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REGISTERED NUMBER: 02672606 (England and Wales)















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: Mrs R Lamba
R L Lamba





SECRETARY: Mrs R Lamba





REGISTERED OFFICE: 3 Park Square
Leeds
LS1 2NE





REGISTERED NUMBER: 02672606 (England and Wales)





ACCOUNTANTS: Charles Stewart & Co Limited
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 4 810,207 810,207

CURRENT ASSETS
Debtors 5 2,524,844 2,533,783
Cash at bank 282,857 168,707
2,807,701 2,702,490
CREDITORS
Amounts falling due within one year 6 44,361 28,999
NET CURRENT ASSETS 2,763,340 2,673,491
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,573,547

3,483,698

CAPITAL AND RESERVES
Called up share capital 7 100 100
Fair value reserve 8 4,536 4,536
Retained earnings 8 3,568,911 3,479,062
SHAREHOLDERS' FUNDS 3,573,547 3,483,698

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 January 2025 and were signed on its behalf by:





Mrs R Lamba - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 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.

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 2 (2023 - 2 ) .

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 810,207
NET BOOK VALUE
At 31 March 2024 810,207
At 31 March 2023 810,207

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 26,035 23,769
30,622 40,032

Amounts falling due after more than one year:
Amount due from related
parties 2,494,222 2,493,751
2,494,222 2,493,751

Aggregate amounts 2,524,844 2,533,783

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 40,280 20,792
Accruals and deferred income 4,081 8,207
44,361 28,999

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
40 Ordinary A £1 40 40
60 Ordinary B £1 60 60
100 100

8. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 April 2023 3,479,062 4,536 3,483,598
Profit for the year 122,349 122,349
Dividends (32,500 ) (32,500 )
At 31 March 2024 3,568,911 4,536 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 R L Lamba.