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Registration number: 04275215

Lancol Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Lancol Properties Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Lancol Properties Limited

Company Information

Directors

Mrs Maureen Valerie Langdown

Mr Patrick David Langdown

Mrs Amanda Elizabeth A P Langdown-Kirby

Company secretary

Mr Patrick David Langdown

Registered office

Units 16-18
The Boscombe Centre
Amesbury
Wiltshire
SP4 7SD

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Lancol Properties Limited
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lancol Properties Limited for the year ended 30 April 2024 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Lancol Properties Limited, as a body, in accordance with the terms of our engagement letter dated 29 April 2021. Our work has been undertaken solely to prepare for your approval the accounts of Lancol Properties Limited and state those matters that we have agreed to state to the Board of Directors of Lancol Properties Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lancol Properties Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lancol Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lancol Properties Limited. You consider that Lancol Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Lancol Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Howdenwhite LLP
chartered certified accountants
Units 16-18, The Boscombe Centre
Mills Way
Amesbury
Salisbury
Wiltshire
SP4 7SD

15 January 2025

 

Lancol Properties Limited

(Registration number: 04275215)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

3,362,858

3,362,858

Other financial assets

5

55,597

54,816

 

3,418,455

3,417,674

Current assets

 

Debtors

6

1,573,950

1,454,113

Cash at bank and in hand

 

132,765

34,620

 

1,706,715

1,488,733

Creditors: Amounts falling due within one year

7

(272,405)

(195,710)

Net current assets

 

1,434,310

1,293,023

Total assets less current liabilities

 

4,852,765

4,710,697

Creditors: Amounts falling due after more than one year

7

(2,363,049)

(2,373,833)

Net assets

 

2,489,716

2,336,864

Capital and reserves

 

Called up share capital

8

100

100

Share premium reserve

284,728

284,728

Other reserves

958,377

958,377

Retained earnings

1,246,511

1,093,659

Shareholders' funds

 

2,489,716

2,336,864

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.

Directors' 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 directors acknowledge their 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 and 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 January 2025 and signed on its behalf by:
 

 

Lancol Properties Limited

(Registration number: 04275215)
Balance Sheet as at 30 April 2024

.........................................
Mr Patrick David Langdown
Company secretary and director

 

Lancol 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.

The address of its registered office is:
Units 16-18
The Boscombe Centre
Amesbury
Wiltshire
SP4 7SD

The principal place of business is:
7 The Mall
Bridge Street
Andover
Hampshire
SP10 1QL

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Lancol Properties Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Listed investments are measured at fair value. Changes in fair value are included in the profit and loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Lancol Properties Limited

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

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 profit and loss account 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

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

4

Investment properties

2024
£

At 1 May

3,362,858

At 30 April

3,362,858

Investment property was valued at fair value by the directors based on their knowledge and current experience in the property market.

 

Lancol Properties Limited

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

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2023

54,816

54,816

Fair value adjustments

781

781

At 30 April 2024

55,597

55,597

Impairment

Carrying amount

At 30 April 2024

55,597

55,597

Historical Cost

30th April 2023 £54,816 (30th April 2022 £63,092)

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

50,561

10,537

Amounts owed by related parties

10

1,497,734

1,416,491

Prepayments

 

4

-

Other debtors

 

25,651

27,085

   

1,573,950

1,454,113

 

Lancol Properties Limited

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

88,221

48,970

Taxation and social security

53,993

42,980

Accruals and deferred income

76,218

63,638

Other creditors

53,973

40,122

272,405

195,710

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

2,363,049

2,373,833

Bank borrowings includes a legal charge held over a freehold property in Investment Properties on the fixed assets of the Balance Sheet.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share capital of £1 each

100

100

100

100

       
 

Lancol Properties Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

2,363,049

2,373,833

10

Related party transactions

Summary of transactions with key management

Credtors and liabilities inlcude a loan of £133,000 from a director on which interest is paid.
 

 

Lancol Properties Limited

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

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

1,416,491

1,416,491

Interest transactions

81,243

81,243

At end of period

1,497,734

1,497,734

2023

Other related parties
£

Total
£

At start of period

1,139,489

1,139,489

Advanced

270,763

270,763

Repaid

(66,564)

(66,564)

Interest transactions

72,803

72,803

At end of period

1,416,491

1,416,491

Terms of loans to related parties

Unsecured Loan to Dorset Flint & Stone Blocks Ltd. Interest charged at 6% and unsecured loan to Langdown Commercial
Company under common control

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

205,000

205,000

At end of period

205,000

205,000

2023

Other related parties
£

Total
£

At start of period

205,000

205,000

At end of period

205,000

205,000

Terms of loans from related parties

Unsecured Loan of £300,000 from Dorset Flint and Stone Blocks Limited Executive Pension Scheme Trustees. Interst charged at 3.5%
Pension scheme of company under common control