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Lightstone Properties Limited
























Financial statements



for the year ended 30 September 2024



Registered number: 04546581

 
Lightstone Properties Limited - Registered number: 04546581


Statement of financial position
as at 30 September 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
779
1,693

Investments
 5 
1,699,509
1,736,412

  
1,700,288
1,738,105

Current assets
  

Debtors
 6 
354,208
293,084

Cash at bank and in hand
  
163,654
194,773

  
517,862
487,857

Creditors: amounts falling due within one year
 7 
(46,907)
(41,798)

Net current assets
  
 
 
470,955
 
 
446,059

Total assets less current liabilities
  
2,171,243
2,184,164

  

Net assets
  
2,171,243
2,184,164


Capital and reserves
  

Called up share capital 
  
1,621,165
1,621,433

Profit and loss account
  
550,078
562,731

  
2,171,243
2,184,164


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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 January 2025.




A D Ingman
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 1

 
Lightstone Properties Limited
 


Statement of changes in equity
for the year ended 30 September 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 October 2023
1,621,433
562,731
2,184,164


Comprehensive income for the year

Profit for the year

-
5,365
5,365


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
5,365
5,365


Contributions by and distributions to owners

Shares cancelled during the year
(268)
-
(268)

Share buy back transferred to distributable reserves
-
(18,018)
(18,018)


Total transactions with owners
(268)
(18,018)
(18,286)


At 30 September 2024
1,621,165
550,078
2,171,243


The notes on pages 4 to 8 form part of these financial statements.

Page 2

 
Lightstone Properties Limited
 


Statement of changes in equity
for the year ended 30 September 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 October 2022
1,625,393
424,616
2,050,009


Comprehensive income for the year

Profit for the year

-
407,401
407,401


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
407,401
407,401


Contributions by and distributions to owners

Shares cancelled during the year
(3,960)
-
(3,960)

Share buy back transferred to distributable reserves
-
(269,286)
(269,286)


Total transactions with owners
(3,960)
(269,286)
(273,246)


At 30 September 2023
1,621,433
562,731
2,184,164


The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
Lightstone Properties Limited
 
 

Notes to the financial statements
for the year ended 30 September 2024

1.


General information

Lightstone Properties Limited is a limited company limited by shares and was incorporated in England and Wales. Its company registration number is 04546581. The registered office and principal place of activity of the company is 3rd Floor 1 Ashley Road, Altrincham, Cheshire, WA12 2DT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
The financial statements have been prepared on a going concern basis.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.
The following principal accounting policies have been applied:
 

 
2.2

Turnover

Turnover is comprised of profit shares, rental income, management fees and other income.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
 
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
Lightstone Properties Limited
 

Notes to the financial statements
for the year ended 30 September 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment, fixtures and fittings
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Valuation of investments

Investments in subsidiaries, associated and joint ventures are measured at cost less accumulated impairment.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.6

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties,
loans to related parties and investments in ordinary shares.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 5

 
Lightstone Properties Limited
 

Notes to the financial statements
for the year ended 30 September 2024

2.Accounting policies (continued)

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

Current and deferred taxation

Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

The recognition of deferred tax assets is limited to the extent that it is probable that they will be
recovered against the reversal of deferred tax liabilities or other future taxable profits; and
 
Any deferred tax balances are reversed if and when all conditions for retaining associated tax
allowances have been met.

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
income.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 6

 
Lightstone Properties Limited
 
 

Notes to the financial statements
for the year ended 30 September 2024

4.


Tangible fixed assets





Office equipment, fixtures & fittings

£



Cost or valuation


At 1 October 2023
60,575



At 30 September 2024

60,575



Depreciation


At 1 October 2023
58,882


Charge for the year
914



At 30 September 2024

59,796



Net book value



At 30 September 2024
779



At 30 September 2023
1,693


5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 October 2023
1,736,412


Additions
6,606


Refinanced investments
(43,509)



At 30 September 2024
1,699,509




Page 7

 
Lightstone Properties Limited
 
 

Notes to the financial statements
for the year ended 30 September 2024

6.


Debtors

2024
2023
£
£


Trade debtors
5,400
15,000

Other debtors
11,600
100

Prepayments and accrued income
41,888
57,724

Tax recoverable
4,112
4,112

Deferred taxation
291,208
216,148

354,208
293,084


Deferred taxation is calculated at the rate of 25% (2023: 19%). The full balance of £291,208, in relation to losses and other deductions has been recognised at 30 September 2024, as the company anticipates this to be fully recoverable. 


7.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
1,394
1,124

Other taxation and social security
9,738
7,074

Accruals and deferred income
35,775
33,600

46,907
41,798



8.


Auditor's information

The auditor's report on the financial statements for the year ended 30 September 2024 was unqualified and there were no matters to which the auditor drew attention by way of emphasis.

The Auditor's report was signed on 27 January 2025 by John Marnham (Senior statutory auditor) on behalf of Buzzacott LLP.

Page 8