Company registration number 03218912 (England and Wales)
LAYER MARNEY PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
LAYER MARNEY PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
LAYER MARNEY PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
4
880,000
1,713,800
Investments
5
68,342
68,342
948,342
1,782,142
Current assets
Debtors
6
569,141
937,511
Investments
7
117,766
90,094
Cash at bank and in hand
1,636,874
205,386
2,323,781
1,232,991
Creditors: amounts falling due within one year
8
(148,515)
(69,723)
Net current assets
2,175,266
1,163,268
Total assets less current liabilities
3,123,608
2,945,410
Provisions for liabilities
9
(110,019)
(240,154)
Net assets
3,013,589
2,705,256
Capital and reserves
Called up share capital
10
94,000
94,000
Capital redemption reserve
6,000
6,000
Profit and loss reserves
11
2,913,589
2,605,256
Total equity
3,013,589
2,705,256
LAYER MARNEY PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2024
31 July 2024
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 17 March 2025 and are signed on its behalf by:
C M Compton
Director
Company Registration No. 03218912
LAYER MARNEY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information

Layer Marney Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Streets Whittle & Partners LLP, The Old Exchange, 64 West Stockwell Street, Colchester, Essex, CO1 1HE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents sales of securities and rents receivable during the period.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.4
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.5
Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.

 

Financial assets comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt.

 

Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital.

 

Investments are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure.

 

Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions.

LAYER MARNEY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
2
LAYER MARNEY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
4
Investment property
2024
£
Fair value
At 1 August 2023
1,713,800
Disposals
(833,800)
At 31 July 2024
880,000

Investment property comprises freehold and leasehold properties available for rental. The fair value of the investment property has been arrived at on the basis of a valuation carried by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
68,342
68,342
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
78,855
85,640
Other debtors
490,286
851,871
569,141
937,511
7
Current asset investments
2024
2023
£
£
Other investments
117,766
90,094
8
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
144,313
65,094
Other creditors
4,202
4,629
148,515
69,723
LAYER MARNEY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
110,019
240,154
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
94,000
94,000
94,000
94,000
11
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
2,605,256
2,644,998
Profit/(loss) for the year
308,333
(39,742)
At the end of the year
2,913,589
2,605,256
12
Related party transactions

Included in other debtors is an amount due from a connected company of £262,248 (2023: £249,839). The loan has no fixed date for repayment and no interest is being charged.

 

Also included in other debtors is an amount due from another connected company of £220,791 (2023: £220,791). The loan has no fixed date for repayment and no interest is being charged.

 

Also included in other debtors is an amount due from another connected company of £5,000 (2023: £5,000). The loan has no fixed date for repayment and no interest is being charged.

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