268 (England and Wales)
Registered Office
83 Bowerham Road
Lancaster
LA1 4AQ
Accountants
The Tax Farm
Hare House
732 Whittingham Lane
Preston
PR3 2JJ
Lancaster Property Lettings Ltd
Statement of financial position
as at 29 April 2024
Investment property
435,000
404,352
Cash at bank and in hand
77,354
169,762
Creditors: amounts falling due within one year
(20,528)
(32,805)
Net current assets
287,761
300,943
Total assets less current liabilities
722,761
705,295
Creditors: amounts falling due after more than one year
(273,420)
(283,371)
Provisions for liabilities
Deferred tax
(6,576)
(3,807)
Net assets
442,765
418,117
Called up share capital
5
5
Profit and loss account
442,760
418,112
Shareholders' funds
442,765
418,117
For the year ending 29 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts 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. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 17 January 2025 and were signed on its behalf by
Peter Charnley
Director
Company Registration No. 07370268
Lancaster Property Lettings Ltd
Notes to the Accounts
for the year ended 29 April 2024
Lancaster Property Lettings Ltd is a private company, limited by shares, registered in England and Wales, registration number 07370268. The registered office is 83 Bowerham Road, Lancaster, LA1 4AQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
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 accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents amounts receivable for goods and services and rent net of VAT and trade discounts.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Fair value at 30 April 2023
404,352
Net gain from fair value adjustments
6,661
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors at the year end.
Lancaster Property Lettings Ltd
Notes to the Accounts
for the year ended 29 April 2024
Amounts falling due after more than one year
Accrued income and prepayments
15,038
-
Other debtors
215,897
163,541
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
5,790
5,790
Trade creditors
4,275
1,706
Taxes and social security
9,300
9,634
Loans from directors
(188)
15,000
7
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
200,820
211,171
Other creditors
72,600
72,200
8
Deferred taxation
2024
2023
Revaluation of investment property
6,576
3,807
Provision at start of year
3,807
-
Charged to the profit and loss account
2,769
3,807
Provision at end of year
6,576
3,807
Lancaster Property Lettings Ltd
Notes to the Accounts
for the year ended 29 April 2024
9
Transactions with related parties
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
P&PC Surveyors Limited £42,000 (2023 - £40,000)
60 Church Street Limited £30,200 (2023 - £30,200)
Charnley Property Limited £400 (2023 - £0)
Amounts due from related parties
Market Street Limited £140,000. (2023 - £140,000)
P&M Properties Partnership £75,897 (2023 - £23,541)
The amount outstanding from Market Street Limited, a company in which Mr P. Charnley is a director and shareholder, is in respect of a loan. No interest was charged on the loan during the period.
The amount outstanding from P&M Properties, a partnership in which both Mr P. Charnley and Mrs M. Charnley are partners, is in respect of a loan. No interest was charged on the loan during the period.
10
Average number of employees
During the year the average number of employees was 2 (2023: 2).