LAKHS PROPERTIES LIMITED

Company Registration Number:
12838075 (England and Wales)

Unaudited abridged accounts for the year ended 31 August 2024

Period of accounts

Start date: 01 September 2023

End date: 31 August 2024

LAKHS PROPERTIES LIMITED

Contents of the Financial Statements

for the Period Ended 31 August 2024

Balance sheet
Notes

LAKHS PROPERTIES LIMITED

Balance sheet

As at 31 August 2024


Notes

2024

2023


£

£
Fixed assets
Tangible assets: 3 623,761 623,761
Total fixed assets: 623,761 623,761
Current assets
Debtors:   560 502
Cash at bank and in hand: 7,692 10,715
Total current assets: 8,252 11,217
Creditors: amounts falling due within one year:   (3,813) (3,181)
Net current assets (liabilities): 4,439 8,036
Total assets less current liabilities: 628,200 631,797
Creditors: amounts falling due after more than one year: 4 (632,568) (640,068)
Total net assets (liabilities): (4,368) (8,271)
Capital and reserves
Called up share capital: 100 100
Profit and loss account: (4,468) (8,371)
Shareholders funds: (4,368) (8,271)

The notes form part of these financial statements

LAKHS PROPERTIES LIMITED

Balance sheet statements

For the year ending 31 August 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 21 May 2025
and signed on behalf of the board by:

Name: Mrs U Lakhani
Status: Director

The notes form part of these financial statements

LAKHS PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is recognised at the fair value of the consideration received for rent.

Valuation and information policy

Investment property Investment property, which is a 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 the profit and loss account.

Other accounting policies

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. Basic financial assets Basic financial assets 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. Basic financial liabilities Basic financial liabilities, including creditors and bank loan, 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.

LAKHS PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2024

2. Employees

2024 2023
Average number of employees during the period 0 0

LAKHS PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2024

3. Tangible Assets

Total
Cost £
At 01 September 2023 623,761
At 31 August 2024 623,761
Net book value
At 31 August 2024 623,761
At 31 August 2023 623,761

Investment property comprises of residential building, the value stated above is the historical cost. The directors considers the historical cost to be the fair value of the property at the balance sheet date. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

LAKHS PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2024

4. Creditors: amounts falling due after more than one year note

Creditors: amounts falling due after more than one year 2024 2023 £ £ Bank loan 459,068 459,068 Other borrowings 173,500 181,000 632,568 640,068 The bank loan is secured by a fixed charge over the investment property of the company. Amounts included above which fall due after five years are as follows: Payable other than by instalments 459,068 459,068 The loan amounting to £459,068 (2023 - £459,068) is secured by way of a fixed charge against the investment property.

LAKHS PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2024

5. Related party transactions

Name of the related party:
Relationship:
Directors
Description of the Transaction: At the balance sheet date, £174,433 (2023 - £181,781) was owed to the directors. The unsecured loan is free of any interest charge and without any repayment terms.
£
Balance at 01 September 2023 181,781
Balance at 31 August 2024 174,433