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LANTERNA PROPERTY COMPANY LTD

Registered Number
14065554
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2025

LANTERNA PROPERTY COMPANY LTD
Company Information
for the year from 1 May 2024 to 30 April 2025

Directors

GRUNDY, Elyna Heng
GRUNDY, Kenneth
GRUNDY, Mia Funa

Company Secretary

GRUNDY, Mia Funa

Registered Address

6 Edison Village
Nottingham Science & Technology Park
Nottingham
NG7 2RF

Registered Number

14065554 (England and Wales)
LANTERNA PROPERTY COMPANY LTD
Balance Sheet as at
30 April 2025

Notes

2025

2024

£

£

£

£

Fixed assets
Tangible assets396,302128,402
Investment property41,048,8091,048,809
1,145,1111,177,211
Current assets
Debtors54,613-
Cash at bank and on hand7741,726
5,3871,726
Creditors amounts falling due within one year6(3,808)(1,091)
Net current assets (liabilities)1,579635
Total assets less current liabilities1,146,6901,177,846
Creditors amounts falling due after one year7(1,233,205)(1,236,168)
Provisions for liabilities8-(24,396)
Net assets(86,515)(82,718)
Capital and reserves
Called up share capital200200
Profit and loss account(86,715)(82,918)
Shareholders' funds(86,515)(82,718)
The financial statements were approved and authorised for issue by the Board of Directors on 30 June 2025, and are signed on its behalf by:
GRUNDY, Kenneth
Director
Registered Company No. 14065554
LANTERNA PROPERTY COMPANY LTD
Notes to the Financial Statements
for the year ended 30 April 2025

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Fixtures and fittings25
Office Equipment25
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.
2.Average number of employees

20252024
Average number of employees during the year30
3.Tangible fixed assets

Fixtures & fittings

Office Equipment

Total

£££
Cost or valuation
At 01 May 24200,000403200,403
At 30 April 25200,000403200,403
Depreciation and impairment
At 01 May 2471,87512672,001
Charge for year32,0316932,100
At 30 April 25103,906195104,101
Net book value
At 30 April 2596,09420896,302
At 30 April 24128,125277128,402
4.Investment property

£
Fair value at 01 May 241,048,809
At 30 April 251,048,809
5.Debtors: amounts due within one year

2025

2024

££
Other debtors166-
Prepayments and accrued income4,447-
Total4,613-
6.Creditors: amounts due within one year

2025

2024

££
Trade creditors / trade payables480-
Taxation and social security3,3281,091
Total3,8081,091
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Creditors: amounts due after one year

2025

2024

££
Amounts owed to related parties1,233,2051,236,168
Total1,233,2051,236,168
8.Provisions for liabilities

2025

2024

££
Net deferred tax liability (asset)-24,396
Total-24,396
9.Share capital
During the year 200 shares were issued with a nominal value of £1 each.
10.Related party transactions
During the year the company had loans owing to the directors and shareholders to the balance of £1,233,205 (2024: £1,236,168).
11.Further information regarding the company's financial position
There is a charge held over the freehold land and buildings known as 16 Pilcher Gate.