Registered number
12207955
Lion Turtle Ltd
Accounts
For the year ended 31 December 2023
delivered to the Registrar of Companies under section 444 of the Companies Act 2006
Lion Turtle Ltd
Registered number: 12207955
Balance Sheet
As at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Investment properties 4 2,041,025 2,041,025
Current assets
Debtors 5 20,528 17,555
Cash at bank 23,413 22,745
43,941 40,300
Creditors: amounts falling due within one year 6 (34,646) (26,149)
Net current assets 9,295 14,151
Total assets less current liabilities 2,050,320 2,055,176
Creditors: amounts falling due after one year 7 (1,910,490) (1,962,000)
Net assets 139,830 93,176
Capital and reserves
Share capital 8 100 100
Retained earnings 139,730 93,076
Shareholders' funds 139,830 93,176
The director is 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 director acknowledges his 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 company has taken the option not to deliver a profit and loss account to the Registrar of Companies.
Mehmet Sözen
Director
Approved by the board on 28 January 2025
Lion Turtle Ltd
Notes to the Accounts
For the year ended 31 December 2023
1 Company information
The company is a private company limited by shares, incorporated in England and registered at 117 Beaufort Street, London, SW3 6BS.
2 Accounting policies
2.1 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 (as applied to small entities by section 1A of the Standard).
2.2 Functional and presentation currency
The company's functional and presentation currency is Pound sterling ("£").
2.3 Property income
Property income is measured at the fair value of the rents and other property income receivable, net of discounts and value added taxes. Property income is recognised over the period to which it relates.
2.4 Investment properties
Investment properties are measured at fair value at each reporting date with any changes in fair value recognised in the fair value reserve. Fair value is ascertained by an open market valuation on freehold basis, conducted annually by the director. In the director's opinion, the cost of the property protfolio as at 31 December 2023 is a reasonable approximation of the fair value.
2.5 Debtors
Short term debtors are measured at transaction price less any impairment losses for bad and doubtful debts. Longer term loans and other financial assets are initially recognised 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.
2.6 Creditors
Short term creditors are measured at transaction price. Longer term 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.
2.7 Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the accounts 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 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 2023 2022
Number Number
Average number of persons employed - -
4 Investment properties
£
Fair value
At 1 January 2023 2,041,025
At 31 December 2023 2,041,025
5 Debtors 2023 2022
£ £
Trade debtors 10,824 945
Other debtors 9,704 16,610
20,528 17,555
6 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation 24,609 20,247
Other creditors 10,037 5,902
34,646 26,149
7 Creditors: amounts falling due after one year 2023 2022
£ £
Director's loan 1,910,490 1,962,000
The director's loan is interest-free and unsecured. The director has confirmed that he will not seek repayment to the extent that the loan may continue to be required by the company.
8 Share capital 2023 2022
£ £
Allotted, called up and fully paid:
100 Ordinary shares of £1 each 100 100
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