Registered number
10747234
LAZBAR Ltd
Unaudited Filleted Accounts
30 April 2024
LAZBAR Ltd
Registered number: 10747234
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Investment property 4 2,268,226 2,213,726
Current assets
Debtors 5 16,648 10,101
Cash at bank and in hand 1,983 9,445
18,631 19,546
Creditors: amounts falling due within one year 6 (549,167) (589,488)
Net current liabilities (530,536) (569,942)
Total assets less current liabilities 1,737,690 1,643,784
Creditors: amounts falling due after more than one year 7 (1,168,869) (1,136,158)
Provisions for liabilities (114,565) (87,070)
Net assets 454,256 420,556
Capital and reserves
Called up share capital 4 4
Fair value reserve 9 343,691 371,186
Profit and loss account 110,561 49,366
Shareholders' funds 454,256 420,556
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S R Lazenby
Director
Approved by the board on 31/01/2025.
LAZBAR Ltd
Notes to the Accounts
for the year ended 30 April 2024
1 Statutory information
LAZBAR Ltd is a private company, limited by shares, registered in England and Wales.
The company's registered number and registered office address are as below:
Registered number: 10747234
Registered office: Beech House
78 Cleasby Road
Menston
Ilkley
West Yorkshire
LS29 6HN
The presentation currency of the financial statements is the Pound Sterling, which is the
functional currency of the company, rounded to the nearest £1.
2 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
Turnover
Turnover represents rents received and receivable, excluding VAT.
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
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 Accounting policies (continued)
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.
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.
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
4 Investment property
Total
£
Fair value
At 1 May 2023 2,213,726
Additions 54,500
At 30 April 2024 2,268,226
Historical cost
At 1 May 2023 1,755,471
At 30 April 2024 1,809,971
The investment property was valued on an open market basis by the directors on 30 April 2024.
5 Debtors 2024 2023
£ £
Trade debtors 7,155 -
Prepayments 3,493 4,101
Other debtors 6,000 6,000
16,648 10,101
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 440,673 440,136
Directors' current account 82,154 102,500
Trade creditors - 4,619
Accruals and deferred income 1,297 26,373
Taxation and social security costs 19,043 9,860
Other creditors 6,000 6,000
549,167 589,488
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,168,869 1,136,158
8 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 1,129,183 1,518,583
Secured bank loans 1,591,356 1,549,603
Bank loans are secured over the properties to which they relate.
9 Fair value reserve 2024 2023
£ £
At 1 May 2023 371,186 371,186
Transfer (27,495) -
At 30 April 2024 343,691 371,186
10 Related party transactions
During the year the directors advanced monies totalling £15,104 (2023: £135,810) to the company and the company repaid £35,450 (2023: £65,674) to the directors. An amount of £82,154 (2023: £102,500) remained due to the directors at the year end.
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