|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Lancs Properties Limited is a private limited company registered in England and Wales, with its principal place of business at 1 Soho Square, London, W1D 3BQ and registered office at Sheridans, The Terrace, 76 Wardour Street, Soho, London, W1F 0UR.
The Company's principal activities are acting as a trustee and property management.
The functional and presentational currency of the company is £ Sterling.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
Turnover represents administration fees on property rental excluding value added tax.
Turnover is recognised in the same period as the rental income falls due.
|
|
|
Cash and cash equivalents
|
Cash is represented by deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
|
|
The average monthly number of employees, including directors, during the year was 1 (2024 - 1).
|
|