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Registration number: 14726068

Larry Walshe Property Limited

Unaudited Financial Statements

for the Period from 13 March 2023 to 30 September 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Larry Walshe Property Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Larry Walshe Property Limited

Company Information

Director

L Walshe

Registered office

Unit 11 Boundary Business Court
Church Road
Mitcham
CR4 3TD

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Larry Walshe Property Limited

Statement of Financial Position as at 30 September 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

1,584,691

Current assets

 

Debtors

5

2,513

Cash at bank and in hand

 

40,000

 

42,513

Creditors: Amounts falling due within one year

6

(808,753)

Net current liabilities

 

(766,240)

Total assets less current liabilities

 

818,451

Creditors: Amounts falling due after more than one year

6

(846,788)

Net liabilities

 

(28,337)

Capital and reserves

 

Called up share capital

100

Retained earnings

(28,437)

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:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

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 director on 31 January 2025
 

.........................................

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 11 Boundary Business Court
Church Road
Mitcham
CR4 3TD

The principal activity of the company is that of property investment.

2

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.

3

Staff numbers

The average number of persons employed by the company during the period, was 0.

 

Larry Walshe Property Limited

Notes to the Unaudited Financial Statements for the Period from 13 March 2023 to 30 September 2023

4

Tangible assets

Leasehold property
£

Furniture and fixtures
£

Total
£

Cost or valuation

Additions

1,586,303

2,033

1,588,336

At 30 September 2023

1,586,303

2,033

1,588,336

Depreciation

Charge for the period

3,575

70

3,645

At 30 September 2023

3,575

70

3,645

Carrying amount

At 30 September 2023

1,582,728

1,963

1,584,691

5

Debtors

2023
£

Other debtors

2,513

2,513

 

Larry Walshe Property Limited

Notes to the Unaudited Financial Statements for the Period from 13 March 2023 to 30 September 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Loans and borrowings

7

3,600

Trade creditors

 

4,800

Other creditors

 

800,353

 

808,753

Creditors: amounts falling due after more than one year

Note

2023
£

Loans and borrowings

7

846,788

7

Loans and borrowings

Current loans and borrowings

2023
£

Bank loans

3,600

Non-current loans and borrowings

2023
£

Bank loans

846,788

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.

8

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.