Company registration number 01904121 (England and Wales)
LINGFIELD PROPERTY INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
Tavistock House South
Tavistock Square
Rayner Essex LLP
London
Chartered Accountants
WC1H 9LG
LINGFIELD PROPERTY INVESTMENTS LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
LINGFIELD PROPERTY INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
6,150,000
6,650,000
Current assets
Debtors
5
1,484,609
1,483,423
Cash at bank and in hand
36
42
1,484,645
1,483,465
Creditors: amounts falling due within one year
6
(331,561)
(331,952)
Net current assets
1,153,084
1,151,513
Total assets less current liabilities
7,303,084
7,801,513
Provisions for liabilities
(410,866)
(535,866)
Net assets
6,892,218
7,265,647
Capital and reserves
Called up share capital
7
50,000
50,000
Other reserves
3,772,599
4,147,599
Profit and loss reserves
3,069,619
3,068,048
Total equity
6,892,218
7,265,647

For the financial year ended 31 December 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 of its financial statements for the year in question in accordance with section 476.

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.

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

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

The financial statements were approved by the board of directors and authorised for issue on 19 March 2025 and are signed on its behalf by:
R A Brainin
Director
Company registration number 01904121 (England and Wales)
LINGFIELD PROPERTY INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
50,000
4,147,599
3,048,210
7,245,809
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
319,838
319,838
Dividends
-
-
(300,000)
(300,000)
Balance at 31 December 2023
50,000
4,147,599
3,068,048
7,265,647
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
-
(73,429)
(73,429)
Dividends
-
-
(300,000)
(300,000)
Transfers
-
-
375,000
375,000
Other
-
(375,000)
-
(375,000)
Balance at 31 December 2024
50,000
3,772,599
3,069,619
6,892,218
Other reserves include all current year and prior years revaluation gains and losses on investment properties net of deferred taxation.  This reserve is non-distributable.
LINGFIELD PROPERTY INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
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.

2
Accounting policies
Company information

Lingfield Property Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Northbank House, 144 Totteridge lane, London, UK, N20 8JJ.

2.1
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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

2.2
Turnover

Turnover represents amounts receivable for rental income.

 

Rental income arising from operating leases on investment properties is accounted for on a straight line basis over the lease term. Lease incentives such as rent free period are recognised on a straight line basis over the lease term.

2.3
Investment properties

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. The surplus or deficit on revaluation is recognised in income statement.

2.4
Cash at bank and in hand

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.

LINGFIELD PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 4 -
2.5
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 and cash and bank balances, 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

2.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

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. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

LINGFIELD PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
3
Employees
2024
2023
Number
Number
Total
2
2
4
Investment property
2024
£
Fair value
At 1 January 2024
6,650,000
Revaluations
(500,000)
At 31 December 2024
6,150,000

The historical cost of the investment properties are £1,966,535.

 

The investment properties were revalued by the directors on 31 December 2024 to open market value. The directors are qualified to value these properties by experience.

The investment property portfolio is valued by the directors of the company using estimated rental value and market yields appropriate to the region in which the property is situated.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,000
1,500
Other debtors
33,609
31,923
34,609
33,423
2024
2023
Amounts falling due after more than one year:
£
£
Loan receivable
1,450,000
1,450,000
Total debtors
1,484,609
1,483,423

 

The above loan has a remaining term of 23 years ending 1 November 2047. Interest is charged at 7% per annum and is secured by a fixed charge over the property.

LINGFIELD PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts due by parent undertaking
63,434
91,784
Corporation tax
100,615
98,379
Other creditors
64,375
51,875
Accruals and deferred income
103,137
89,914
331,561
331,952

 

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
LINGFIELD PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
8
Operating lease commitments
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
2,606,000
2,995,000
9
Related party transactions

At the year end, the balance owed to Barton Industrial Estate Limited is £63,434 (2023: £91,784 owed by Barton) which is included within other creditors as per note 8.

 

The amount outstanding is interest free and has no set repayment date.

10
Parent company

Barton Industrial Estates Limited is the parent company of Lingfield Property Investments Limited.

In the directors' opinion the company's ultimate controlling party is RA Brainin, a director of the company and majority shareholder of Barton Industrial Estate Limited.

 

During the year, the company paid dividends totalling £300,000 to the parent company, Barton Industrial Estates Limited.

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