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Registration number: 05514186

Lanacross Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Lanacross Properties Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Lanacross Properties Limited

Company Information

Directors

Mr Stephen John Parrott

Mr John Colin Parrott

Company secretary

Mrs Joyce Margaret Parrott

Registered office

59 Abbeygate Street
Bury St Edmunds
Suffolk
IP33 1LB

Accountants

Scrutton Bland Limited
Chartered Accountants 59 Abbeygate Street
Bury St Edmunds
Suffolk
IP33 1LB

 

Lanacross Properties Limited

(Registration number: 05514186)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

921

-

Investment property

5

186,145

185,000

 

187,066

185,000

Current assets

 

Debtors

6

-

45,122

Cash at bank and in hand

 

22,137

1,795

 

22,137

46,917

Creditors: Amounts falling due within one year

7

(9,383)

(9,663)

Net current assets

 

12,754

37,254

Total assets less current liabilities

 

199,820

222,254

Creditors: Amounts falling due after more than one year

7

(101,303)

(101,303)

Provisions for liabilities

(11,575)

-

Net assets

 

86,942

120,951

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

86,842

120,851

Shareholders' funds

 

86,942

120,951

For the financial year ending 31 August 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 and 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 12 March 2025 and signed on its behalf by:
 

.........................................
Mr Stephen John Parrott
Director

 

Lanacross Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
59 Abbeygate Street
Bury St Edmunds
Suffolk
IP33 1LB
England

The principal place of business is:
Ellendean Hockwold Road
Weeting
Brandon
Suffolk
IP27 0QE
United Kingdom

These financial statements were authorised for issue by the Board on 12 March 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.

Revenue recognition

Turnover comprises amounts chargeable in respect of property renovation, sales and rental income.

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

Plant and machinery

25% Straight line

 

Lanacross Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 group 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 - 3).

 

Lanacross Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

960

960

At 31 August 2024

960

960

Depreciation

Charge for the year

39

39

At 31 August 2024

39

39

Carrying amount

At 31 August 2024

921

921

5

Investment properties

2024
£

At 1 September

185,000

Additions

1,145

At 31 August

186,145

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

6

Debtors

Current

2024
£

2023
£

Other debtors

-

45,122

 

-

45,122

 

Lanacross Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

-

323

Accruals and deferred income

913

870

Other creditors

8,470

8,470

9,383

9,663

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

101,303

101,303

2024
£

2023
£

Due after more than five years

After more than five years not by instalments

101,303

101,303

-

-

Creditors include mortgage loans which are secured on the investment properties of £101,303 (2022 - £101,303).

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Lanacross Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

101,303

101,303

10

Related party transactions

Other transactions with directors

The directors have provided interest free loans to the company in the sum of £8,470 (2023: £8,470). These loans are repayable om demand.