Lingate Ltd 05191844 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of buying and letting of commercial properties. Digita Accounts Production Advanced 6.30.9574.0 true false true 05191844 2023-04-01 2024-03-31 05191844 2024-03-31 05191844 bus:OrdinaryShareClass1 2024-03-31 05191844 core:RetainedEarningsAccumulatedLosses 2024-03-31 05191844 core:RevaluationReserve 2024-03-31 05191844 core:ShareCapital 2024-03-31 05191844 core:CurrentFinancialInstruments 2024-03-31 05191844 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 05191844 core:Non-currentFinancialInstruments 2024-03-31 05191844 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 05191844 bus:SmallEntities 2023-04-01 2024-03-31 05191844 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05191844 bus:FullAccounts 2023-04-01 2024-03-31 05191844 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05191844 bus:RegisteredOffice 2023-04-01 2024-03-31 05191844 bus:CompanySecretary1 2023-04-01 2024-03-31 05191844 bus:Director1 2023-04-01 2024-03-31 05191844 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 05191844 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05191844 bus:Agent1 2023-04-01 2024-03-31 05191844 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 05191844 core:RevaluationReserve 2023-04-01 2024-03-31 05191844 core:ShareCapital 2023-04-01 2024-03-31 05191844 1 2023-04-01 2024-03-31 05191844 countries:EnglandWales 2023-04-01 2024-03-31 05191844 2023-03-31 05191844 core:RetainedEarningsAccumulatedLosses 2023-03-31 05191844 core:RevaluationReserve 2023-03-31 05191844 core:ShareCapital 2023-03-31 05191844 2022-04-01 2023-03-31 05191844 2023-03-31 05191844 bus:OrdinaryShareClass1 2023-03-31 05191844 core:CurrentFinancialInstruments 2023-03-31 05191844 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05191844 core:Non-currentFinancialInstruments 2023-03-31 05191844 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05191844 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 05191844 core:RevaluationReserve 2022-04-01 2023-03-31 05191844 core:ShareCapital 2022-04-01 2023-03-31 05191844 2022-03-31 05191844 core:RetainedEarningsAccumulatedLosses 2022-03-31 05191844 core:RevaluationReserve 2022-03-31 05191844 core:ShareCapital 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05191844

Lingate Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Lingate Ltd

Contents

Company Information

1

Director's Report

2

Statement of Director's Responsibilities

3

Accountants' Report

4

Statement of Financial Position

5 to 6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 12

 

Lingate Ltd

Company Information

Director

Mr Torlork Singh

Company secretary

Mrs Pushpa Singh

Registered office

5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN

Accountants

Sterling Associates
Chartered Certified Accountants
5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN

 

Lingate Ltd

Director's Report for the Year Ended 31 March 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director of the company

The director who held office during the year was as follows:

Mr Torlork Singh

Principal activity

The principal activity of the company is that of buying and letting of commercial properties.

Small companies provision statement

This report has 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.

Approved and authorised by the director on 23 January 2025
 

.........................................
Mr Torlork Singh
Director

 

Lingate Ltd

Statement of Director's Responsibilities

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Lingate Ltd
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lingate Ltd for the year ended 31 March 2024 as set out on pages 5 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Lingate Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Lingate Ltd and state those matters that we have agreed to state to the Board of Directors of Lingate Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lingate Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lingate Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lingate Ltd. You consider that Lingate Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Lingate Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Sterling Associates
Chartered Certified Accountants
5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN

23 January 2025

 

Lingate Ltd

(Registration number: 05191844)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

3,450,000

3,450,000

Current assets

 

Debtors

5

248,945

248,945

Cash at bank and in hand

 

157,567

182,232

 

406,512

431,177

Creditors: Amounts falling due within one year

6

(1,874,091)

(1,828,124)

Net current liabilities

 

(1,467,579)

(1,396,947)

Total assets less current liabilities

 

1,982,421

2,053,053

Creditors: Amounts falling due after more than one year

6

(1,734,122)

(1,762,876)

Provisions for liabilities

(29,655)

(29,655)

Net assets

 

218,644

260,522

Capital and reserves

 

Called up share capital

7

100

100

Revaluation reserve

185,081

185,081

Retained earnings

33,463

75,341

Shareholders' funds

 

218,644

260,522

For the financial year ending 31 March 2024 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 year 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.

Approved and authorised by the director on 23 January 2025
 

 

Lingate Ltd

(Registration number: 05191844)
Statement of Financial Position as at 31 March 2024

.........................................
Mr Torlork Singh
Director

 

Lingate Ltd

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 April 2023

100

185,081

75,341

260,522

Profit for the year

-

-

18,122

18,122

Dividends

-

-

(60,000)

(60,000)

At 31 March 2024

100

185,081

33,463

218,644

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 April 2022

100

185,081

134,278

319,459

Profit for the year

-

-

1,063

1,063

Dividends

-

-

(60,000)

(60,000)

At 31 March 2023

100

185,081

75,341

260,522

 

Lingate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN
United Kingdom

These financial statements were authorised for issue by the director on 23 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Lingate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Lingate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Investment properties

2024
£

At 1 April

3,450,000

At 31 March

3,450,000

There has been no valuation of investment property by an independent valuer.

5

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

248,945

248,945

   

248,945

248,945

 

Lingate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

36,721

36,721

Amounts owed to group undertakings and undertakings in which the company has a participating interest

1,611,533

1,611,533

Taxation and social security

 

16,551

22,413

Accruals and deferred income

 

43,960

49,592

Other creditors

 

165,326

107,865

 

1,874,091

1,828,124


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £36,721 (2023 - £36,721).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

1,734,122

1,762,876


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £1,734,122 (2023 - £1,762,876).

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Lingate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,734,122

1,762,876

Current loans and borrowings

2024
£

2023
£

Bank borrowings

36,721

36,721

9

Parent and ultimate parent undertaking

The ultimate controlling party is the director and his spouse.