Company Registration No. 02792696 (England and Wales)
Lodage Properties Limited
Unaudited accounts
for the year ended 30 April 2024
Lodage Properties Limited
Unaudited accounts
Contents
Lodage Properties Limited
Company Information
for the year ended 30 April 2024
Directors
Farid Motamed
Richard Turner
Company Number
02792696 (England and Wales)
Registered Office
Old Vyne House
West Heath
Basingstoke
RG26 5LE
Accountants
Black & White Chartered Certified Accountants
2-3 Stable Court
Herriard Park
Herriard
Hampshire
RG25 2PL
Lodage Properties Limited
Statement of financial position
as at 30 April 2024
Tangible assets
1,352
1,502
Investment property
2,705,000
2,635,000
Cash at bank and in hand
7,193
40,746
Creditors: amounts falling due within one year
(877,433)
(937,298)
Net current liabilities
(359,336)
(322,780)
Total assets less current liabilities
2,347,016
2,313,722
Provisions for liabilities
Deferred tax
(513,950)
(216,601)
Net assets
1,833,066
2,097,121
Called up share capital
98,733
98,733
Fair value reserve
696,056
923,405
Capital redemption reserve
39,480
39,480
Profit and loss account
996,010
1,032,716
Shareholders' funds
1,833,066
2,097,121
For the 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. 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 28 January 2025 and were signed on its behalf by
Farid Motamed
Director
Company Registration No. 02792696
Lodage Properties Limited
Notes to the Accounts
for the year ended 30 April 2024
Lodage Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 02792696. The registered office is Old Vyne House, West Heath, Basingstoke, RG26 5LE.
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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.
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.
Turnover is in respect on rental income and recognised at the fair value of the consideration received or receivable, and is shown net of VAT and other sales related taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
10% reducing balance
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' of FRS102 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 ate 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.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Lodage Properties Limited
Notes to the Accounts
for the year ended 30 April 2024
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Tangible fixed assets
Fixtures & fittings
Fair value at 1 May 2023
2,635,000
Net gain from fair value adjustments
70,000
At 30 April 2024
2,705,000
The majority of the investment properties were acquired in the 1990's, with a directors' formal valuation recorded in the financial statements for the year ended 30 April 2015. The directors' estimate of the fair value is not considered to be materially different at the year end, and the historical cost of these properties is £1,494,994.
Amounts falling due within one year
Other debtors
510,904
573,772
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Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
275,784
317,622
Taxes and social security
8,964
46,253
Other creditors
552,902
552,902
Loans from directors
38,398
19,206
The long term loans are secured by fixed charges over more than 5 years, and relate to the respective investment properties.
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Average number of employees
During the year the average number of employees was 0 (2023: 0).