Company registration number 11959047 (England and Wales)
LABS PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
LABS PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
LABS PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
FIXED ASSETS
Investment property
3
1,568,000
1,100,344
CURRENT ASSETS
Debtors
4
1,269
5,005
Cash at bank and in hand
21,678
21,656
22,947
26,661
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5
(367,672)
(206,692)
NET CURRENT LIABILITIES
(344,725)
(180,031)
TOTAL ASSETS LESS CURRENT LIABILITIES
1,223,275
920,313
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
6
(936,573)
(913,734)
PROVISIONS FOR LIABILITIES
(69,547)
-
NET ASSETS
217,155
6,579
CAPITAL AND RESERVES
Called up share capital
100
100
Non-distributable profits reserve
7
208,640
-
0
Distributable profit and loss reserves
8,415
6,479
TOTAL EQUITY
217,155
6,579
LABS PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 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 30 April 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 29 April 2025 and are signed on its behalf by:
Miss A Leaman
Director
Company registration number 11959047 (England and Wales)
LABS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
ACCOUNTING POLICIES
Company information

LABS Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit H7, Capital Business Park, Cardiff, CF3 2PU.

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 is recognised at the fair value of the consideration received or receivable for rent receivable in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Investment property

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. Changes in fair value are recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents 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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

LABS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
ACCOUNTING POLICIES
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
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.

 

 

LABS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
ACCOUNTING POLICIES
(Continued)
- 5 -
1.7
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
EMPLOYEES

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

2024
2023
Number
Number
Total
2
2
3
INVESTMENT PROPERTY
2024
£
Fair value
At 1 May 2023
1,100,344
Additions
189,469
Revaluations
278,187
At 30 April 2024
1,568,000

The investment property was valued by the directors at 30 April 2024 on the basis of an open market value.

LABS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
3
INVESTMENT PROPERTY
(Continued)
- 6 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
1,289,813
-
Accumulated depreciation
-
-
Carrying amount
1,289,813
-
4
DEBTORS
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
4,197
Corporation tax recoverable
334
-
0
Other debtors
935
808
1,269
5,005
5
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
£
£
Trade creditors
7,888
8,628
Amounts owed to group undertakings
354,624
192,387
Corporation tax
-
0
2,928
Other creditors
5,160
2,749
367,672
206,692
LABS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
6
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024
2023
£
£
Bank loans and overdrafts
542,165
532,155
Other creditors
394,408
381,579
936,573
913,734

Included within creditors due after more than one year are bank loans of £542,165 (2023 - £532,155) that are secured against the investment properties held by the company.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable other than by instalments
542,165
532,155
7
NON-DISTRIBUTABLE PROFITS RESERVE
2024
2023
£
£
At the beginning of the year
-
-
Non distributable profits in the year
208,640
-
At the end of the year
208,640
-
8
RELATED PARTY TRANSACTIONS

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities related by common control
354,624
192,387
9
DIRECTORS' TRANSACTIONS

Included within other creditors due after more than 1 year is a balance of £394,408 (2023 - £381,579) due to the director. This amount is interest free.

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