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REGISTERED NUMBER: 10516229 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2024

for

Lassic Properties Limited

Lassic Properties Limited (Registered number: 10516229)

Contents of the Financial Statements
for the Year Ended 31 October 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Lassic Properties Limited

Company Information
for the Year Ended 31 October 2024







DIRECTORS: Mr Suresh Handa
Mr Rajesh Handa





REGISTERED OFFICE: Lassic Building
Dawson Lane
Bradford
BD4 6HN





REGISTERED NUMBER: 10516229 (England and Wales)





ACCOUNTANTS: Dhillon Accountants Limited
Chartered Accountants
Office 1
21 Hatherton Street
Walsall
WS4 2LA

Lassic Properties Limited (Registered number: 10516229)

Balance Sheet
31 October 2024

31.10.24 31.10.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 102,347 96,997
Investment property 5 15,333,295 15,333,295
15,435,642 15,430,292

CURRENT ASSETS
Debtors 6 6,139,023 2,372,368
Cash at bank and in hand 194,620 127,053
6,333,643 2,499,421
CREDITORS
Amounts falling due within one year 7 (7,828,473 ) (4,295,217 )
NET CURRENT LIABILITIES (1,494,830 ) (1,795,796 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,940,812

13,634,496

CREDITORS
Amounts falling due after more than
one year

8

(6,144,286

)

(6,397,581

)

PROVISIONS FOR LIABILITIES (8,385 ) (611 )
NET ASSETS 7,788,141 7,236,304

CAPITAL AND RESERVES
Called up share capital 200 200
Fair value reserve 9 3,822,665 3,822,665
Retained earnings 3,965,276 3,413,439
7,788,141 7,236,304

Lassic Properties Limited (Registered number: 10516229)

Balance Sheet - continued
31 October 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 July 2025 and were signed on its behalf by:





Mr Suresh Handa - Director


Lassic Properties Limited (Registered number: 10516229)

Notes to the Financial Statements
for the Year Ended 31 October 2024


1. STATUTORY INFORMATION

Lassic Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover includes rent charged during the year net of value added taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

Investment property
All investment properties are carried at 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 for. Changes in fair value are recognised in the profit and loss account.


Lassic Properties Limited (Registered number: 10516229)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024


2. ACCOUNTING POLICIES - continued
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Lassic Properties Limited (Registered number: 10516229)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024


4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 November 2023 183,679
Additions 33,627
At 31 October 2024 217,306
DEPRECIATION
At 1 November 2023 86,682
Charge for year 28,277
At 31 October 2024 114,959
NET BOOK VALUE
At 31 October 2024 102,347
At 31 October 2023 96,997


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2023
and 31 October 2024 15,333,295
NET BOOK VALUE
At 31 October 2024 15,333,295
At 31 October 2023 15,333,295

Investment property was valued on an open market basis on 30th March 2022 by a RICS surveyor

The directors believe the valuation of the investment property as at 30th March 2022 is a true reflection of the fair value as at the balance sheet date.

Lassic Properties Limited (Registered number: 10516229)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024


6. DEBTORS
31.10.24 31.10.23
£    £   
Amounts falling due within one year:
Other debtors 4,594,215 1,774,921

Amounts falling due after more than one year:
Other debtors 1,544,808 597,447

Aggregate amounts 6,139,023 2,372,368

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Bank loans and overdrafts 670,026 667,477
Trade creditors 299,420 133,746
Taxation and social security 1,193,602 722,649
Other creditors 5,665,425 2,771,345
7,828,473 4,295,217

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.10.24 31.10.23
£    £   
Bank loans 6,144,286 6,397,581

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 6,144,286 6,397,581

9. RESERVES
Fair
value
reserve
£   
At 1 November 2023
and 31 October 2024 3,822,665

Lassic Properties Limited (Registered number: 10516229)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024


10. RELATED PARTY DISCLOSURES

During the year, the company charged rent as follows:
Home Discount Limited ('HDL') - £376,800 (2023 - £376,800)
Lassic Limited ('LL) - £976,800 (2023 - £976,800)

As of 31 October 2024, the following balances were outstanding:
Owed to Home Discount Limited - £2,658,880 (2023 - £1,535,680)
Owed to Lassic Limited - £3,005,045 (2023 - £1,234,165)

Messers Suresh and Rajesh Handa were also the directors of HDL and LL as of 31 October 2024.