0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 4,802 3,883 92 3,975 827 919 514,000 9,000 505,000 505,000 514,000 xbrli:pure xbrli:shares iso4217:GBP 05704211 2023-03-01 2024-02-29 05704211 2024-02-29 05704211 2023-02-28 05704211 2022-03-01 2023-02-28 05704211 2023-02-28 05704211 2022-02-28 05704211 core:FurnitureFittings 2023-03-01 2024-02-29 05704211 bus:Director1 2023-03-01 2024-02-29 05704211 core:FurnitureFittings 2023-02-28 05704211 core:FurnitureFittings 2024-02-29 05704211 core:AfterOneYear 2024-02-29 05704211 core:AfterOneYear 2023-02-28 05704211 core:WithinOneYear 2024-02-29 05704211 core:WithinOneYear 2023-02-28 05704211 core:ShareCapital 2024-02-29 05704211 core:ShareCapital 2023-02-28 05704211 core:RetainedEarningsAccumulatedLosses 2024-02-29 05704211 core:RetainedEarningsAccumulatedLosses 2023-02-28 05704211 core:CostValuation core:Non-currentFinancialInstruments 2023-02-28 05704211 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2024-02-29 05704211 core:CostValuation core:Non-currentFinancialInstruments 2024-02-29 05704211 core:Non-currentFinancialInstruments 2024-02-29 05704211 core:Non-currentFinancialInstruments 2023-02-28 05704211 core:RevaluationIntangibleAssetsDeferredTax 2024-02-29 05704211 core:RevaluationIntangibleAssetsDeferredTax 2023-02-28 05704211 core:FurnitureFittings 2023-02-28 05704211 bus:Director1 2024-02-29 05704211 bus:Director1 2023-02-28 05704211 bus:Director1 2022-03-01 2023-02-28 05704211 bus:SmallEntities 2023-03-01 2024-02-29 05704211 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 05704211 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 05704211 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 05704211 bus:FullAccounts 2023-03-01 2024-02-29
COMPANY REGISTRATION NUMBER: 05704211
LORDS PROPERTY MANAGEMENT LIMITED
Filleted Unaudited Financial Statements
29 February 2024
LORDS PROPERTY MANAGEMENT LIMITED
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
827
919
Investments
5
505,000
514,000
---------
---------
505,827
514,919
Current assets
Cash at bank and in hand
110,634
47,829
Creditors: amounts falling due within one year
6
112,841
47,197
---------
--------
Net current (liabilities)/assets
( 2,207)
632
---------
---------
Total assets less current liabilities
503,620
515,551
Creditors: amounts falling due after more than one year
7
165,348
174,640
Provisions
Taxation including deferred tax
35,527
33,277
---------
---------
Net assets
302,745
307,634
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
9
302,645
307,534
---------
---------
Shareholders funds
302,745
307,634
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 29 February 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
LORDS PROPERTY MANAGEMENT LIMITED
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 25 February 2025 , and are signed on behalf of the board by:
R K Lodhi
Director
Company registration number: 05704211
LORDS PROPERTY MANAGEMENT LIMITED
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Silicon House, 35 Brigstock Road, Thornton Heath, CR7 7JH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
10% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 March 2023 and 29 February 2024
4,802
4,802
-------
-------
Depreciation
At 1 March 2023
3,883
3,883
Charge for the year
92
92
-------
-------
At 29 February 2024
3,975
3,975
-------
-------
Carrying amount
At 29 February 2024
827
827
-------
-------
At 28 February 2023
919
919
-------
-------
5. Investments
Investment property
£
Cost
At 1 March 2023
514,000
Revaluations
( 9,000)
---------
At 29 February 2024
505,000
---------
Impairment
At 1 March 2023 and 29 February 2024
---------
Carrying amount
At 29 February 2024
505,000
---------
At 28 February 2023
514,000
---------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
91,956
28,409
Corporation tax
12,352
10,615
Other creditors
8,533
8,173
---------
--------
112,841
47,197
---------
--------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
165,348
174,640
---------
---------
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
35,527
33,277
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Revaluation of intangible assets
35,527
33,277
--------
--------
9. Reserves
2020 2019 £ £ Ordinary share capital 100 100 Fair value reserve 235,210 268,900 Profit and loss account 90,814 (33,690) ---------- ---------- Shareholders funds 326,224 235,310
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
R K Lodhi
( 5,928)
( 5,928)
----
-------
-------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
R K Lodhi
( 5,928)
( 5,928)
----
-------
-------