Registered number
10374262
LINCOLN COURT DEVELOPMENTS LTD
Filleted Accounts
31 March 2024
LINCOLN COURT DEVELOPMENTS LTD
Registered number: 10374262
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 4,660,000 4,660,000
Current assets
Debtors 4 - 1,250
Cash at bank and in hand 61,190 21,977
61,190 23,227
Creditors: amounts falling due within one year 5 (688,585) (774,088)
Net current liabilities (627,395) (750,861)
Total assets less current liabilities 4,032,605 3,909,139
Creditors: amounts falling due after more than one year 6 (2,818,488) (2,818,488)
Provisions for liabilities (147,552) (147,552)
Net assets 1,066,565 943,099
Capital and reserves
Called up share capital 2 2
Revaluation reserve 8 672,183 672,183
Profit and loss account 394,380 270,914
Shareholders' funds 1,066,565 943,099
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Harpreet Kaur
Director
Approved by the board on 17 March 2025
LINCOLN COURT DEVELOPMENTS LTD
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold land and buildings NIL
Investment property
Investment property is revalued annually for the fair value and the surplus or deficit is transferred
to profit and loss account. No depreciation is provided in respect of investment property.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2023 4,660,000
At 31 March 2024 4,660,000
Depreciation
At 31 March 2024 -
Net book value
At 31 March 2024 4,660,000
At 31 March 2023 4,660,000
4 Debtors 2024 2023
£ £
Other debtors - 1,250
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors - 680
Taxation and social security costs 97,172 57,745
Other creditors 112,842 237,092
Directors loan account 478,571 478,571
688,585 774,088
Other creditors includes loan of £78,900 (2021: £78,900) secured against the freehold land and
buildings owned by the company.
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 2,818,488 2,818,488
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 2,818,488 2,818,488
The bank loan is secured by way of fixed and floating charges on all the property assets and
undertakings.
8 Revaluation reserve 2024 2023
£ £
At 1 April 2023 672,183 672,183
At 31 March 2024 672,183 672,183
9 Related party transactions 2024 2023
£ £
Bemal Patel
Director and shareholder of the company
Included within directors loan is an amount due to the director of: 478,571 478,571
M R Construction Ltd
The director of the company Harpreet Kaur is also a director in M R Construction Ltd
Included within other creditors is an amount due payable of: 90,010 90,010
BCL Group Limited
The director of the company Harpreet Kaur is also a director in
BCL Group Limited
Included within other creditors is an amount due payable of: 69,217 128,467
Kempston Property Development Ltd
The director of the company Harpreet Kaur is also a director in
Kempston Property Development Ltd
Included within other debtors is an amount due receivable of: - 1,250
10 Controlling party
The company is under the common control of its directors, by virtue of their shareholding in the
issued share capital of the company.
11 Other information
LINCOLN COURT DEVELOPMENTS LTD is a private company limited by shares and incorporated in England. Its registered office is:
Unit 9, Hounslow Business Park
Alice Way
Hounslow
Middlesex
TW3 3UD
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