Registered number
10418754
Litmay (Seven Sisters) Limited
Filleted Accounts
31 March 2024
Litmay (Seven Sisters) Limited
Registered number: 10418754
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1 6,500,000
Current assets
Debtors 4 1,777,460 119,906
Cash at bank and in hand 4,644 713
1,782,104 120,619
Creditors: amounts falling due within one year 5 (2,123,977) (1,850,443)
Net current liabilities (341,873) (1,729,824)
Total assets less current liabilities (341,872) 4,770,176
Creditors: amounts falling due after more than one year 6 - (3,106,538)
Provisions for liabilities - (289,000)
Net (liabilities)/assets (341,872) 1,374,638
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 - 1,411,000
Profit and loss account (341,972) (36,462)
Shareholder's funds (341,872) 1,374,638
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
V Korman
Director
Approved by the board on 17 March 2023
Litmay (Seven Sisters) Limited
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.
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 6,500,000
Disposals (6,499,999)
At 31 March 2024 1
Depreciation
At 31 March 2024 -
Net book value
At 31 March 2024 1
At 31 March 2023 6,500,000
Freehold land and buildings: 2024 2023
£ £
Historical cost 4,800,000 4,800,000
Cumulative depreciation based on historical cost - -
4,800,000 4,800,000
4 Debtors 2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,736,554 79,000
Other debtors 40,906 40,906
1,777,460 119,906
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 750,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest 2,123,894 1,100,360
Taxation and social security costs 83 83
2,123,977 1,850,443
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 3,106,538
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans - 3,087,519
The bank has a first charge on the property and debenture on the company.
8 Revaluation reserve 2024 2023
£ £
At 1 April 2023 1,411,000 1,411,000
Loss on revaluation of land and buildings (1,411,000) -
At 31 March 2024 - 1,411,000
9 Controlling party
The company is a wholly owned subsidiary of Litmay Ltd whose registerd office is Anglo Dal House, 5 Spring Villa Park, Edgware, Middlesex, HA8 7EB
10 Other information
Litmay (Seven Sisters) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Anglo Dal House
5 Spring Villa Park
Edgware
Middlesex
HA8 7EB
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