Lord Properties Limited - Accounts to registrar (filleted) - small 22.3
Lord Properties Limited - Accounts to registrar (filleted) - small 22.3
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
FOR |
LORD PROPERTIES LIMITED |
LORD PROPERTIES LIMITED (REGISTERED NUMBER: 04129457) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 8 |
LORD PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
2nd Floor |
10(b) Aldermans Hill |
Palmers Green |
London |
N13 4PJ |
LORD PROPERTIES LIMITED (REGISTERED NUMBER: 04129457) |
BALANCE SHEET |
31 MARCH 2022 |
31.3.22 | 31.3.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
LORD PROPERTIES LIMITED (REGISTERED NUMBER: 04129457) |
BALANCE SHEET - continued |
31 MARCH 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LORD PROPERTIES LIMITED (REGISTERED NUMBER: 04129457) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
1. | STATUTORY INFORMATION |
Lord Properties Limited is a private company,limited by shares, registered in England and Wales.The company 's registered number is 04129457 and registered office address is 2nd Floor, 10(B) Aldermans Hill, Palmers Green , London, N13 4PJ. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net rental income, excluding value added tax. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Investment properties are carried at fair value determined annually by the directors or by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement of the year. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Capital gains tax on uncrystallised gains on property investments is provided in the financial statements using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Finance cost amortisation |
Finance costs incurred in connection with the arrangement of bank loans are capitalised as a reduction to the loan and then amortised , on a straight line basis, over the duration of the loans. |
Going concern |
As with most businesses the Company has been affected by the ongoing impact of Covid-19, the exit from the European Union and the high level of inflation in the UK economy. These have had an impact on the operations, customers (tenants), suppliers and staff. The Company is taking all the steps it can to protect the future of the business. Although the total impact is still uncertain the director believes that it is appropriate to prepare the accounts on a going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - NIL). |
LORD PROPERTIES LIMITED (REGISTERED NUMBER: 04129457) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2021 |
and 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
Fair value at 31 March 2022 is represented by: |
£ |
Valuation in 2004 | 200,000 |
Valuation in 2006 | 78,919 |
Valuation in 2011 | 85,260 |
Valuation in 2015 | 330,000 |
Valuation in 2016 | 8,279 |
Cost | 987,542 |
1,690,000 |
Investment properties were valued on an open market basis on 31 March 2022 by the directors . |
5. | DEBTORS |
31.3.22 | 31.3.21 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Prepayments |
Amounts falling due after more than one year: |
Other debtors- |
Deposit Protection Scheme |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans and overdrafts |
Tax |
Rent received in advance |
Accrued expenses |
LORD PROPERTIES LIMITED (REGISTERED NUMBER: 04129457) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans more 5 yrs non-inst | 354,283 | 355,017 |
Finance cost | (2,574 | ) | (2,717 | ) |
Rent Deposit | 10,526 | 10,320 |
Directors' loan accounts | 89,524 | 88,232 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans |
9. | DIRECTORS' LOAN |
Included in Creditors - amounts falling due after more than one year is a loan of £89,524 (2021: £88,232 ) due to the Directors. This loan is recognised at transaction price. The directors' loan is not due until after more than 1 year and is interest free. |
10. | PROVISIONS FOR LIABILITIES |
31.3.22 | 31.3.21 |
£ | £ |
Deferred tax on CGT provision | 92,715 | 70,463 |
Deferred |
tax |
£ |
Balance at 1 April 2021 |
Provided during year |
Balance at 31 March 2022 |
LORD PROPERTIES LIMITED (REGISTERED NUMBER: 04129457) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
11. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2021 | 1,172,958 |
Profit for the year |
Movement in the year | 25,950 | - | 25,950 |
Transfer to fair valur reserve |
-investment properties |
revaluation | - | (25,950 | ) | (25,950 | ) |
At 31 March 2022 | 1,187,531 |
Fair value reserve as at 31 March 2022 is an amount of £609,743 (2021- £635,703) relate to revaluation reserves which are non distributable. |
12. | RELATED PARTY DISCLOSURES |
The directors and their companies rent offices from Lord Properties Ltd. Rent is charged at market rates. |
13. | CONTROLLING PARTIES |
The company is controlled by C. Skarparis, K.P. Simeou and C. Pantazis, the company directors and shareholders. |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
LORD PROPERTIES LIMITED (REGISTERED NUMBER: 04129457) |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Directors' Report are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lord Properties Limited for the year ended 31 March 2022 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes 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 which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Lord Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lord Properties Limited and state those matters that we have agreed to state to the Board of Directors of Lord Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lord Properties Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Lord Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lord Properties Limited. You consider that Lord Properties 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 financial statements of Lord Properties 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 financial statements. |
Chartered Accountants |
2nd Floor |
10(b) Aldermans Hill |
Palmers Green |
London |
N13 4PJ |