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Registered number: 02664318
London & Regional Estates Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Halkin Lerman Davis Limited
Beaumont Chancery
44 Southampton Buildings
Holborn
London
WC2A 1AP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02664318
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 204 622
Investment Properties 5 789,004 778,788
Investments 6 480,954 511,188
1,270,162 1,290,598
CURRENT ASSETS
Debtors 7 2,776,066 2,095,218
Cash at bank and in hand 58,059 225,039
2,834,125 2,320,257
Creditors: Amounts Falling Due Within One Year 8 (1,588,034 ) (1,115,979 )
NET CURRENT ASSETS (LIABILITIES) 1,246,091 1,204,278
TOTAL ASSETS LESS CURRENT LIABILITIES 2,516,253 2,494,876
NET ASSETS 2,516,253 2,494,876
CAPITAL AND RESERVES
Called up share capital 9 100 100
Revaluation reserve 10 309,921 309,921
Profit and Loss Account 2,206,232 2,184,855
SHAREHOLDERS' FUNDS 2,516,253 2,494,876
Page 1
Page 2
For the year ending 30 April 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
Mr R F Gay
Director
17/03/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
London & Regional Estates Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02664318 . The registered office is First Floor Healthaid House, Marlborough Hill, Harrow, Middlesex, HA1 1UD.
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. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are loans.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% on cost
Computer Equipment 33% on cost
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. 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
Page 3
Page 4
2.7. 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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also 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: 2 (2023: 2)
2 2
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 May 2023 18,120 13,555 31,675
As at 30 April 2024 18,120 13,555 31,675
Depreciation
As at 1 May 2023 17,713 13,340 31,053
Provided during the period 203 215 418
As at 30 April 2024 17,916 13,555 31,471
Net Book Value
As at 30 April 2024 204 - 204
As at 1 May 2023 407 215 622
5. Investment Property
2024
£
Fair Value
As at 1 May 2023 778,788
Additions 10,216
As at 30 April 2024 789,004
6. Investments
Listed
£
Cost
As at 1 May 2023 511,188
Additions 188,583
Disposals (218,817 )
As at 30 April 2024 480,954
Provision
As at 1 May 2023 -
As at 30 April 2024 -
...CONTINUED
Page 4
Page 5
Net Book Value
As at 30 April 2024 480,954
As at 1 May 2023 511,188
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 5,225 15,539
Other debtors - 10,000
Loan account - Merlin/LRE LLP 373,427 326,747
Loan account - Coral Estates 1,183,297 697,277
Loan account - Octopus - 60,054
Loan account - LRE Australia PTY 616,744 927,725
Short term Investment - Flagstone 589,589 52,500
Corporation tax recoverable 7,784 5,376
2,776,066 2,095,218
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 200 -
VAT 1,978 3,782
Loan account - LRE (Midlands) Ltd 813,883 588,883
Loan account - LRE (Preston) Ltd 678,573 428,573
Rental deposits 6,676 6,676
Accruals and deferred income 6,995 7,757
Directors' loan accounts 79,729 80,308
1,588,034 1,115,979
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Reserves
Revaluation Reserve
£
As at 1 May 2023 309,921
As at 30 April 2024 309,921
Page 5