LAMBERT PROPERTY PORTFOLIO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
Company Registration Number: 11754651
LAMBERT PROPERTY PORTFOLIO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 10
LAMBERT PROPERTY PORTFOLIO LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024
DIRECTORS
A Clarke
Mrs L K Clarke
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
C9 Glyme Court
Oxford Office Village
Langford Lane
Kidlington
Oxford
OX5 1LQ
COMPANY REGISTRATION NUMBER
11754651 England and Wales
LAMBERT PROPERTY PORTFOLIO LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
Notes 2024 2023
£ £
FIXED ASSETS
Tangible assets 5 12,939 15,631
Investments 6 9,720,000 8,464,154
9,732,939 8,479,785
CURRENT ASSETS
Debtors 7 377,571 406,684
Cash at bank and in hand 97,446 441,537
475,017 848,221
CREDITORS: Amounts falling due within one year 8 2,193,273 1,996,423
NET CURRENT LIABILITIES (1,718,256) (1,148,202)
TOTAL ASSETS LESS CURRENT LIABILITIES 8,014,683 7,331,583
CREDITORS: Amounts falling due after more than one year 9 6,776,667 6,786,667
Provisions for liabilities and charges 103,281 219
NET ASSETS 1,134,735 544,697
CAPITAL AND RESERVES
Called up share capital 100 100
Distributable profit and loss account 918,107 637,343
Non distributable profit and loss account 216,528 (92,746)
SHAREHOLDERS' FUNDS 1,134,735 544,697
LAMBERT PROPERTY PORTFOLIO LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
A Clarke
Director
Date approved by the board: 29 September 2025
LAMBERT PROPERTY PORTFOLIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1 GENERAL INFORMATION
Lambert Property Portfolio Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
C9 Glyme Court
Oxford Office Village
Langford Lane
Kidlington
Oxford
OX5 1LQ
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Going concern
The accounts have been drawn up on the going concern basis. The company owes its bank £6,786,667 and the directors £1,766,273, both of which could be required for repayment without notice. The company is therefore dependent upon the continued support of the bank and the directors. The directors do not consider their own support nor the support of the bank likely to be withdrawn.
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of rental income receivable as soon as there is a right to consideration.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
LAMBERT PROPERTY PORTFOLIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Furniture and fittings Straight line basis at 25% per annum
Computer equipment Straight line basis at 25% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs.
Subsequently, investment properties are measured at fair value on the basis of non-vacant possession. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss account in the period in which they arise.
LAMBERT PROPERTY PORTFOLIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
A financial asset or financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through the profit and loss account.
Basic financial assets and financial liabilities are initially recognised at transaction price and measured at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. They are subsequently carried at their amortised cost using the effective interest rate method, less any provision for impairment. If the effect of the time value of money is immaterial, they are measured at cost less impairment.
Basic financial assets and liabilities which are measured at cost or amortised cost are reviewed for objective impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the profit and loss account immediately.
Any reversals of impairment are recognised in the profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset or liability which exceeds what the carrying amount would have been had the impairment loss not previously been recognised.
Financing transactions are measured at the present value of the future receipts discounted at a market rate of interest. They are subsequently measured at amortised costs using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Debtors
Short term debtors are measured at transaction price, less any impairment.
LAMBERT PROPERTY PORTFOLIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other taxable profits.
Deferred tax is measured using 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.
Deferred tax relating to land and investment properties that is measured at fair value is measured using the tax rates and allowances that apply to the sale of the asset.
Current and deferred tax assets and liabilities are not discounted.
Borrowing costs
All borrowing costs are recognised in the profit and loss account in the period in which they are incurred.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The directors have made key assumptions in determination of the fair value of its investment properties in respect of the state of the property market in the location where the properties are situated and in respect of the range of reasonable fair value estimates of the assets.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 2 2
LAMBERT PROPERTY PORTFOLIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
5 TANGIBLE ASSETS
Furniture and fittings Computer equipment Total
£ £ £
Cost
At 1 January 2024 55,858 1,645 57,503
Additions 5,396 259 5,655
At 31 December 2024 61,254 1,904 63,158
Accumulated depreciation and impairments
At 1 January 2024 41,101 771 41,872
Charge for year 7,974 373 8,347
At 31 December 2024 49,075 1,144 50,219
Net book value
At 1 January 2024 14,757 874 15,631
At 31 December 2024 12,179 760 12,939
6 FIXED ASSET INVESTMENTS
Investment properties
£
Cost
At 1 January 2024 8,464,154
Additions 843,481
Revaluation 412,365
At 31 December 2024 9,720,000
Net book value
At 1 January 2024 8,464,154
At 31 December 2024 9,720,000
In the opinion of the directors, all investment properties have been valued at fair value on the basis of non-vacant possession.
LAMBERT PROPERTY PORTFOLIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
7 DEBTORS
2024 2023
£ £
Trade debtors 17,161 15,611
Prepayments and accrued income 20,304 22,986
Other debtors 340,106 368,087
377,571 406,684
8 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 2,654 4,421
Taxation and social security 99,140 95,598
Accruals and deferred income 85,247 66,814
Other creditors 1,996,232 1,819,590
2,193,273 1,996,423
9 CREDITORS: Amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 6,776,667 6,786,667
Included in the amounts falling due after more than one year are the following amounts which are due in more than five years:
2024 2023
£ £
Bank loans and overdrafts 6,772,500 6,772,500
10 SECURED DEBTS
The company has mortgages with Investec Bank PLC which have fixed charges on the investment properties and floating charges over all present and future undertakings of the company.
LAMBERT PROPERTY PORTFOLIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
A Clarke and Mrs L K Clarke
Directors and shareholders 2024 2023
£ £
Advances to company The directors have made advances to the
company which are repayable on demand and on which interest has been charged.
At the year end, the company owed the
directors the following amount:		 1,766,273 1,580,158
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