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COMPANY REGISTRATION NUMBER: 789985
Lynwood Ealing Property Investment Co. Limited
Filleted Unaudited Accounts
31 March 2024
Lynwood Ealing Property Investment Co. Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
2,149,781
1,835,642
Investments
6
135,500
135,500
------------
------------
2,285,281
1,971,142
Current assets
Debtors
7
113,123
345,504
Cash at bank and in hand
10,811
4,936
---------
---------
123,934
350,440
Creditors: amounts falling due within one year
8
( 1,005,555)
( 633,701)
------------
---------
Net current liabilities
( 881,621)
( 283,261)
------------
------------
Total assets less current liabilities
1,403,660
1,687,881
Provisions
Taxation including deferred tax
( 271,000)
( 271,000)
------------
------------
Net assets
1,132,660
1,416,881
------------
------------
Capital and reserves
Called up share capital
10
804
1,000
Revaluation reserve
11
886,544
886,544
Capital redemption reserve
11
196
Profit and loss account
11
245,116
529,337
------------
------------
Shareholders funds
1,132,660
1,416,881
------------
------------
These accounts 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 statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .
Lynwood Ealing Property Investment Co. Limited
Statement of Financial Position (continued)
31 March 2024
These accounts were approved by the board of directors and authorised for issue on 25 March 2025 , and are signed on behalf of the board by:
Mr P W Daniel
Director
Company registration number: 789985
Lynwood Ealing Property Investment Co. Limited
Notes to the Accounts
Year ended 31 March 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 120/125 Peascod Street, Windsor, Berkshire, SL4 1DP.
2. Statement of compliance
These accounts 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 accounts 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 accounts are prepared in sterling, which is the functional currency of the entity.
Going concern
In the opinion of the directors the company is a going concern as it has a healthy property portfolio from which to generate revenues and the financial resources from which to meet its ongoing trading obligations as they fall due.
Consolidation
The company has taken advantage of the option not to prepare consolidated accounts contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable in the form of rents from the letting of investment property. Rental income is recognised on an accruals basis, in accordance with the expected rent receivable from the tenant as outlined in the lease agreement.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 3 ).
5. Tangible assets
Freehold property
Leasehold property
Motor vehicles
Property under construction
Total
£
£
£
£
£
Cost
At 1 April 2023
1,231,720
243,280
27,056
360,000
1,862,056
Additions
314,300
314,300
------------
---------
--------
---------
------------
At 31 March 2024
1,231,720
243,280
27,056
674,300
2,176,356
------------
---------
--------
---------
------------
Depreciation
At 1 April 2023
26,414
26,414
Charge for the year
161
161
------------
---------
--------
---------
------------
At 31 March 2024
26,575
26,575
------------
---------
--------
---------
------------
Carrying amount
At 31 March 2024
1,231,720
243,280
481
674,300
2,149,781
------------
---------
--------
---------
------------
At 31 March 2023
1,231,720
243,280
642
360,000
1,835,642
------------
---------
--------
---------
------------
The directors have undertaken a fair value assessment of both freehold and leasehold properties held at the balance sheet date and have decided that no adjustment was considered necessary for this reporting period. The historical cost of the relevant properties held is £317,456 (2023: £317,456). If the remaining properties were sold at the value shown in the accounts then an expected future tax liability of approximately £271,000 would arise. The property under construction is an overseas development and the reported cost to date is supported by a charge on several of the apartments within the development.
6. Investments
Other investments other than loans
£
Cost
At 1 April 2023 and 31 March 2024
135,500
---------
Impairment
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
135,500
---------
At 31 March 2023
135,500
---------
The company owns 100% of the issued share capital of Societe Immobiliere LSW a property company incorporated and operating in France.
The most recent accounts available for Societe Immobiliere LSW report a balance sheet deficit of €40,864 and a loss of €1,086. The directors do not consider the investment to be impaired due to the inherent value of the underlying asset maintained by the subsidiary.
7. Debtors
2024
2023
£
£
Trade debtors
9,257
15,720
Amounts owed by group undertakings and undertakings in which the company has a participating interest
57,170
41,782
Other debtors
46,696
288,002
---------
---------
113,123
345,504
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
10,220
1,356
Other creditors
995,335
632,345
------------
---------
1,005,555
633,701
------------
---------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
271,000
271,000
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Fair value adjustment of investment property
271,000
271,000
---------
---------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
804
804
1,000
1,000
----
----
-------
-------
In January 2024 the company completed a share buy-back whereby 196 Ordinary £1 shares were purchased for a consideration of £313,600. The acquired shares were subsequently cancelled.
11. Reserves
Other reserve - This reserve records the non-distributable value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
12. Related party transactions
The company was under the control of the directors throughout the current and previous year. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.