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Registration number: 07387356

Lancaster Investment Property Ltd

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2025

 

Lancaster Investment Property Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Lancaster Investment Property Ltd

Company Information

Directors

Mr M Harrison

Mr N Harrison

Registered office

Unit 1 Open Barn Business Centre
Main Road Kempsey
Worcester
Worcestershire
WR5 3LW

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Lancaster Investment Property Ltd

(Registration number: 07387356)
Balance Sheet as at 28 February 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

9,067

11,082

Investment property

5

1,084,912

1,209,912

 

1,093,979

1,220,994

Current assets

 

Debtors

6

46,201

6,123

Cash at bank and in hand

 

21,130

31,111

 

67,331

37,234

Creditors: Amounts falling due within one year

7

(119,566)

(150,042)

Net current liabilities

 

(52,235)

(112,808)

Total assets less current liabilities

 

1,041,744

1,108,186

Creditors: Amounts falling due after more than one year

7

(733,878)

(874,531)

Net assets

 

307,866

233,655

Capital and reserves

 

Called up share capital

2

2

Retained earnings

307,864

233,653

Shareholders' funds

 

307,866

233,655

For the financial year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Lancaster Investment Property Ltd

(Registration number: 07387356)
Balance Sheet as at 28 February 2025

Approved and authorised by the Board on 11 August 2025 and signed on its behalf by:
 

.........................................
Mr M Harrison
Director

   
     
 

Lancaster Investment Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 1 Open Barn Business Centre
Main Road Kempsey
Worcester
Worcestershire
WR5 3LW
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Lancaster Investment Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Tangible assets

Tangible assets are stated in the balance sheet 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

Investment property

not provided

Fixtures & fittings

33.3% on cost

Motor vehicles

20% on cost

Investment property

Investment property is carried at fair value. The fair values of the properties are assessed on an annual basis by the directors, with regard to current property prices in the area along with purchase prices of similar properties by the company. Changes in fair value are recognised in profit or loss.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Lancaster Investment Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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 profit and loss account 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

 

Lancaster Investment Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2024

8,713

17,990

26,703

Additions

-

3,598

3,598

At 28 February 2025

8,713

21,588

30,301

Depreciation

At 1 March 2024

8,713

6,908

15,621

Charge for the year

-

5,613

5,613

At 28 February 2025

8,713

12,521

21,234

Carrying amount

At 28 February 2025

-

9,067

9,067

At 29 February 2024

-

11,082

11,082

5

Investment properties

2025
£

At 1 March

1,209,912

Disposals

(125,000)

At 28 February

1,084,912

The directors have assessed the value of the investment properties and have concluded that the cost in the financial statements adequately reflects the current market values.

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2025
£

2024
£

Trade debtors

3,300

1,500

Prepayments

2,261

2,089

Other debtors

40,640

2,534

 

46,201

6,123

 

Lancaster Investment Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

7

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

8

23,569

29,493

Taxation and social security

 

4,247

8,799

Accruals and deferred income

 

1,750

1,750

Other creditors

 

90,000

110,000

 

119,566

150,042

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

8

733,878

874,531

 

Lancaster Investment Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

8

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

158,647

305,453

Hire purchase contracts

4,468

-

Other borrowings

570,763

569,078

733,878

874,531

2025
£

2024
£

Current loans and borrowings

Bank borrowings

20,339

18,872

Hire purchase contracts

3,230

10,621

23,569

29,493