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Registered number: 12549277
LNO Developments Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 12549277
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 1,646,703 1,646,703
1,646,703 1,646,703
CURRENT ASSETS
Debtors 5 75 -
Cash at bank and in hand 11,486 264
11,561 264
Creditors: Amounts Falling Due Within One Year 6 (1,649,863 ) (1,649,753 )
NET CURRENT ASSETS (LIABILITIES) (1,638,302 ) (1,649,489 )
TOTAL ASSETS LESS CURRENT LIABILITIES 8,401 (2,786 )
NET ASSETS/(LIABILITIES) 8,401 (2,786 )
CAPITAL AND RESERVES
Called up share capital 7 150 150
Profit and Loss Account 8,251 (2,936 )
SHAREHOLDERS' FUNDS 8,401 (2,786)
Page 1
Page 2
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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Richard McCabe
Director
29 January 2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
LNO Developments Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12549277 . The registered office is 2 Elmstead Road, Poole, Dorset, BH13 7EY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
These financial statements are presented in pound sterling which is the functional currency of the company.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added
taxes. Turnover is represented by revenue earned from the rental of investment property.
2.3. Investment Properties
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are
initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be
measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses
arising from changes in fair value of investment properties are included in profit and loss in the period in which they
arise.
2.4. Financial Instruments
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially measured at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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Page 4
4. Investment Property
2024
£
Fair Value
As at 1 May 2023 and 30 April 2024 1,646,703
The historic cost of the investment property si £1,646,703 (2023: £1,646,703).
The investment property has been revalued on an open market basis by the directors on 30 April 2024 at £1,646,703 (2023: £1,646,703).
5. Debtors
2024 2023
£ £
Due within one year
Other debtors 75 -
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 1,935 -
Other creditors 1,646,628 1,648,553
Accruals and deferred income 1,300 1,200
1,649,863 1,649,753
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 150 150
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