Registration number:
LLK Property Limited
for the Year Ended 31 December 2024
LLK Property Limited
Contents
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Company Information |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
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Non-statutory pages |
LLK Property Limited
Company Information
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Directors |
Mr R P Heffer Mrs L J Heffer |
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Registered office |
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Accountants |
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LLK Property Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Small companies provision statement
This report has 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.
Approved by the
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Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Accounts of
LLK Property 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 accounts of LLK Property Limited for the year ended 31 December 2024 as set out on pages 4 to 14 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.
This report is made solely to the Board of Directors of LLK Property Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of LLK Property Limited and state those matters that we have agreed to state to the Board of Directors of LLK Property Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than LLK Property Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that LLK Property 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 LLK Property Limited. You consider that LLK Property 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 accounts of LLK Property 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.
Chartered accountants
Deane Gate Avenue
Taunton
Somerset
TA1 2UH
LLK Property Limited
Profit and Loss Account for the Year Ended 31 December 2024
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2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Gain/(loss) on current asset investment |
411,644 |
915,077 |
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Other operating income |
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Operating profit |
663,489 |
1,093,056 |
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Loss on fair value adjustment of fixed asset investments |
( |
- |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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21,093 |
17,319 |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
LLK Property Limited
(Registration number: 07099088)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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- |
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Debtors due with one year |
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Debtors due after one year |
4,951,100 |
- |
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Investments |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Retained earnings |
3,648,416 |
3,139,837 |
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Shareholders' funds |
3,648,418 |
3,139,839 |
LLK Property Limited
(Registration number: 07099088)
Balance Sheet as at 31 December 2024
For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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.
Approved and authorised by the
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LLK Property Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Retained earnings |
Total |
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At 1 January 2024 |
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Profit for the year |
- |
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At 31 December 2024 |
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Share capital |
Retained earnings |
Total |
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At 1 January 2023 |
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Profit for the year |
- |
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At 31 December 2023 |
2 |
3,139,837 |
3,139,839 |
LLK Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
1st Floor
153 Commercial Road
Poole
Dorset
BH14 0JJ
These financial statements were authorised for issue by the
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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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.
LLK Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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.
Turnover derived from property development represents amounts chargeable in respect of the sale of properties to customers.
Turnover derived from loans made represents amounts chargeable, allocated proportionately to accounting periods, over the life of the loans.
Turnover derived from rent receivable, represents amounts receivable in respect of the provision of residential accommodation on a straight line basis over the lease term.
Tax
The tax expense for the period comprises current and deferred 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.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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:
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Asset class |
Depreciation method and rate |
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Office equipment |
20% reducing balance |
LLK Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Investment property
Stocks
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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.
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.
Creditors
Trade creditors are obligations to pay for goods or 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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
LLK Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year was
LLK Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Tangible assets |
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Office equipment |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Investment properties |
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2024 |
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At 1 January 2024 |
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Fair value adjustments |
( |
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At 31 December 2024 |
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The investment properties have been valued at the year end at market valued by Clarkes Estate and Letting Agency, an independant valuer.
Impairment of investment property
The amount of impairment loss included in profit or loss is £75,000 (2023 - £Nil).
LLK Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Debtors |
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2024 |
2023 |
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Trade debtors |
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Prepayments and accrued income |
- |
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Other debtors |
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5,027,238 |
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Details of non-current other debtors
£4,951,100 (2023 -£Nil) of other debtors is classified as non current.
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Current asset investments |
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2024 |
2023 |
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Other investments |
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Creditors |
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Due within one year |
Note |
2024 |
2023 |
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Other loans |
- |
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Trade creditors |
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Amounts owed to related parties |
102,368 |
104,110 |
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Other creditors |
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Accruals and deferred income |
5,670 |
20,561 |
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Corporation tax liability |
194,755 |
253,667 |
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2024 |
2023 |
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Due after one year |
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Other non-current financial liabilities |
2,510,000 |
- |
LLK Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Loans and borrowings |
Current loans and borrowings
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2024 |
2023 |
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Other borrowings |
- |
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Related party transactions |
Key management personnel
Key management are considered to be the company's directors.
