REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Lamba Properties Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Lamba Properties Limited |
Lamba Properties Limited (Registered number: 02672606) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Lamba Properties Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
3 Park Square |
Leeds |
LS1 2NE |
Lamba Properties Limited (Registered number: 02672606) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Fair value reserve | 8 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Lamba Properties Limited (Registered number: 02672606) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Lamba Properties Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Any deferred tax arising on adjustment to the fair value of the investment property will be recognised in the fair value reserve. |
Rents receivable |
Rents receivable represents the net rents receivable in the period. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Lamba Properties Limited (Registered number: 02672606) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2012 | 4,536 |
Cost | 805,671 |
810,207 |
If the investment property had not been revalued it would have been included at the following historical cost: |
31.3.24 | 31.3.23 |
£ | £ |
Cost | 805,671 | 805,671 |
A review of the fair value of the investment property was undertaken at the year end by the directors. It was deemed the fair value was equivalent to the value of the property in the accounts. |
It is estimated that if the investment property was sold at the value shown then there would be no taxation liability at the current rates of tax. |
5. | DEBTORS |
31.3.24 | 31.3.23 |
£ | £ |
Amounts falling due within one year: |
Directors' current accounts | 4,587 | 16,263 |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Amount due from related |
parties | 2,494,222 | 2,493,751 |
Aggregate amounts |
Lamba Properties Limited (Registered number: 02672606) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Tax |
Accruals and deferred income |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary A | £1 | 40 | 40 |
Ordinary B | £1 | 60 | 60 |
100 | 100 |
8. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | 3,483,598 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 March 2024 | 3,573,447 |
9. | RELATED PARTY DISCLOSURES |
Ardl Real Estate Ltd and Lamba LR Properties Ltd are related to the company by virtue of common control. |
Included in debtors is an amount loaned to Ardl Real Estate Ltd to acquire an investment property. At 31 March 2024, the amount owed was £1,217,406 (2023 £1,226,167). Interest is charged on the amount outstanding at the Bank of England Base Rate plus 0.25%. |
Included in debtors is an amount loaned to Lamba LR Properties Ltd to acquire an investment property. At 31 March 2024, the amount owed was £1,166,815 (2023: £1,157,585). Interest is charged on the amount outstanding at the Bank of England Base Rate plus 0.25%. |
Radhika Lamba is an immediate family member of the directors. |
Included in debtors at 31 March 2024 is an amount loaned to Radhika Lamba of £110,000 (2023: £110,000). Interest is charged on the loan at 3.3%. |
At 31 March 2024, the directors owed the company £4,587 (2023: £16,263). This amount was repaid in full within nine months. |
10. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |