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Company No: 09118970 (England and Wales)

LKLSE LTD

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

LKLSE LTD

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

LKLSE LTD

COMPANY INFORMATION

For the financial year ended 31 July 2024
LKLSE LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 July 2024
DIRECTORS Luke Adam Elvidge
Kate Alexandra Elvidge
REGISTERED OFFICE Treviot House
186-192 High Road
Ilford
IG1 1LR
United Kingdom
COMPANY NUMBER 09118970 (England and Wales)
ACCOUNTANT Gravita Essex Limited
Treviot House
186-192 High Road
Ilford
Essex
IG1 1LR
United Kingdom
LKLSE LTD

BALANCE SHEET

As at 31 July 2024
LKLSE LTD

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 82 247
Investment property 4 988,385 1,100,000
988,467 1,100,247
Current assets
Debtors 5 18,101 12,064
Cash at bank and in hand 203,319 306,085
221,420 318,149
Creditors: amounts falling due within one year 6 ( 1,007,841) ( 1,148,993)
Net current liabilities (786,421) (830,844)
Total assets less current liabilities 202,046 269,403
Provision for liabilities 0 ( 27,904)
Net assets 202,046 241,499
Capital and reserves
Called-up share capital 7 100 100
Revaluation reserve 0 83,711
Profit and loss account 201,946 157,688
Total shareholders' funds 202,046 241,499

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of LKLSE Ltd (registered number: 09118970) were approved and authorised for issue by the Board of Directors on 24 October 2024. They were signed on its behalf by:

Luke Adam Elvidge
Director
LKLSE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
LKLSE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

LKLSE Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Treviot House, 186-192 High Road, Ilford, IG1 1LR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Computer equipment Total
£ £
Cost
At 01 August 2023 821 821
At 31 July 2024 821 821
Accumulated depreciation
At 01 August 2023 574 574
Charge for the financial year 164 164
misc 1 1
At 31 July 2024 739 739
Net book value
At 31 July 2024 82 82
At 31 July 2023 247 247

4. Investment property

Investment property
£
Valuation
As at 01 August 2023 1,100,000
Fair value movement (111,615)
As at 31 July 2024 988,385

Valuation

The directors consider the current market value of the properties not to be materially different to the current carrying values based on comparisons with similar properties in the area.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 988,385 988,385

5. Debtors

2024 2023
£ £
Other debtors 18,101 12,064

6. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 11,001 23,202
Other creditors 996,840 1,125,791
1,007,841 1,148,993

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
50 Ordinary shares of £ 1.00 each 50 50
50 Ordinary B shares of £ 1.00 each 50 50
100 100