Summary of transactions with key management
Summary of transactions with other related parties
Loans from related parties
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2024 |
Key management |
Other related parties |
Total |
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At start of period |
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Advanced |
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- |
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Repaid |
( |
( |
( |
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At end of period |
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2023 |
Key management |
Other related parties |
Total |
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At start of period |
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Advanced |
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- |
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Repaid |
( |
( |
( |
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At end of period |
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LLK Property Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2024
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2024 |
2023 |
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Turnover (analysed below) |
520,338 |
511,115 |
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Cost of sales (analysed below) |
(126,090) |
(253,387) |
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Gross profit |
394,248 |
257,728 |
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Gross profit (%) |
75.77% |
50.42% |
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Administrative expenses |
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Employment costs (analysed below) |
(80,471) |
(67,242) |
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General administrative expenses (analysed below) |
(67,895) |
(30,158) |
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Other expenses (analysed below) |
411,644 |
915,077 |
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263,278 |
817,677 |
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Other operating income (analysed below) |
5,963 |
17,651 |
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Operating profit |
663,489 |
1,093,056 |
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Loss on fair value of fixed asset investments (analysed below) |
(75,000) |
- |
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Other interest receivable and similar income (analysed below) |
98,966 |
21,152 |
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Interest payable and similar expenses (analysed below) |
(2,873) |
(3,833) |
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21,093 |
17,319 |
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Profit before tax |
684,582 |
1,110,375 |
LLK Property Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2024
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2024 |
2023 |
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Turnover |
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Income receivable from loans |
323,013 |
191,193 |
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Rent receivable |
197,325 |
319,922 |
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520,338 |
511,115 |
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Cost of sales |
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Purchases |
126,090 |
253,387 |
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Direct costs |
264,309 |
- |
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Closing work in progress |
(264,309) |
- |
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126,090 |
253,387 |
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Employment costs |
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Wages and salaries (excluding directors) |
62,019 |
51,077 |
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Staff NIC (employer's) |
7,303 |
5,793 |
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Directors' remuneration |
9,000 |
9,096 |
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Staff pensions (defined contribution) |
2,149 |
1,276 |
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80,471 |
67,242 |
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General administrative expenses |
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Insurance |
3,116 |
1,069 |
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Telephone and internet costs |
7,212 |
6,505 |
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Computer software and maintenance costs |
515 |
515 |
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Printing, postage and stationery |
161 |
319 |
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Trade subscriptions |
1,092 |
1,733 |
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Travel and subsistence |
17,653 |
7,708 |
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Advertising and sponsorship |
1,932 |
384 |
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Customer entertaining |
18,747 |
1,180 |
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Accountancy fees |
10,457 |
9,987 |
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Legal and professional fees |
6,240 |
- |
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Bank charges |
14 |
- |
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Depreciation of office equipment |
756 |
758 |
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67,895 |
30,158 |
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Other expenses |
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Profit on disposal of current asset investment |
411,644 |
915,077 |
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Other operating income |
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Other operating income |
5,963 |
17,651 |
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Operating profit |
663,489 |
1,093,056 |
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Gain/(loss) on financial assets at fair value through profit and loss account |
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Gain/(loss) from investment property |
(75,000) |
- |
LLK Property Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2024
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2024 |
2023 |
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Other interest receivable and similar income |
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Bank interest receivable |
98,966 |
21,083 |
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Other interest receivable |
- |
69 |
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98,966 |
21,152 |
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Interest payable and similar expenses |
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Other loan interest |
2,820 |
3,833 |
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Other interest payable |
53 |
- |
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2,873 |
3,833 |
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Net finance income |
21,093 |
17,319 |
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Profit before tax |
684,582 |
1,110,375 |