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2023-08-01
Sage Accounts Production Advanced 2024 - FRS102_2024
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2024-07-31
COMPANY REGISTRATION NUMBER:
09695755
LL Johnson Properties Limited |
|
Filleted Unaudited Financial Statements |
|
LL Johnson Properties Limited |
|
Year ended 31 July 2024
Officers and professional advisers |
1 |
|
|
Accountants report to the director on the preparation of the unaudited statutory financial statements |
2 |
|
|
Statement of financial position |
3 |
|
|
Notes to the financial statements |
5 |
|
|
LL Johnson Properties Limited |
|
Officers and Professional Advisers |
|
Registered office |
25 Chequers Close |
|
Corby |
|
Northamptonshire |
|
NN18 8QD |
|
|
Accountants |
A Plus Accountants Limited |
|
Accountants |
|
10 Canberra House |
|
Corbygate Business Park |
|
Corby |
|
Northants |
|
NN17 5JG |
|
|
LL Johnson Properties Limited |
|
Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
LL Johnson Properties Limited |
|
Year ended 31 July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of LL Johnson Properties Limited for the year ended 31 July 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of LL Johnson Properties Limited in accordance with the terms of our engagement letter dated 17 August 2015. Our work has been undertaken solely to prepare for your approval the financial statements of LL Johnson Properties Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than LL Johnson Properties Limited and its director for our work or for this report.
It is your duty to ensure that LL Johnson Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of LL Johnson Properties Limited. You consider that LL Johnson Properties Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of LL Johnson Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
A Plus Accountants Limited
Accountants
10 Canberra House
Corbygate Business Park
Corby
Northants
NN17 5JG
18 March 2025
LL Johnson Properties Limited |
|
Statement of Financial Position |
|
31 July 2024
Fixed assets
Tangible assets |
5 |
|
3,491,917 |
3,177,079 |
|
|
|
|
|
Current assets
Debtors |
6 |
62,525 |
|
30,324 |
Cash at bank and in hand |
124,242 |
|
194,667 |
|
--------- |
|
--------- |
|
186,767 |
|
224,991 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
285,973 |
|
328,160 |
|
--------- |
|
--------- |
Net current liabilities |
|
99,206 |
103,169 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
3,392,711 |
3,073,910 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
2,534,096 |
2,325,474 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
166,877 |
145,283 |
|
|
------------ |
------------ |
Net assets |
|
691,738 |
603,153 |
|
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
|
10 |
10 |
Profit and loss account |
|
691,728 |
603,143 |
|
|
--------- |
--------- |
Shareholder funds |
|
691,738 |
603,153 |
|
|
--------- |
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
LL Johnson Properties Limited |
|
Statement of Financial Position (continued) |
|
31 July 2024
These financial statements were approved by the
board of directors
and authorised for issue on
18 March 2025
, and are signed on behalf of the board by:
Mr L Johnson
Director
Company registration number:
09695755
LL Johnson Properties Limited |
|
Notes to the Financial Statements |
|
Year ended 31 July 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 25 Chequers Close, Corby, Northamptonshire, NN18 8QD.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Motor Vehicles |
- |
25% reducing balance |
|
Equipment |
- |
25% reducing balance |
|
|
|
|
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses. 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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. 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. Debt instruments are subsequently measured at amortised cost.
4.
Particulars of employees
The average number of persons employed by the company during the year amounted to
1
(2023:
1
).
5.
Tangible assets
|
Investment property |
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
Cost or valuation |
|
|
|
|
At 1 August 2023 |
3,145,000 |
73,045 |
4,444 |
3,222,489 |
Additions |
228,464 |
74,627 |
– |
303,091 |
Disposals |
– |
(
73,045) |
– |
(
73,045) |
Revaluations |
61,536 |
– |
– |
61,536 |
|
------------ |
-------- |
------- |
------------ |
At 31 July 2024 |
3,435,000 |
74,627 |
4,444 |
3,514,071 |
|
------------ |
-------- |
------- |
------------ |
Depreciation |
|
|
|
|
At 1 August 2023 |
– |
42,229 |
3,181 |
45,410 |
Charge for the year |
– |
18,657 |
316 |
18,973 |
Disposals |
– |
(
42,229) |
– |
(
42,229) |
|
------------ |
-------- |
------- |
------------ |
At 31 July 2024 |
– |
18,657 |
3,497 |
22,154 |
|
------------ |
-------- |
------- |
------------ |
Carrying amount |
|
|
|
|
At 31 July 2024 |
3,435,000 |
55,970 |
947 |
3,491,917 |
|
------------ |
-------- |
------- |
------------ |
At 31 July 2023 |
3,145,000 |
30,816 |
1,263 |
3,177,079 |
|
------------ |
-------- |
------- |
------------ |
|
|
|
|
|
During the year, the director has revalued the Investment property class of fixed assets. The director is of the opinion that the valuation of £3,435,000 represents the total value of investment properties held on an open market basis.
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
27,457 |
– |
Prepayments and accrued income |
35,068 |
29,922 |
Other debtors |
– |
402 |
|
-------- |
-------- |
|
62,525 |
30,324 |
|
-------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
9,442 |
9,442 |
Trade creditors |
626 |
625 |
Accruals and deferred income |
1,700 |
2,445 |
Corporation tax |
5,509 |
7,488 |
Social security and other taxes |
225 |
– |
Obligations under finance leases and hire purchase contracts |
4,754 |
38,443 |
Director loan accounts |
263,717 |
269,717 |
|
--------- |
--------- |
|
285,973 |
328,160 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
7,868 |
17,310 |
Obligations under finance leases and hire purchase contracts |
50,817 |
– |
Other creditors |
2,475,411 |
2,308,164 |
|
------------ |
------------ |
|
2,534,096 |
2,325,474 |
|
------------ |
------------ |
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £2,475,411 (2023: £2,308,164) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
Paragon Bank Plc, Charter Court Financial Services Limited and the Mortgage Works (UK) Plc hold fixed charges on the specific assets mortgaged in relation to loan advances repayable after 5 years. Director
Mr L Johnson
has also provided personal guarantees in relation to these loan advances.