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Registration number: 02123185

Limanex Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Limanex Properties Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Limanex Properties Limited

Company Information

Directors

B Chandaria

K Chandaria

Registered office

Unitec House
2 Albert Place
London
N3 1QB

Accountants

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Financial Statements of
Limanex Properties Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Limanex Properties Limited for the year ended 31 December 2024 which comprise the statement of comprehensive income, balance sheet and the related notes, from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation/a-z.

It is your duty to ensure that Limanex Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Limanex Properties Limited. You consider that Limanex Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Limanex Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Use of our report

This report is made solely to the Board of Directors of Limanex Properties Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Limanex Properties Limited and state those matters that we have agreed to state to the Board of Directors of Limanex Properties Limited, as a body, in this report in accordance with ICAEW Technical Release TECH 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Limanex Properties Limited and its Board of Directors, as a body, for our work or for this report.

......................................

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

11 July 2025

 

Limanex Properties Limited

(Registration number: 02123185)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed asset

 

Tangible assets

4

3,039

2,236

Investment property

5

2,056,000

2,056,000

 

2,059,039

2,058,236

Current assets

 

Debtors

6

29,499

-

Cash at bank and in hand

 

297,171

266,152

 

326,670

266,152

Creditors: Amounts falling due within one year

7

(65,517)

(58,261)

Net current assets

 

261,153

207,891

Total assets less current liabilities

 

2,320,192

2,266,127

Provision for liabilities

8

(583)

(343)

Net assets

 

2,319,609

2,265,784

Capital and reserves

 

Called up share capital

9

50,000

50,000

Fair value reserve

949,562

949,562

Profit and loss account

1,320,047

1,266,222

Shareholders' funds

 

2,319,609

2,265,784

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The statement of comprehensive income and the directors' report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

 

Limanex Properties Limited

(Registration number: 02123185)
Balance Sheet as at 31 December 2024

Approved and authorised for issue by the Board on 10 July 2025 and signed on its behalf by :

.........................................

B Chandaria
Director

 

Limanex Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital and incorporated in England. The registered office address is shown on page 1.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except where otherwise disclosed in these accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Judgements in applying accounting policies

The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities may require the use of certain critical accounting estimates. It may also require the directors to exercise judgement in applying the accounting policies.

In preparing these financial statements, the directors have had to make the following significant judgement:

- the directors have made an assumption in the determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset. There is an inevitable degree of judgement involved in that every property is unique and value can only ultimately be reliably tested in the market itself. The valuation method is described further in note 5 together with the valuation of the property at the reporting date.

There were no other significant judgements.

Summary of significant accounting policies

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.

Turnover

Turnover consists of rent receivable from the letting of an investment property in the United Kingdom. Rental income is measured at the fair value of rent receivable for the year.

Tax

The tax expense for the year comprises current and where applicable, deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.

 

Limanex Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against suitable future taxable profits.

Deferred tax is measured using 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.

Current and deferred tax assets and liabilities are not discounted.

Tangible assets

Tangible assets are stated in the balance sheet at historical cost, less any subsequent accumulated depreciation and 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 over their expected useful lives as follows:

Asset class

Depreciation rate and method

Plant & machinery

15% reducing balance

Fixtures & fittings

15% reducing balance

Computer equipment

33.33% straight line basis

Investment property

Investment property is carried at its fair value, determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Cash at bank and in hand

This comprises cash at bank.

Trade debtors

Trade debtors are amounts due from tenants for facilities provided in the ordinary course of business.

A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

 

Limanex Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

2

Accounting policies (continued)

Financial instruments

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form.

The company's cash at bank and in hand, trade and other debtors, trade and other creditors are measured initially at transaction price, and subsequently at amortised cost using the effective interest method, where appropriate.

Operating leases

Annual rentals receivable under operating leases are credited to profit or loss on a straight line basis over the term of the lease.

Pensions

Contributions payable by the company to private pension schemes of its directors are charged to profit or loss in the year to which they relate.

3

Employees and directors information

The company had no employees (2023 - none) and 2 directors (2023- 2) during the year.

 

Limanex Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Fixtures & fittings
 £

Plant & machinery
£

Computer equipment
 £

Total
£

Cost

At 1 January 2024

4,728

53,523

-

58,251

Additions in the year

-

-

1,323

1,323

At 31 December 2024

4,728

53,523

1,323

59,574

Depreciation

At 1 January 2024

4,623

51,392

-

56,015

Charge for the year

16

320

184

520

At 31 December 2024

4,639

51,712

184

56,535

Carrying amount

At 31 December 2024

89

1,811

1,139

3,039

At 31 December 2023

105

2,131

-

2,236

5

Investment property

Valuation

£

At 1 January 2024

2,056,000

At 31 December 2024

2,056,000

The investment property was valued at 31 December 2024 by B Chandaria, a director of the company, at fair value. The valuation was arrived at after consideration of the most recently available market evidence of transaction prices for similar properties around its location on a vacant possession basis and also takes into account the director's assessment of the state of the rental market around the area where the property is situated as at the reporting date.

 

Limanex Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Debtors

2024
£

2023
£

Trade debtors

29,288

-

Prepayments

211

-

 

29,499

-

7

Creditors: amounts due within one year

2024
£

2023
£

Trade creditors

-

18,168

Director's current account

341

-

Accruals and deferred income

45,310

15,632

Taxation and social security

2,420

-

Corporation tax payable

17,446

24,461

65,517

58,261

8

Provision for liabilities

Deferred tax
£

At 1 January 2024

343

Increase in existing provision

240

At 31 December 2024

583

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

50,000

50,000

50,000

50,000

       

10

Controlling party

There is no controlling party as no shareholder has more than 50% beneficial holding in the company .