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Registration number: 14726068

Larry Walshe Property Limited

Unaudited Financial Statements

for the Year Ended 30 September 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Larry Walshe Property Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Larry Walshe Property Limited

Company Information

Director

L Walshe

Registered office

Unit 11 Boundary Business Court
Church Road
Mitcham
CR4 3TD

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Larry Walshe Property Limited

Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,665,822

1,584,691

Current assets

 

Debtors

5

2,532

2,513

Cash at bank and in hand

 

62,031

40,000

 

64,563

42,513

Creditors: Amounts falling due within one year

6

(935,198)

(808,753)

Net current liabilities

 

(870,635)

(766,240)

Total assets less current liabilities

 

795,187

818,451

Creditors: Amounts falling due after more than one year

6

(848,268)

(846,788)

Net liabilities

 

(53,081)

(28,337)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(53,181)

(28,437)

Shareholders' deficit

 

(53,081)

(28,337)

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

The director of Larry Walshe Property Limited has elected not to include a copy of the profit and loss account within the financial statements, in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006, s444.

 

Larry Walshe Property Limited

Statement of Financial Position as at 30 September 2024

Approved and authorised by the director on 14 July 2025
 

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

L Walshe

Director

Company registration number: 14726068

 

Larry Walshe Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 11 Boundary Business Court
Church Road
Mitcham
CR4 3TD

The principal activity of the company is that of property investment.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

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.

Going concern

The company made a loss for the year ended 30 September 2024 and had a deficiency of net assets at that date of £53,081.

The company's ongoing working capital requirements are primarily financed by loans from group undertakings, which the director believes will continue on acceptable terms for the foreseeable future.

On the basis of the above, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rents charged in the ordinary course of the company's activities. Turnover is shown net of added tax, rebates and discounts.

The company recognises rental income evenly over the lease or licence period.

 

Larry Walshe Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tax

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.

Investment property

Investment property rented to another group entity is treated as property, plant and equipment as permitted by FRS 102 paragraph 16.4A.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

Asset class

Depreciation method and rate

Leasehold investment property

Straight line over the term of the lease

Furniture and fixtures

3 years to 10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 income statement 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.

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.

 

Larry Walshe Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

4

Tangible assets

Leasehold investment property
£

Furniture and fixtures
£

Total
£

Cost or valuation

At 1 October 2023

1,586,303

2,033

1,588,336

Additions

-

104,495

104,495

At 30 September 2024

1,586,303

106,528

1,692,831

Depreciation

At 1 October 2023

3,575

70

3,645

Charge for the year

17,626

5,738

23,364

At 30 September 2024

21,201

5,808

27,009

Carrying amount

At 30 September 2024

1,565,102

100,720

1,665,822

At 30 September 2023

1,582,728

1,963

1,584,691

5

Debtors

2024
£

2023
£

Other debtors

2,532

2,513

2,532

2,513

 

Larry Walshe Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

7

-

3,600

Trade creditors

 

10,170

4,800

Other creditors

 

925,028

800,353

 

935,198

808,753

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

7

848,268

846,788

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank loans

-

3,600

Non-current loans and borrowings

2024
£

2023
£

Bank loans

848,268

846,788

Bank loans are secured by a fixed charge over the company's leasehold investment property.

Bank loans payable other than by instalments due after more than 5 years amount to £848,268 (2023: £846,788).

8

Related party transactions

In accordance with FRS 102 paragraph 1AC.35, exemption is taken not to disclose transactions or amounts falling due between companies wholly controlled within the group.