Company Registration No. 08309630 (England and Wales)
Low Street Properties Limited
Unaudited financial statements
for the year ended 30 September 2024
Pages for filing with the registrar
Low Street Properties Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
Low Street Properties Limited
Statement of financial position
As at 30 September 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
403,060
440,258
Investment property
5
19,077,354
15,815,557
19,480,414
16,255,815
Current assets
Debtors
6
100,111
80,729
Investments
7
500,000
150,000
Cash at bank and in hand
695,643
746,566
1,295,754
977,295
Creditors: amounts falling due within one year
8
(179,907)
(228,426)
Net current assets
1,115,847
748,869
Total assets less current liabilities
20,596,261
17,004,684
Creditors: amounts falling due after more than one year
9
(15,715,623)
(15,715,703)
Provisions for liabilities
(893,789)
(93,515)
Net assets
3,986,849
1,195,466
Capital and reserves
Called up share capital
10
10,000
10,000
Non-distributable profits reserve
11
2,882,790
473,926
Distributable profit and loss reserves
1,094,059
711,540
Total equity
3,986,849
1,195,466

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Low Street Properties Limited
Statement of financial position (continued)
As at 30 September 2024
2
The financial statements were approved by the board of directors and authorised for issue on 18 March 2025 and are signed on its behalf by:
Michael John Robinson
Director
Company Registration No. 08309630
Low Street Properties Limited
Notes to the financial statements
For the year ended 30 September 2024
3
1
Accounting policies
Company information

Low Street Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Low Street, North Ferriby, East Yorkshire, HU14 3DD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rents due for the period in the ordinary nature of the business.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Buildings - 50 years straight line / Land - not depreciated
Integral features
10 years straight line
Fixtures and fittings
25 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Low Street Properties Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
4
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Low Street Properties Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
5
1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax. Current tax assets are recognised when tax paid exceeds the tax payable.

Current tax

Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

 

Current tax assets and liabilities and deferred tax assets and liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

 

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. Current tax assets and liabilities are calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted at the reporting date.

 

Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.

 

For invested properties measured at fair value, deferred tax is measured using the tax rates and allowances that apply to the sale of the asset or property.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Low Street Properties Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
6
1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Investment property valuation

The fair value of the investment property was calculated based on a rental yield basis by the directors on 30 September 2018. Management do not consider an updated valuation to be necessary.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
Low Street Properties Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
7
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2023
167,438
517,256
684,694
Additions
-
0
2,377
2,377
At 30 September 2024
167,438
519,633
687,071
Depreciation and impairment
At 1 October 2023
17,094
227,342
244,436
Depreciation charged in the year
2,849
36,726
39,575
At 30 September 2024
19,943
264,068
284,011
Carrying amount
At 30 September 2024
147,495
255,565
403,060
At 30 September 2023
150,344
289,914
440,258
5
Investment property
2024
£
Fair value
At 1 October 2023
15,815,557
Additions
49,978
Revaluations
3,211,819
At 30 September 2024
19,077,354

Investment property comprises multi-occupancy buildings. Investment properties were revalued to their respective market values in these accounts following a valuation carried out by Smart Investment and Management Ltd in November 2024.

 

The valuation was finalised in November 2024 at £19,227,660. To avoid double counting with other classes of assets, which include items situated in the property with a net book value of £150,306, the above figure of £19,077,354 has been used for investment property.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
48,347
62,009
Other debtors
51,764
18,720
100,111
80,729
Low Street Properties Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
8
7
Current asset investments
2024
2023
£
£
Other investments
500,000
150,000
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
12,123
36,577
Corporation tax
131,562
115,873
Other taxation and social security
1,269
1,448
Other creditors
34,953
74,528
179,907
228,426
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
15,715,623
15,715,703
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
11
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
473,926
473,926
Non distributable profits in the year
2,408,864
-
At the end of the year
2,882,790
473,926

Non distributable profits relate to fair value gains on investment property net of related deferred tax.

Low Street Properties Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
9
12
Related party transactions
Transactions with related parties

 

2024
2023
Amounts due to related parties
£
£
Loans made by the directors
15,715,623
15,715,703

With effect from 30 September 2022, the Directors have signed loan agreement variations waiving their rights to interest on the above loan balances.

 

Written notice is required 12 months before loans can be repaid in full to the directors and therefore the loans are classed as falling due after more than one year.

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
410
269
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