Last Lap Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 05192220

Last Lap Limited

Filleted Unaudited Accounts

5 April 2024

Last Lap Limited

Statement of Financial Position

5 April 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	4		3,853,365	1,806

Current assets

Stocks		186,173	186,173
Debtors	5	1,203,001	1,339,965
Cash at bank and in hand		38,914	3,233,654
		------------	------------
		1,428,088	4,759,792

Creditors: amounts falling due within one year	6	( 777,682)		( 209,687)
		------------		------------
Net current assets			650,406	4,550,105
			------------	------------
Total assets less current liabilities			4,503,771	4,551,911
			------------	------------
Net assets			4,503,771	4,551,911
			------------	------------

Capital and reserves

Called up share capital	3,500,000	3,500,000
Profit and loss account	1,003,771	1,051,911
	------------	------------
Shareholders funds	4,503,771	4,551,911
	------------	------------

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 income and retained earnings has not been delivered.

For the year ending 5 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .

Last Lap Limited

Statement of Financial Position (continued)

5 April 2024

These accounts were approved by the board of directors and authorised for issue on 2 April 2025 , and are signed on behalf of the board by:

M R Stolkin
Director

Company registration number: 05192220

Last Lap Limited

Notes to the Accounts

Year ended 5 April 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 10 Orange Street, Haymarket, London, WC2H 7DQ.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Valuation of investment properties A key accounting estimate in preparing these financial statements relates to the fair value of the investment properties. The directors have extensive experience in the property industry and have determined the value of the investment properties at the reporting date. Naturally, the valuation of the and the investment properties is inherently subjective

Revenue recognition

The turnover is measured at the fair value of the consideration received or receivable and respresents amoutns receiveable for services and goods, stated net of discounts and of Value Added Tax. Sale of cars are are accounted for based on amounts invoiced, when significant risks and rewards of ownership have been transferred. Rents receivable are recognised in accordance with the terms of the lease and service charge income represents recharges of the running costs to tenants is recognised on an accruals basis, when the amount can be reliably measured.

Taxation

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases - as lessor

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis.

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 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:

	Plant and machinery	-	25% straight line

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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. Tangible assets

	Freehold investment properties	Plant and machinery	Total
	£	£	£
Cost
At 6 April 2023	–	4,240	4,240
Additions	3,852,258	–	3,852,258
	------------	-------	------------
At 5 April 2024	3,852,258	4,240	3,856,498
	------------	-------	------------
Depreciation
At 6 April 2023	–	2,434	2,434
Charge for the year	–	699	699
	------------	-------	------------
At 5 April 2024	–	3,133	3,133
	------------	-------	------------
Carrying amount
At 5 April 2024	3,852,258	1,107	3,853,365
	------------	-------	------------
At 5 April 2023	–	1,806	1,806
	------------	-------	------------

Included within the above is investment property as follows:

	£
At 6 April 2023	–
Additions	3,870,461
	------------
At 5 April 2024	3,870,461
	------------

The director believes the current cost is the fair value of investment property held by the company at 5 April 2024, as they have extensive experience in the property industry.

5. Debtors

	2024	2023
	£	£
Trade debtors	1,135,913	1,135,913
Other debtors	67,088	204,052
	------------	------------
	1,203,001	1,339,965
	------------	------------

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	15,878	–
Corporation tax	–	201,159
Social security and other taxes	–	7,528
Other creditors	761,804	1,000
	---------	---------
	777,682	209,687
	---------	---------