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LORROSE LIMITED

Unaudited Financial Statements

for the Year Ended 31st March 2024






LORROSE LIMITED (REGISTERED NUMBER: 01182756)






Contents of the Financial Statements
for the year ended 31st March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LORROSE LIMITED

Company Information
for the year ended 31st March 2024







DIRECTORS: M C Snelson
P Snelson
R M Snelson





SECRETARY: P Snelson





REGISTERED OFFICE: 11 Rectory Lane
Heswall
Wirral
CH60 4RZ





REGISTERED NUMBER: 01182756 (England and Wales)





ACCOUNTANTS: Haines Watts Wirral Limited
1 Abbots Quay
Monks Ferry
Birkenhead
Merseyside
CH41 5LH

LORROSE LIMITED (REGISTERED NUMBER: 01182756)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 384 480
Investments 5 233,773 233,773
Investment property 6 3,972,266 3,253,421
4,206,423 3,487,674

CURRENT ASSETS
Debtors 7 73,991 83,167
Cash at bank 33,459 133,386
107,450 216,553
CREDITORS
Amounts falling due within one year 8 196,406 118,793
NET CURRENT (LIABILITIES)/ASSETS (88,956 ) 97,760
TOTAL ASSETS LESS CURRENT LIABILITIES 4,117,467 3,585,434

CREDITORS
Amounts falling due after more than one
year

9

2,719,401

2,074,757
NET ASSETS 1,398,066 1,510,677

CAPITAL AND RESERVES
Called up share capital 1,330 1,330
Fair value reserve 11 691,416 691,416
Retained earnings 705,320 817,931
SHAREHOLDERS' FUNDS 1,398,066 1,510,677

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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.

LORROSE LIMITED (REGISTERED NUMBER: 01182756)

Balance Sheet - continued
31st March 2024


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 15th January 2025 and were signed on its behalf by:





M C Snelson - Director


LORROSE LIMITED (REGISTERED NUMBER: 01182756)

Notes to the Financial Statements
for the year ended 31st March 2024

1. STATUTORY INFORMATION

Lorrose 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.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The areas in the financial statements where these judgements and estimates have been made include:

-Fair value of investment property.

Turnover
Turnover represents gross rents receivable and net invoiced sales of services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

Financial instruments
Debtors and creditors (including directors' loans)are measured at the undiscounted amount of cash or other consideration expected to be paid.

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.


LORROSE LIMITED (REGISTERED NUMBER: 01182756)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

2. ACCOUNTING POLICIES - continued
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.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and loans to related parties.

Debt instruments (other than those wholly repayable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement and retained earnings.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Finance costs
Finance costs are charged to the income statement and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

LORROSE LIMITED (REGISTERED NUMBER: 01182756)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1st April 2023
and 31st March 2024 28,103
DEPRECIATION
At 1st April 2023 27,623
Charge for year 96
At 31st March 2024 27,719
NET BOOK VALUE
At 31st March 2024 384
At 31st March 2023 480

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st April 2023
and 31st March 2024 233,773
NET BOOK VALUE
At 31st March 2024 233,773
At 31st March 2023 233,773

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2023 3,253,421
Additions 718,845
At 31st March 2024 3,972,266
NET BOOK VALUE
At 31st March 2024 3,972,266
At 31st March 2023 3,253,421

LORROSE LIMITED (REGISTERED NUMBER: 01182756)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

6. INVESTMENT PROPERTY - continued

Fair value at 31st March 2024 is represented by:
£   
Valuation in 2024 691,416
Cost 3,280,850
3,972,266

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 3,280,850 2,562,005

Investment property was valued on an open market basis on 31st March 2024 by M C Snelson .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 73,991 83,167

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 53,922
Taxation and social security 5,145 5,021
Other creditors 191,261 59,850
196,406 118,793

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 2,719,401 2,074,757

Amounts falling due in more than five years:

Repayable by instalments
Bank loans +5 years 2,719,401 1,859,068

LORROSE LIMITED (REGISTERED NUMBER: 01182756)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 2,719,401 2,128,679

Bank loans and overdrafts are secured on the company's investment property.

11. RESERVES
Fair
value
reserve
£   
At 1st April 2023
and 31st March 2024 691,416

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in other creditors is an amount of £1,524 (2023 - £40,018) owed to the directors.

13. RELATED PARTY DISCLOSURES

Included in Other Debtors (note 8) is the sum of £73,991 (2023 - £83,167) due from Brick Investments Limited, a company controlled by R M Snelson, son of M C Snelson and P Snelson.