4 January 2023 v2025.12.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activity0falsetruexbrli:purexbrli:sharesiso4217:GBP145711052023-01-042024-03-31145711052024-03-3114571105core:WithinOneYear2024-03-3114571105core:AfterOneYear2024-03-3114571105core:ShareCapital2024-03-3114571105core:RetainedEarningsAccumulatedLosses2024-03-3114571105bus:Director12023-01-042024-03-3114571105bus:RegisteredOffice2023-01-042024-03-311457110512023-01-042024-03-3114571105countries:EnglandWales2023-01-042024-03-3114571105bus:AuditExemptWithAccountantsReport2023-01-042024-03-3114571105bus:PrivateLimitedCompanyLtd2023-01-042024-03-3114571105bus:SmallEntities2023-01-042024-03-3114571105bus:AbridgedAccounts2023-01-042024-03-31
Company registration number:
14571105
Lainston Property Limited
Unaudited Filleted Abridged Financial Statements for the period ended
31 March 2024
Lainston Property Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Lainston Property Limited
Period ended
31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
abridged financial statements
of
Lainston Property Limited
for the period ended
31 March 2024
which comprise the abridged income statement, abridged statement of financial position, statement of changes in equity and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com/​.
This report is made solely to the Board of Directors of
Lainston Property Limited
, as a body, in accordance with the terms of our engagement letter dated 1 October 2024. Our work has been undertaken solely to prepare for your approval the
abridged financial statements
of
Lainston Property Limited
and state those matters that we have agreed to state to the Board of Directors of
Lainston Property Limited
, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com/​. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Lainston Property Limited
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
Lainston Property Limited
has kept adequate accounting records and to prepare statutory
abridged financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
Lainston Property Limited
. You consider that
Lainston Property Limited
is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the abridged financial statements of Lainston Property Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.
Switch Accounting Limited
The IncuHive Space, Hursley Campus
Hursley Park Road
Winchester
Hampshire
SO21 2JN
United Kingdom
Date:
17 February 2025
Lainston Property Limited
Abridged Statement of Financial Position
31 March 2024
31 Mar 2024
Note£
Fixed assets  
Tangible assets 5
2,347,790
 
Current assets  
Debtors
78,066
 
Creditors: amounts falling due within one year
(475,516
)
Net current liabilities
(397,450
)
Total assets less current liabilities 1,950,340  
Creditors: amounts falling due after more than one year 6
(1,407,400
)
Net assets
542,940
 
Capital and reserves  
Called up share capital
120
 
Profit and loss account
542,820
 
Shareholders funds
542,940
 
For the period ending
31 March 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • The members have not required the company to obtain an audit of its abridged financial statements for the period in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged statement of financial position and the abridged income statement for the period ended
31 March 2024
in accordance with Section 444(2A) of the Companies Act 2006.
These
abridged 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.
These
abridged financial statements
were approved by the board of directors and authorised for issue on
17 February 2025
, and are signed on behalf of the board by:
R Clarke
Director
Company registration number:
14571105
Lainston Property Limited
Notes to the Abridged Financial Statements
Period ended
31 March 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Oxford House 14-18 College Street
,
Southampton
,
SO14 3EJ
, England.

2 Statement of compliance

These
abridged financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
abridged financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
abridged financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Investment properties

The investment property is included in the balance sheet at open market value at the balance sheet date on the basis of a valuation by the directors. Any surplus or deficit arising on revaluation is recognised through the income statement. No depreciation is provided in respect of the investment property, this is contrary to the requirements of the Companies Act 2006 to depreciate all properties. The directors consider that to depreciate the property would be inappropriate as it is held for investment rather than consumption and that a true and fair view is reflected in accordance with FRS 102 requirements.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4 Average number of employees

The average number of persons employed by the company during the period was Nil.

5 Fixed assets

Tangible assets
£
Cost or valuation  
At
4 January 2023
-  
Additions
1,987,791
 
Disposals
(256,842
)
Revaluations
616,841
 
At
31 March 2024
2,347,790
 
Depreciation  
At
4 January 2023
and
31 March 2024
-  
Carrying amount  
At
31 March 2024
2,347,790
 

Investment property

Included in tangible assets are the following amounts related to investment properties held at valuation:
31 Mar 2024
£
Additions
1,987,791.00
 
Disposals (256,842 )
Fair value adjustments
616,841
 
Carrying amount at
31 March 2024
2,347,790
 

6 Creditors: amounts falling due after more than one year

Included within creditors are loans of £1,407,400 that are secured by way of a legal charge against the company's investment properties.

7 Director's advances, credit and guarantees

The director has provided the business with funding and is currently owed £11,450. This amount is unsecured, interest free, and with no specified repayment date.

9 Controlling party

The control parties are Lainston Commercial Limited and Hillside Commercial Limited by virtue of them holding equal numbers of the share capital.