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Company registration number: 06706452
Lionhart Properties Limited
Financial statements
for the year ended 30th September 2024
.
Lionhart Properties Limited
Balance sheet
30th September 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 1,642,238 1,363,300
_______ _______
1,642,238 1,363,300
Current assets
Debtors 5 822 955
Cash at bank and in hand 98,809 71,897
_______ _______
99,631 72,852
Creditors: amounts falling due
within one year 6 ( 274,291) ( 237,471)
_______ _______
Net current liabilities ( 174,660) ( 164,619)
_______ _______
Total assets less current liabilities 1,467,578 1,198,681
Provisions for liabilities ( 226,225) ( 106,535)
_______ _______
Net assets 1,241,353 1,092,146
_______ _______
Capital and reserves
Called up share capital 200 200
Profit and loss account 1,241,153 1,091,946
_______ _______
Shareholders funds 1,241,353 1,092,146
_______ _______
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements 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 Profit and Loss Account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 April 2025 , and are signed on behalf of the board by:
Mr Marinus van der Hart
Director
Company registration number: 06706452
Lionhart Properties Limited
Statement of changes in equity
Year ended 30th September 2024
Called up share capital Profit and loss account Total
£ £ £
At 1st October 2022 200 1,074,795 1,074,995
Profit for the year 18,751 18,751
_______ _______ _______
Total comprehensive income for the year - 18,751 18,751
Dividends paid and payable ( 1,600) ( 1,600)
_______ _______ _______
Total investments by and distributions to owners - ( 1,600) ( 1,600)
_______ _______ _______
At 30th September 2023 and 1st October 2023 200 1,091,946 1,092,146
Profit for the year 149,207 149,207
_______ _______ _______
Total comprehensive income for the year - 149,207 149,207
_______ _______ _______
At 30th September 2024 200 1,241,153 1,241,353
_______ _______ _______
Lionhart Properties Limited
Notes to the financial statements
Year ended 30th September 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 25 Woodlands, St Neots, Cambridgeshire, PE19 1UE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents rents receivable in the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Investment properties are not depreciated.
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment properties are shown at most recent valuation.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance Sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4. Tangible assets
Freehold property Total
£ £
Cost or valuation
At 1st October 2023 1,363,300 1,363,300
Additions 296,936 296,936
Disposals ( 259,800) ( 259,800)
Revaluation 241,802 241,802
_______ _______
At 30th September 2024 1,642,238 1,642,238
_______ _______
Depreciation
At 1st October 2023 and 30th September 2024 - -
_______ _______
Carrying amount
At 30th September 2024 1,642,238 1,642,238
_______ _______
At 30th September 2023 1,363,300 1,363,300
_______ _______
5. Debtors
2024 2023
£ £
Other debtors 822 955
_______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 72,618 4,398
Other creditors 201,673 233,073
_______ _______
274,291 237,471
_______ _______
7. Prior period errors
Prior period balances for Deferred Taxation and Reserves brought forward have been adjusted for amounts that would become due if the assets acquired in 2008 were sold at their valuation at that time of £43,935. Fair value reserve has been transferred to Profit and Loss.