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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
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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
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Lancaster Property Lettings Ltd Statement of financial position as at 29 April 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Investment property
435,000 
404,352 
Current assets
Debtors
230,935 
163,986 
Cash at bank and in hand
77,354 
169,762 
308,289 
333,748 
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 
Capital and reserves
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
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Lancaster Property Lettings Ltd Notes to the Accounts for the year ended 29 April 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover represents amounts receivable for goods and services and rent net of VAT and trade discounts.
Investment property
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 taxation
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.
4
Investment property
2024 
£ 
Fair value at 30 April 2023
404,352 
Additions
23,987 
Net gain from fair value adjustments
6,661 
At 29 April 2024
435,000 
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.
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Lancaster Property Lettings Ltd Notes to the Accounts for the year ended 29 April 2024
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due after more than one year
Trade debtors
- 
445 
Accrued income and prepayments
15,038 
- 
Other debtors
215,897 
163,541 
230,935 
163,986 
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 
Other creditors
1,351 
675 
Loans from directors
(188)
15,000 
20,528 
32,805 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
200,820 
211,171 
Other creditors
72,600 
72,200 
273,420 
283,371 
8
Deferred taxation
2024 
2023 
£ 
£ 
Revaluation of investment property
6,576 
3,807 
2024 
2023 
£ 
£ 
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 
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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).
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