Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Restated - note 2 | ||||
| Fixed assets | ||||
| Tangible assets | 4 |
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| Investment property | 5 |
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| Investments | 6 |
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| 9,276,807 | 7,751,008 | |||
| Current assets | ||||
| Debtors | ||||
| - due within one year | 7 |
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| - due after more than one year | 7 |
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| Cash at bank and in hand |
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| 555,766 | 513,126 | |||
| Creditors: amounts falling due within one year | 8 | (
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| Net current assets | 372,240 | 344,822 | ||
| Total assets less current liabilities | 9,649,047 | 8,095,830 | ||
| Creditors: amounts falling due after more than one year | 9 | (
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| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital | 10 |
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| Profit and loss account | (
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| Total shareholders' deficit | (
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Director's responsibilities:
The financial statements of Laubenjas Investments Ltd (registered number:
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J S Randall
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Laubenjas Investments Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 10 -12 Perrin's Court, London, NW3 1QS, United Kingdom.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
During the preparation of the current year's financial statements, a prior year omission was identified that relates to the financial year ended 30 September 2023. The omission has been corrected by restating the comparative amounts for the affected financial statement line items for the prior period presented.
The omission related to the failure to record revenue as well as the misstatement of assets and liabilities. As a result, the 2023 balance sheet and income statement have been restated to reflect the correction of this error.
The details of the restatement, including the impact on individual line items and overall financial performance and position, are disclosed in Note 2 to the financial statements.
The correction of the prior year omission has been applied retrospectively, and there is no impact on current year results other than through restated opening balances.
Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Turnover comprises of revenue recognised by the company in respect of rental income over the period for which it was due.
| Office equipment |
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| Computer equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Financial assets and liabilities are offset and 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.
During the preparation of the current year's financial statements, a prior year omission was identified that relates to the financial year ended 30 September 2023. The omission has been corrected by restating the comparative amounts for the affected financial statement line items for the prior period presented.
The omission related to the failure to record revenue as well as the misstatement of assets and liabilities. As a result, the 2023 balance sheet and income statement have been restated to reflect the correction of this error.
The correction of the prior year omission has been applied retrospectively, and there is no impact on current year results other than through restated opening balances.
| As previously reported | Adjustment | As restated | ||||
| Year ended 30 September 2023 | £ | £ | £ | |||
| Income from other fixed asset investments | 0 | 92,604 | 92,604 | |||
| Investments | 0 | 1,477 | 1,477 | |||
| Debtors: due after more than one year | 0 | 293,627 | 293,627 | |||
| Creditors: amounts falling due within one year | (32,804) | (402,499) | (435,303) | |||
| Creditors: amounts falling due after more than one year | (8,158,990) | 200,000 | (7,958,990) | |||
| Profit and loss account | (423,194) | 92,604 | (330,590) | |||
| Total comprehensive (loss)/income for the financial year | (422,655) | 92,604 | (330,051) |
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the company during the year, including the director |
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| Office equipment | Computer equipment | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 October 2023 |
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| Additions |
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| At 30 September 2024 |
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| Accumulated depreciation | |||||
| At 01 October 2023 |
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| Charge for the financial year |
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| At 30 September 2024 |
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| Net book value | |||||
| At 30 September 2024 |
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| At 30 September 2023 |
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| Investment property | |
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| Valuation | |
| As at 01 October 2023 |
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| Additions | 1,524,884 |
| As at 30 September 2024 |
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The 2024 valuations were made by the director, on an open market value for existing use basis.
Investments in subsidiaries
| 2024 | |
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| Cost | |
| At 01 October 2023 |
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| Additions |
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| At 30 September 2024 |
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| Carrying value at 30 September 2024 |
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| Carrying value at 30 September 2023 |
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| Other investments | Total | ||
| £ | £ | ||
| Cost or valuation before impairment | |||
| At 01 October 2023 |
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| Disposals | (
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| At 30 September 2024 |
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| Carrying value at 30 September 2024 |
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| Carrying value at 30 September 2023 |
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| 2024 | 2023 | ||
| £ | £ | ||
| Debtors: amounts falling due within one year | |||
| Prepayments |
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| Other debtors |
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| Debtors: amounts falling due after more than one year | |||
| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade creditors |
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| Amounts owed to director |
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| Accruals and deferred income |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Other loans |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| 430 | 430 |
Transactions with the entity's director
| 2024 | 2023 | ||
| £ | £ | ||
| Included within creditors is a balance owed to the director. | 151,749 | 135,371 |
This balance is unsecured, interest free and repayable on demand. There were no repayments made during the period.
Other related party transactions
Included within debtors is a balance of £493,627 (2023: £493,627) owed by other associated companies. This loan is unsecured and interest free with no fixed terms of repayment.
Included within creditors is a balance of £9,785,878 (2023: £8,225,990) owed to the director and his family. This loan is unsecured and interest free. There were no repayments made during the period.
Included within creditors is a balance of £1,008,008 (2023: £200,000) owed to other associated companies. On completion of the development the loan shall be secured by a first-ranking legal charge over the property in favour of the lender. Interest is being charged on a quarterly basis at 4% above the base rate. This loan is repayable within 10 years after the completion of the development and full letting of the flats, or on sale of the flats, whichever is earlier. There were no repayments made during the period.