Registration number:
Lasata Properties Limited
for the Year Ended 30 June 2024
Lasata Properties Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Lasata Properties Limited
Company Information
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Directors |
MM Metcalfe RJ Metcalfe |
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Company secretary |
D Metcalfe |
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Registered office |
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Accountants |
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Lasata Properties Limited
(Registration number: 05052686)
Balance Sheet as at 30 June 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
- |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Other reserves |
126,323 |
180,488 |
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Retained earnings |
214,920 |
315,119 |
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Shareholders' funds |
341,245 |
495,609 |
For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Lasata Properties Limited
(Registration number: 05052686)
Balance Sheet as at 30 June 2024
Approved and authorised by the
.........................................
RJ Metcalfe
Director
Lasata Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Lasata Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Fixtures and fittings |
15% reducing balance |
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Computer equipment |
33.33% reducing balance |
Investment property
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Non-distributable reserve
Lasata Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
The aggregate fair value adjustments relating to movements in the value of the company's investment properties are transferred at the end of each period, net of deferred tax, from the profit and loss reserve to the non-distributable reserve.
On disposal of investment property the aggregate fair value adjustment is transferred back to profit and loss reserves and the deferred tax provision is transferred to current tax liabilities.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 July 2023 |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
- |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
- |
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At 30 June 2023 |
- |
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Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of short leasehold land and buildings.
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Investment properties |
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2024 |
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At 1 July |
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Transfers to and from stocks |
( |
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At 30 June |
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Lasata Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
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Investments |
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2024 |
2023 |
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Investments in subsidiaries |
- |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 July 2023 |
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Disposals |
( |
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At 30 June 2024 |
- |
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Provision |
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Carrying amount |
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At 30 June 2024 |
- |
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At 30 June 2023 |
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Debtors |
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Current |
2024 |
2023 |
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Prepayments |
( |
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Other debtors |
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Lasata Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
- |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
- |
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Taxation and social security |
- |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Non-current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Current loans and borrowings
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2024 |
2023 |
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Bank overdrafts |
- |
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Dividends |
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2024 |
2023 |
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£ |
£ |
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Interim dividend of £ |
78,000 |
125,000 |
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Lasata Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
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Related party transactions |
Loans from related parties
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2024 |
Subsidiary |
Total |
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At start of period |
( |
( |
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Repaid |
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At end of period |
- |
- |
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2023 |
Subsidiary |
Total |
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At start of period |
( |
( |
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At end of period |
( |
( |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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2 |
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2 |