Company registration number 07067427 (England and Wales)
LATERAL PROPERTY GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
LATERAL PROPERTY GROUP LIMITED
COMPANY INFORMATION
Directors
P D Lunn
S J Redshaw
Secretary
Sutcliffe James
Company number
07067427
Registered office
37 Parliament Street
Harrogate
North Yorkshire
England
HG1 2RE
Accountants
Buckle Barton Limited
Sanderson House
Station Road
Horsforth
Leeds
LS18 5NT
LATERAL PROPERTY GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LATERAL PROPERTY GROUP LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
1,084,345
1,084,345
Current assets
Debtors
5
1,486,550
1,577,152
Cash at bank and in hand
5,782
3,042
1,492,332
1,580,194
Creditors: amounts falling due within one year
6
(1,876,097)
(1,311,717)
Net current (liabilities)/assets
(383,765)
268,477
Total assets less current liabilities
700,580
1,352,822
Creditors: amounts falling due after more than one year
7
-
0
(640,489)
Net assets
700,580
712,333
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
700,578
712,331
Total equity
700,580
712,333

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 28 January 2025 and are signed on its behalf by:
P D Lunn
Director
Company registration number 07067427 (England and Wales)
LATERAL PROPERTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

Lateral Property Group Limited is a private company limited by shares incorporated in the UK and registered in England and Wales. The registered office is 37 Parliament Street, Harrogate, North Yorkshire, England, HG1 2RE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

LATERAL PROPERTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.5
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

LATERAL PROPERTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Fixed asset investments
2024
2023
£
£
Investments
1,084,345
1,084,345
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
177,629
47,859
Amounts owed by group undertakings
20,351
20,351
Other debtors
1,288,570
1,428,163
Prepayments and accrued income
-
0
80,779
1,486,550
1,577,152

Amounts owed by group undertakings are unsecured, interest free and are repayable on demand.

Amounts owed by group undertakings are unsecured, interest free and are repayable on demand.

 

6
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
(56,098)
-
0
Trade creditors
81,593
40,182
Amounts owed to group undertakings
1,852,219
1,272,535
Corporation tax
(2,000)
(2,000)
Other taxation and social security
(617)
-
0
Accruals and deferred income
1,000
1,000
1,876,097
1,311,717
LATERAL PROPERTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
6
Creditors: amounts falling due within one year
(Continued)
- 5 -

The amounts owed to group undertakings, related parties and those categorised as other borrowing are unsecured, interest free and are repayable on demand.

Within other creditors and creditors due after more than one year, the loan notes and deferred consideration relate to the acquisition of 100% of the share capital of Lateral Property Ventures Limited, Lateral (Thorpe Park) Limited and LPV Coppergate Limited in January 2010.

 

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Deferred consideration
-
0
640,489
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
9
Related party transactions

The company has taking advantage of the exemption under FRS 102 from disclosing related party transactions with other wholly owned entities of the Lateral Property Group.

 

Amounts owed by related parties

 

Lateral Property LLP £1,281,524 (2023: £1,421,228)

 

Amounts owed to entities over which Company has control, joint control or significant influence

 

Lateral Property Ventures Limited £1,198,396 (2023: £1,198,896)

Lateral Investment Management Limited £11,573 (2023: £11,573)

Lateral (Thorpe Park) Limited £1,562 (2023: £1,562)

Sound & Audio Limited £0 (2023: £62,304)

 

 

 

10
Controlling party

The directors consider there to be no single controlling party.

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