Company Registration No. 13144732 (England and Wales)
Lance Property Limited
Unaudited accounts
for the year ended 31 May 2024
Lance Property Limited
Unaudited accounts
Contents
Lance Property Limited
Company Information
for the year ended 31 May 2024
Director
Mark Jonathan Lance
Company Number
13144732 (England and Wales)
Registered Office
Fair Trade House
3 Whittle Avenue
Fareham
Hampshire
PO15 5SH
Lance Property Limited
Statement of financial position
as at 31 May 2024
Tangible assets
2,312
6,287
Investment property
3,881,000
3,772,500
Cash at bank and in hand
13,610
18,563
Creditors: amounts falling due within one year
(48,163)
(40,513)
Net current assets
176,846
188,827
Total assets less current liabilities
4,060,158
3,967,614
Creditors: amounts falling due after more than one year
(3,754,622)
(3,414,528)
Provisions for liabilities
Deferred tax
(157,809)
(134,713)
Net assets
147,727
418,373
Called up share capital
10
10
Revaluation reserve
-
404,138
Profit and loss account
147,717
14,225
Shareholders' funds
147,727
418,373
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 20 February 2025 and were signed on its behalf by
Mark Jonathan Lance
Director
Company Registration No. 13144732
Lance Property Limited
Notes to the Accounts
for the year ended 31 May 2024
Lance Property Limited is a private company, limited by shares, registered in England and Wales, registration number 13144732. The registered office is Fair Trade House, 3 Whittle Avenue, Fareham, Hampshire , PO15 5SH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
50% Straight Line for Fixtures & fittings
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate of 25%, this is the corporation tax which was enacted at the time of preparation. Sale date is unknown.
Prior Year Material Errors
The revaluation reserve was wrongly used for the Year ending 31st May 2023. The revaluation of investment property was moved from the profit and loss account into the revaluation reserve.
This has been corrected in the current year and all values from the revaluation reserve have been transferred to the profit and loss account in accordance with FRS 102, Section 16.
Lance Property Limited
Notes to the Accounts
for the year ended 31 May 2024
4
Tangible fixed assets
Fixtures & fittings
Fair value at 1 June 2023
3,772,500
Net gain from fair value adjustments
108,500
Amounts falling due within one year
Accrued income and prepayments
4,311
4,834
Other debtors
206,250
206,250
7
Creditors: amounts falling due within one year
2024
2023
Trade creditors
5,733
4,437
Taxes and social security
35,244
28,487
Other creditors
6,900
6,900
8
Creditors: amounts falling due after more than one year
2024
2023
Amounts owed to group undertakings and other participating interests
3,754,622
3,414,528
Lance Property Limited
Notes to the Accounts
for the year ended 31 May 2024
9
Deferred taxation
2024
2023
Revaluation of investment property
157,809
134,713
Provision at start of year
134,713
-
Charged to the profit and loss account
23,096
-
Charged to other comprehensive income
-
134,713
Provision at end of year
157,809
134,713
Deferred tax shown within the accounts has arisen from the revaluation of investment property to fair value at the year end.
Deferred tax has been calculated at the current corporation tax rate of 25%.
10
Transactions with related parties
At the balance sheet date, Lance Property Limited owed Lance Holdings Limited £3,604,622 (2023 - £3,414,528). Lance Holdings Limited is the parent of Lance Property Limited.
The ultimate controlling party is Lance Holdings Limited, who is the parent of Lance Property Limited
12
Average number of employees
During the year the average number of employees was 1 (2023: 1).