LG PROPERTY DEVELOPMENT AND SERVICES LIMITED
Registered number: 07302640
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 125,365 121,392
Current assets
Debtors 5 86,363 118,533
Cash at bank and in hand 47,061 21,374
133,424 139,907
Creditors: amounts falling due within one year 6 (2,836) (5,745)
Net current assets 130,588 134,162
Net assets 255,953 255,554
Capital and reserves
Called up share capital 130 130
Profit and loss account 255,823 255,424
Shareholder's funds 255,953 255,554
6
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J L Gardner
Director
Approved by the board on 23 October 2024
LG PROPERTY DEVELOPMENT AND SERVICES LIMITED
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% on reducing balance
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2023 180,000
At 31 July 2024 180,000
Amortisation
At 1 August 2023 180,000
At 31 July 2024 180,000
Net book value
At 31 July 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and Buildings Plant and machinery etc Total
£ £ £
Cost
At 1 August 2023 74,102 75,515 149,617
Additions - 30,940 30,940
Disposals - (13,172) (13,172)
At 31 July 2024 74,102 93,283 167,385
Depreciation
At 1 August 2023 - 28,225 28,225
Charge for the year - 17,088 17,088
On disposals - (3,293) (3,293)
At 31 July 2024 - 42,020 42,020
Net book value
At 31 July 2024 74,102 51,263 125,365
At 31 July 2023 74,102 47,290 121,392
5 Debtors 2024 2023
£ £
Loan 43,054 43,054
Directors loan account - 32,170
Other debtors 43,309 43,309
86,363 118,533
6 Creditors: amounts falling due within one year 2024 2023
£ £
Directors loan 336 -
Accruals 2,500 2,000
Corporation tax - 3,745
2,836 5,745
7 Other information
LG PROPERTY DEVELOPMENT AND SERVICES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
6 Portal Business Park Suite 3 & 4
Eaton Lane
Tarporley
West Cheshire And Chester
CW6 9DL
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