Acorah Software Products - Accounts Production 16.1.300 false true true 30 June 2023 1 July 2022 false 1 July 2023 30 June 2024 30 June 2024 SC508177 Ms Desiree Codona Mr Craig Boswell iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC508177 2023-06-30 SC508177 2024-06-30 SC508177 2023-07-01 2024-06-30 SC508177 frs-core:CurrentFinancialInstruments 2024-06-30 SC508177 frs-core:Non-currentFinancialInstruments 2024-06-30 SC508177 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-06-30 SC508177 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 SC508177 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-06-30 SC508177 frs-core:ShareCapital 2024-06-30 SC508177 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 SC508177 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC508177 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 SC508177 frs-bus:SmallEntities 2023-07-01 2024-06-30 SC508177 frs-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 SC508177 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 SC508177 frs-bus:Director1 2023-07-01 2024-06-30 SC508177 frs-bus:Director2 2023-07-01 2024-06-30 SC508177 frs-countries:Scotland 2023-07-01 2024-06-30 SC508177 2022-06-30 SC508177 2023-06-30 SC508177 2022-07-01 2023-06-30 SC508177 frs-core:CurrentFinancialInstruments 2023-06-30 SC508177 frs-core:Non-currentFinancialInstruments 2023-06-30 SC508177 frs-core:ShareCapital 2023-06-30 SC508177 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30
Registered number: SC508177
Lauren Properties Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
Sutherland Black
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SC508177
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 591,623 591,623
591,623 591,623
CURRENT ASSETS
Cash at bank and in hand 795 1,593
795 1,593
Creditors: Amounts Falling Due Within One Year 5 (394,888 ) (397,484 )
NET CURRENT ASSETS (LIABILITIES) (394,093 ) (395,891 )
TOTAL ASSETS LESS CURRENT LIABILITIES 197,530 195,732
Creditors: Amounts Falling Due After More Than One Year 6 (199,261 ) (199,096 )
NET LIABILITIES (1,731 ) (3,364 )
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account (1,831 ) (3,464 )
SHAREHOLDERS' FUNDS (1,731) (3,364)
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For the year ending 30 June 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Desiree Codona
Director
25/02/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Lauren Properties Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC508177 . The registered office is 79, Calderpark Road, Uddingston, Glasgow, G71 7RG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis. The directors have assessed the company’s financial position and performance, including projected cash flows, available funding, and the current economic environment. Based on this review, they are satisfied that the company has adequate resources to continue in operational existence for the foreseeable future.
Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis. In making this assessment, the directors have not identified any material uncertainties that may cast significant doubt on the company’s ability to continue as a going concern.
2.3. Turnover
Turnover represents rental income derived from the letting of investment properties during the financial year. It is measured at the fair value of the consideration received or receivable and is recognised on an accruals basis in accordance with the terms of the tenancy agreements.
No revenue is recognised if there are significant uncertainties regarding the receipt of income.
2.4. Tangible Fixed Assets and Depreciation
The company’s accounting policy is to state property at fair value, based on periodic valuations by independent professional valuers. Freehold land and buildings are not depreciated, as it is the company’s policy to maintain these assets in such a condition that their residual value is at least equal to their carrying amount, and any depreciation would therefore be immaterial. The carrying value is subject to an annual impairment review in accordance with FRS 102, Section 27
Freehold -
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 1 1
1 1
4. Tangible Assets
Land & Property
Freehold
£
Cost
As at 1 July 2023 591,623
As at 30 June 2024 591,623
Net Book Value
As at 30 June 2024 591,623
As at 1 July 2023 591,623
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Inter Company - LFB Febrication 1,799 -
Accruals and deferred income 2,973 3,131
Directors' loan accounts 390,116 394,353
394,888 397,484
6. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 199,261 199,096
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7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
8. Post Balance Sheet Events
In November 2024, subsequent to the balance sheet date, the company completed the disposal of its freehold property located at Carronhall Drive, Lesmahagow, for a total consideration of £364,000. The net proceeds from the disposal were used to fully redeem the outstanding mortgages associated with this property.
The disposal is considered a non-adjusting post-balance sheet event under FRS 102, as the transaction occurred after the reporting date and does not provide evidence of conditions that existed at that date. The financial statements have therefore not been adjusted for this event.
The disposal is expected to result in a gain of £84,000 before costs, which will be recognised in the subsequent financial period.
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