Registration number:
Larry Walshe Property Limited
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Larry Walshe Property Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Larry Walshe Property Limited
Company Information
Director |
L Walshe |
Registered office |
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Accountants |
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Larry Walshe Property Limited
Statement of Financial Position as at 30 September 2023
Note |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
100 |
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Retained earnings |
(28,437) |
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Shareholders' deficit |
(28,337) |
For the financial period ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Larry Walshe Property Limited
Statement of Financial Position as at 30 September 2023
Approved and authorised by the
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L Walshe
Director
Company registration number: 14726068
Larry Walshe Property Limited
Notes to the Unaudited Financial Statements for the Period from 13 March 2023 to 30 September 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of property investment.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
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.
Going concern
The company made a loss for the period ended 30 September 2023 and had a deficiency of net assets at that date of £28,337.
The director anticipates that rental income generated from the leasehold property will be sufficient to meet the company's obligations under the bank loan and to meet its ongoing working capital requirements.
On the basis of the above, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the rents charged in the ordinary course of the company's activities. Turnover is shown net of added tax, returns, rebates and discounts.
The company recognises revenue in accordance with the period of tenancy when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.
Larry Walshe Property Limited
Notes to the Unaudited Financial Statements for the Period from 13 March 2023 to 30 September 2023
Tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold property |
Straight line over the term of the lease |
Furniture and fixtures |
3 years straight line |
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.
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 income statement 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.
Staff numbers |
The average number of persons employed by the company during the period, was
Larry Walshe Property Limited
Notes to the Unaudited Financial Statements for the Period from 13 March 2023 to 30 September 2023
Tangible assets |
Leasehold property |
Furniture and fixtures |
Total |
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Cost or valuation |
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Additions |
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At 30 September 2023 |
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Depreciation |
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Charge for the period |
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At 30 September 2023 |
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Carrying amount |
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At 30 September 2023 |
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Debtors |
2023 |
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Other debtors |
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Larry Walshe Property Limited
Notes to the Unaudited Financial Statements for the Period from 13 March 2023 to 30 September 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
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Loans and borrowings |
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Trade creditors |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
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Loans and borrowings |
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Loans and borrowings |
Current loans and borrowings
2023 |
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Bank loans |
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Non-current loans and borrowings
2023 |
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Bank loans |
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Bank loans are secured by a fixed charge over the company's leasehold property.
Bank loans payable other than by instalments due after more than 5 years amounts to £846,788.
Related party transactions |
In accordance with FRS 102 paragraph 1AC.35, exemption is taken not to disclose transactions or amounts fully due with companies wholly controlled within the group.