Last Properties Limited 11996958 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is the letting and operating of real estate. Digita Accounts Production Advanced 6.30.9574.0 true 11996958 2023-06-01 2024-05-31 11996958 2024-05-31 11996958 bus:OrdinaryShareClass1 2024-05-31 11996958 core:RetainedEarningsAccumulatedLosses 2024-05-31 11996958 core:RevaluationReserve 2024-05-31 11996958 core:ShareCapital 2024-05-31 11996958 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 11996958 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 11996958 core:FurnitureFittingsToolsEquipment 2024-05-31 11996958 bus:SmallEntities 2023-06-01 2024-05-31 11996958 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 11996958 bus:FilletedAccounts 2023-06-01 2024-05-31 11996958 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 11996958 bus:RegisteredOffice 2023-06-01 2024-05-31 11996958 bus:Director1 2023-06-01 2024-05-31 11996958 bus:Director2 2023-06-01 2024-05-31 11996958 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 11996958 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 11996958 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 11996958 countries:EnglandWales 2023-06-01 2024-05-31 11996958 2023-05-31 11996958 core:FurnitureFittingsToolsEquipment 2023-05-31 11996958 2022-06-01 2023-05-31 11996958 2023-05-31 11996958 bus:OrdinaryShareClass1 2023-05-31 11996958 core:RetainedEarningsAccumulatedLosses 2023-05-31 11996958 core:RevaluationReserve 2023-05-31 11996958 core:ShareCapital 2023-05-31 11996958 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 11996958 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 11996958 core:FurnitureFittingsToolsEquipment 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11996958

Last Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Last Properties Limited

Contents


 

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Last Properties Limited

Registration number: 11996958

Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,261

1,085

Investment property

5

485,183

441,476

 

492,444

442,561

Current assets

 

Cash at bank and in hand

 

5,921

3,013

Creditors: Amounts falling due within one year

6

(140,183)

(132,929)

Net current liabilities

 

(134,262)

(129,916)

Total assets less current liabilities

 

358,182

312,645

Creditors: Amounts falling due after more than one year

6

(304,218)

(304,218)

Provisions for liabilities

(5,981)

(1,481)

Net assets

 

47,983

6,946

Capital and reserves

 

Called up share capital

7

100

100

Revaluation reserve

57,890

14,183

Retained earnings

(10,007)

(7,337)

Shareholders' funds

 

47,983

6,946



The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

 

Last Properties Limited

Registration number: 11996958

Balance Sheet as at 31 May 2024 (continued)

For the financial 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.

Directors' 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 directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 February 2025 and signed on its behalf by:
 

O W Last
Director

K E Last
Director

 
     

 

Last Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
Manor Farm House
Fressingfield Road
Stradbroke
Eye
Suffolk
IP21 5NJ
United Kingdom

These financial statements were authorised for issue by the Board on 20 February 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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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.

 

Last Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises deferred 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.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixture and fittings

25% Reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable
real estate determined by the director. Changes in fair value are recognised in profit or loss.

 

Last Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Borrowings

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 profit and loss account 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

3,000

3,000

Additions

9,235

9,235

At 31 May 2024

12,235

12,235

Depreciation

At 1 June 2023

1,915

1,915

Charge for the year

3,059

3,059

At 31 May 2024

4,974

4,974

Carrying amount

At 31 May 2024

7,261

7,261

At 31 May 2023

1,085

1,085

 

Last Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

5

Investment properties

2024
£

At 1 June

441,476

Fair value adjustments

43,707

At 31 May

485,183

The investment properties have been valued at fair value by the directors at the year end. The estimate is the director's assessment of the current market value of the investment properties using online data and statitics from property websites.

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

 

Last Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

-

29

Directors loan account

138,132

130,947

Other creditors

 

2,051

1,953

 

140,183

132,929

Due after one year

 

Loans and borrowings

304,218

304,218

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

304,218

304,218

Included in loans and borrowings is £118,875 which is secured against company assets.

 

Last Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100