| Limegrange Properties Ltd |
| Notes to the Accounts |
| for the year ended 31 December 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Office Equipment |
20% reducing balance |
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Fixtures, fittings, tools and equipment |
10% straight line |
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Investments |
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Unlisted Investments are measured at cost less any accumulated impairment losses. Listed Investments are measured at fair value. Chainges in fair value are included in the profit and loss account. |
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Investment Properties |
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Investment Properties are revalued each year end with any change in valuation being included in other comprehensive income. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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 future taxable profits. Deferred tax is measured using the 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Exceptional items |
2025 |
|
2024 |
| £ |
£ |
|
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Loan write off |
750000 |
|
- |
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|
750,000 |
|
- |
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The loan from DM Friendly Society was written down during the year. |
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| 3 |
Employees |
2025 |
|
2024 |
| Number |
Number |
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Average number of persons employed by the company |
2 |
|
1 |
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| 4 |
Tangible fixed assets |
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Investment Properties |
|
Office Equipment |
|
Fixtures and fittings |
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Total |
| £ |
£ |
£ |
£ |
|
Cost |
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At 1 January 2025 |
5,700,000 |
|
27,032 |
|
25,382 |
|
5,752,414 |
|
Additions |
- |
|
- |
|
- |
|
- |
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Surplus on revaluation |
(1,300,000) |
|
- |
|
- |
|
(1,300,000) |
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At 31 December 2025 |
4,400,000 |
|
27,032 |
|
25,382 |
|
4,452,414 |
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|
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Depreciation |
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At 1 January 2025 |
- |
|
21,898 |
|
25,381 |
|
47,279 |
|
Charge for the year |
- |
|
2,054 |
|
- |
|
2,054 |
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At 31 December 2025 |
- |
|
23,952 |
|
25,381 |
|
49,333 |
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Net book value |
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At 31 December 2025 |
4,400,000 |
|
3,080 |
|
1 |
|
4,403,081 |
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At 31 December 2024 |
5,700,000 |
|
5,134 |
|
1 |
|
5,705,135 |
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Freehold land and buildings: |
2025 |
|
2024 |
| £ |
£ |
|
Historical cost |
2,221,167 |
|
2,219,442 |
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Cumulative depreciation based on historical cost |
- |
|
- |
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|
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2,221,167 |
|
2,219,442 |
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The investment property was revalued by the Director at the year end at market value. |
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The Investment Property is not depreciated. Compliance with FRS 102 is a departure from Companies Act 2006 necessary to give a true and fair view. |
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There is a charge over the property held by the Principality Building Society up to the total value of loans and interest outstanding from the company at any time. At they year end this was £1,170,264. |
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| 5 |
Investments |
| Unlisted |
Other |
| Investments |
investments |
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 January 2025 |
350,000 |
|
575 |
|
350,575 |
|
Additions |
- |
|
4 |
|
4 |
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Revaluation |
(150,000) |
|
324 |
|
(149,676) |
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At 31 December 2025 |
200,000 |
|
903 |
|
200,903 |
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Historical cost |
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At 1 January 2025 |
460,000 |
|
2,019 |
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At 31 December 2025 |
460,000 |
|
2,019 |
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Unlisted Investments comprise the timeshare purchase of a hotel suite in Deauville with an option to renew every 10 years. For the first 10 years there is an annual payment of 3.4% rising by the French RPI annually. This is measured at cost less impairment. |
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Other Investment is a share portfolio managed by Hargreave Lansdown. This is measured at fair value through the profit and loss. |
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| 6 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
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Trade debtors |
126,146 |
|
59,691 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
4,498,815 |
|
4,254,871 |
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Deferred tax asset |
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|
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|
144,512 |
|
- |
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Other debtors |
395 |
|
- |
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|
4,769,868 |
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4,314,562 |
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Amounts due after more than one year included above |
- |
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- |
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| 7 |
Investments held as current assets |
2025 |
|
2024 |
| £ |
£ |
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Fair value |
|
Listed investments |
500 |
|
500 |
|
Unlisted investments |
- |
|
- |
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|
500 |
|
500 |
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Increase/(decrease) in fair value included in the profit and loss account for the financial year |
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Listed investments |
- |
|
- |
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Unlisted investments |
- |
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- |
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|
- |
|
- |
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| 8 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
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Bank loans and overdrafts |
91,775 |
|
92,518 |
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Other loans |
4,783,053 |
|
4,777,927 |
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Trade creditors |
110,901 |
|
74,723 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
713 |
|
693 |
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Taxation and social security costs |
213,834 |
|
10,393 |
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Other creditors |
12,171 |
|
581,000 |
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5,212,447 |
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5,537,254 |
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| 9 |
Creditors: amounts falling due after one year |
2025 |
|
2024 |
| £ |
£ |
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Bank loans |
1,082,356 |
|
1,178,655 |
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Trade creditors |
50,571 |
|
33,130 |
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|
1,132,927 |
|
1,211,785 |
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| 10 |
Loans |
2025 |
|
2024 |
| £ |
£ |
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Creditors include: |
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Instalments falling due for payment after more than five years |
730,724 |
|
967,143 |
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|
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|
730,724 |
|
967,143 |
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Secured bank loans |
1,170,264 |
|
1,258,171 |
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Principality Building Society has a charge over the property up to the value of the loan outstanding. The bank loan has a final repayment date of January 2040. |
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Bank loans include a Bounceback loan that is due to be repaid over 60 months. Interest is charged at 2.5% pa. |
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| 11 |
Revaluation reserve |
2025 |
|
2024 |
| £ |
£ |
|
|
At 1 January 2025 |
3,498,121 |
|
3,609,815 |
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Revaluation |
(1,449,676) |
|
(111,694) |
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Deferred taxation arising on the revaluation of land and buildings |
324,226 |
|
- |
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At 31 December 2025 |
2,372,671 |
|
3,498,121 |
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| 12 |
Related party transactions |
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The company has taken advantage of section 33.1A of FRS102 regarding group transaction disclosures. |
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The company had the following loan due from a company owned jointly by a Director and a relative at the year end: Dalegold Investments Ltd £396 (2024 - £(18,206)). The company had the following loan due to a Friendly Society which a Director was a member of at the year end: DM Friendly Society £4,056,926 (2024 - £4,759,721) |
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The company owed the Director £773,728 at the year end (2024 - £773,727). This loan is shown in note 8, 'other loans'. |
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All of the Related Party loans are repayable on demand. None charge interest except for DM Friendly Society, which is now charging loan interest at 1% per annum but capped at profits if the latter are less than the 1% calculated on the outstanding loan. |
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| 13 |
Controlling party |
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Limegrange Properties Ltd is a wholly owned subsidiary of Limegrange London Limited, a company incorporated in England. Limegrange London Ltd is controlled jointly by A.L. Denniss and H. Dennis. It's registered office is: |
|
51-52 St John's Square |
|
London |
|
EC1V 4JL |
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| 14 |
Other information |
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Limegrange Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
51-52 St John's Square |
|
London |
|
EC1V 4JL |