Caseware UK (AP4) 2024.0.164 2024.0.164 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2023-07-01falseInvestment property00truetrue 05350957 2023-07-01 2024-06-30 05350957 2022-07-01 2023-06-30 05350957 2024-06-30 05350957 2023-06-30 05350957 c:Director3 2023-07-01 2024-06-30 05350957 d:LeaseholdInvestmentProperty 2023-07-01 2024-06-30 05350957 d:LeaseholdInvestmentProperty 2024-06-30 05350957 d:LeaseholdInvestmentProperty 2023-06-30 05350957 d:CurrentFinancialInstruments 2024-06-30 05350957 d:CurrentFinancialInstruments 2023-06-30 05350957 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 05350957 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 05350957 d:ShareCapital 2024-06-30 05350957 d:ShareCapital 2023-06-30 05350957 d:RetainedEarningsAccumulatedLosses 2024-06-30 05350957 d:RetainedEarningsAccumulatedLosses 2023-06-30 05350957 c:OrdinaryShareClass1 2023-07-01 2024-06-30 05350957 c:OrdinaryShareClass1 2024-06-30 05350957 c:OrdinaryShareClass1 2023-06-30 05350957 c:FRS102 2023-07-01 2024-06-30 05350957 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 05350957 c:FullAccounts 2023-07-01 2024-06-30 05350957 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 05350957 e:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05350957










Lanemarket Limited








Unaudited

Financial statements

For the year ended 30 June 2024

 
Lanemarket Limited
Registered number: 05350957

Balance sheet
As at 30 June 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
-
1,500,000

  
-
1,500,000

Current assets
  

Debtors: amounts falling due within one year
 5 
16,398
33,535

Cash at bank and in hand
  
1,684,890
110,960

  
1,701,288
144,495

Creditors: amounts falling due within one year
 6 
(1,854,958)
(1,871,234)

Net current liabilities
  
 
 
(153,670)
 
 
(1,726,739)

Total assets less current liabilities
  
(153,670)
(226,739)

  

Net liabilities
  
(153,670)
(226,739)


Capital and reserves
  

Called up share capital 
 7 
1
1

Profit and loss account
  
(153,671)
(226,740)

  
(153,670)
(226,739)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




L G Marks
Director
Date: 26 March 2025

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
Lanemarket Limited
 

 
Notes to the financial statements
For the year ended 30 June 2024

1.


General information

The Company is a private company, limited by shares, incorporated and domiciled in England & Wales. The Company's registered office is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA. The Company's principal place of business is 95 Dorset House, Gloucester Place, London, NW1 5AF. The company's principal activity during the year was property investment. The property was sold during the year. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis despite the company reporting net current liabilities of £153,670 (2023: £1,726,739). Included within the Creditors: Amounts due within one year is an amount of £1,800,000 (2023: £1,800,000) due to Cardinal Group Limited. Cardinal Group Limited has confirmed they will not call for repayment of this amount until the company has sufficient cash reserves to do so, without prejudice to the company's other creditors and for a period of at least twelve months from the date of approval of the financial statements.

 
2.3

Turnover

Turnover represents rents and insurance receivable from tenants, credit for which is taken on an accruals basis excluding discounts, rebates, value added tax and other sales taxes.

 
2.4

Investment property

Investment property is carried at fair value determined annually by directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

The non-distributable reserve is used to record the revaluation gains on the investment property, less any related provision for deferred taxation.

 
2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 


Page 2

 
Lanemarket Limited
 

 
Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


Employees

The average monthly number of employees, excluding directors, during the year was 0 (2023 - 0).

Page 3

 
Lanemarket Limited
 

 
Notes to the financial statements
For the year ended 30 June 2024

4.


Investment property


Long term leasehold investment property

£





At 1 July 2023
1,500,000


Disposals
(1,500,000)



At 30 June 2024
-





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
-
1,850,000

Accumulated depreciation and impairments
-
(172,131)

-
1,677,869


5.


Debtors

2024
2023
£
£


Trade debtors
16,398
13,942

Other debtors
-
14,435

Prepayments and accrued income
-
5,158

16,398
33,535



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
3,932

Amounts owed to group undertakings
1,834,890
1,827,076

Corporation tax
3,665
13,552

Other taxation and social security
-
2,474

Other creditors
-
14,435

Accruals and deferred income
16,403
9,765

1,854,958
1,871,234


Page 4

 
Lanemarket Limited
 

 
Notes to the financial statements
For the year ended 30 June 2024

7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1
1
1



8.


Contingent liabilities

The company forms a VAT group with its parent company, Kerenite Limited, and as such it is jointly and severally liable for any liabilities when they fall due. The total VAT liability outstanding at the year end, not recognised in these accounts, is £1,371 (2023: £355). No further provision is considered necessary as the directors consider that Kerenite Limited will have the ongoing financial resources to repay their share of the debt and it is therefore unlikely that this company will incur any further liability.


9.


Controlling party

The company regards Kerenite Limited as its immediate parent company and Cardinal Group Limited as its ultimate parent company.
The company considers its ultimate control relationship to be the directors of Cardinal Group Limited.
All companies mentioned above are registered in England and Wales.

Page 5