Liquormart Properties Limited 02089733 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is property investment and rental of residential property. Digita Accounts Production Advanced 6.30.9574.0 true true 02089733 2023-04-01 2024-03-31 02089733 2024-03-31 02089733 core:CurrentFinancialInstruments 2024-03-31 02089733 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 02089733 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 02089733 core:MoreThanFiveYears 1 2024-03-31 02089733 core:PlantMachinery 2024-03-31 02089733 1 2024-03-31 02089733 bus:SmallEntities 2023-04-01 2024-03-31 02089733 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 02089733 bus:FilletedAccounts 2023-04-01 2024-03-31 02089733 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02089733 bus:RegisteredOffice 2023-04-01 2024-03-31 02089733 bus:Director1 2023-04-01 2024-03-31 02089733 bus:Director2 2023-04-01 2024-03-31 02089733 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02089733 core:PlantMachinery 2023-04-01 2024-03-31 02089733 countries:England 2023-04-01 2024-03-31 02089733 1 2023-04-01 2024-03-31 02089733 2023-03-31 02089733 core:PlantMachinery 2023-03-31 02089733 1 2023-03-31 02089733 2022-04-01 2023-03-31 02089733 2023-03-31 02089733 core:CurrentFinancialInstruments 2023-03-31 02089733 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 02089733 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 02089733 core:MoreThanFiveYears 1 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 02089733

Liquormart Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Liquormart Properties Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Liquormart Properties Limited

(Registration number: 02089733)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

5

860,000

642,126

Current assets

 

Debtors

6

56,116

130,944

Cash at bank and in hand

 

2,493

36,184

 

58,609

167,128

Creditors: Amounts falling due within one year

7

(720)

(113,037)

Net current assets

 

57,889

54,091

Total assets less current liabilities

 

917,889

696,217

Creditors: Amounts falling due after more than one year

7

(572,183)

(572,183)

Provisions for liabilities

(130,938)

-

Net assets

 

214,768

124,034

Capital and reserves

 

Called up share capital

200,100

200,100

Other reserves

410,309

266,656

Profit and loss account

(395,641)

(342,722)

Shareholders' funds

 

214,768

124,034

 

Liquormart Properties Limited

(Registration number: 02089733)
Statement of Financial Position as at 31 March 2024 (continued)

For the financial year ending 31 March 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 13 March 2025 and signed on its behalf by:
 


Mr G Taylor
Director


Mrs E Taylor
Director

 

Liquormart Properties Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
7 Castle Street
Bridgwater
TA6 3DD
England

Principal activity

The principal activity of the company is property investment and rental of residential property.

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 prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Liquormart Properties Limited

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

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

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 statement of financial position 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

33% straight line

 

Liquormart Properties Limited

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

2

Accounting policies (continued)

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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 statement of comprehensive income 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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

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

 

Liquormart Properties Limited

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

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

429

429

At 31 March 2024

429

429

Depreciation

At 1 April 2023

429

429

At 31 March 2024

429

429

Carrying amount

At 31 March 2024

-

-

5

Investment properties

2024
£

At 1 April

642,126

Fair value adjustments

217,874

At 31 March

860,000

The investment properties are shown at their fair value on an open market basis as considered by the directors. The historical cost of the investment properties included above at 31 March 2024 was £312,921 (2023: £312,921).

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

6

Debtors

2024
£

2023
£

Other debtors

56,116

130,944

56,116

130,944

 

Liquormart Properties Limited

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

720

626

Other creditors

-

112,411

720

113,037

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

572,183

572,183

2024
£

2023
£

Due after more than five years

After more than five years by instalments

572,183

572,183

£0.00

£0.00

Creditors include bank loans not repayable by instalments of £572.183 (2023 - £572.183) due after more than five years. Loans are secured against the asset to which they relate and by fixed and floating charges on the assets of the Company.

8

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Directors' advances and credits - repayable on demand and interest charged at HMRC's official rate

-

16,935

(6,143)

10,792