1.
General Information
Lendlord Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
11973095
. The registered office is Churchill House 137-139 Brent Street, Brent Street, London, NW4 4DJ.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Computer Equipment |
|
2.4.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5.
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 years 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 assets reflect 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.
Lendlord Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 1)
4.
Tangible Assets
| Computer Equipment | |
|---|---|
| £ | |
| Cost | |
| As at 1 January 2024 |
|
| Additions |
|
| As at 31 December 2024 |
|
| Depreciation | |
| As at 1 January 2024 |
|
| Provided during the period |
|
| As at 31 December 2024 |
|
| Net Book Value | |
| As at 31 December 2024 |
|
| As at 1 January 2024 |
|
5.
Investments
| Associates | |
|---|---|
| £ | |
| Cost | |
| As at 1 January 2024 |
|
| Additions |
|
| As at 31 December 2024 |
|
| Provision | |
| As at 1 January 2024 |
|
| As at 31 December 2024 |
|
| Net Book Value | |
| As at 31 December 2024 |
|
| As at 1 January 2024 |
|
6.
Debtors
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Deposits |
|
|
|
| Amounts owed by associates |
|
|
|
|
|
|
||
Lendlord Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
7.
Creditors: Amounts Falling Due Within One Year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Bank loans and overdrafts |
|
|
|
| Corporation tax |
|
|
|
| Other taxes and social security |
|
- | |
| Creditors |
|
|
|
| Pensions payable |
|
|
|
| Accruals and deferred income | - |
|
|
| Director's loan account |
|
- | |
|
|
|
||
8.
Creditors: Amounts Falling Due After More Than One Year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Amounts owed to participating interests |
|
|
|
10.
Related Party Transactions
|
Expenditure with and payables to related parties - parent undertaking
|
2024
|
2023
|
|
|
£
|
£
|
||
|
Transfers under licence agreements
|
491,724
|
409,341
|
|
|
Transfers under finance arrangements (including loans and equity contributions)
|
48,120
|
44,859
|
|
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none">
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</svg>){kind=small}
|
|
||
|
Total
|
539,844
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
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</svg>){kind=small}
|
454,200
|
The company is a wholly owned subsidiary of Ex-Four Solutions Ltd, a company incorporated in Israel. During the financial period, the company entered into the following related party transactions with its parent company:
1. Loan from Parent Company:
The company received a loan from Ex-Four Solutions Ltd. The loan is repayable and is subject to interest, which has
been accrued for the period. The balance of the loan at the period end was £957,550.
2. Management Charges:
The company incurred management charges amounting to £491,724 during the financial period, payable to Ex-Four Solutions Ltd. These charges were for provision of proprietary software - SaaS, by the parent company, in accordance with the agreement dated 02 February 2023 (effective from 01 January 2022). The pricing of these services was determined in accordance with the arm's length principle, in line with transfer pricing requirements.
3. Services Rendered:
The parent company provided services relating to provision of service platform and all support services, which are integral to the company’s operations. The rationale behind these transactions is to support the company’s core activities, ensuring efficient and effective operation within the group structure.
All these transactions were conducted on normal commercial terms.
Lendlord Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
|
Loans from related parties - parent undertaking
|
2024
|
2023
|
|
|
£
|
£
|
||
|
At start of period
|
957,550
|
960,215
|
|
|
Advanced
|
0
|
0
|
|
|
Repaid
|
0
|
-2,665
|
|
|
At end of period
|
957,550
|
957,550
|
Loan advanced by Ex-Four Solutions Ltd, the parent company. Interest on the loan has been accrued for the period.
Consultancy fees payable to Mr Aviram Shahar, a person with significant control - £15,000 and Mr Arieh Zucker, director - £15,000.