ACCOUNTS - Final Accounts

LANEMARKET LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2021-07-01Investment property00truetrue 05350957 2021-07-01 2022-06-30 05350957 2020-07-01 2021-06-30 05350957 2022-06-30 05350957 2021-06-30 05350957 c:Director1 2021-07-01 2022-06-30 05350957 d:LeaseholdInvestmentProperty 2022-06-30 05350957 d:LeaseholdInvestmentProperty 2021-06-30 05350957 d:CurrentFinancialInstruments 2022-06-30 05350957 d:CurrentFinancialInstruments 2021-06-30 05350957 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 05350957 d:CurrentFinancialInstruments d:WithinOneYear 2021-06-30 05350957 d:ShareCapital 2022-06-30 05350957 d:ShareCapital 2021-06-30 05350957 d:RetainedEarningsAccumulatedLosses 2022-06-30 05350957 d:RetainedEarningsAccumulatedLosses 2021-06-30 05350957 c:OrdinaryShareClass1 2021-07-01 2022-06-30 05350957 c:OrdinaryShareClass1 2022-06-30 05350957 c:OrdinaryShareClass1 2021-06-30 05350957 c:FRS102 2021-07-01 2022-06-30 05350957 c:AuditExempt-NoAccountantsReport 2021-07-01 2022-06-30 05350957 c:FullAccounts 2021-07-01 2022-06-30 05350957 c:PrivateLimitedCompanyLtd 2021-07-01 2022-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05350957

Lanemarket Limited

Unaudited

Financial statements

For the year ended 30 June 2022

Lanemarket Limited

Registered number: 05350957

Balance sheet

As at 30 June 2022

		2022		2021
Note		£		£

Fixed assets
Investment property	4		1,683,000		1,683,000
			1,683,000		1,683,000
Current assets
Debtors: amounts falling due within one year	5	50,179		29,966
Cash at bank and in hand		48,526		105,670
		98,705		135,636
Creditors: amounts falling due within one year	6	(1,853,983)		(1,944,679)
Net current liabilities			(1,755,278)		(1,809,043)
Total assets less current liabilities			(72,278)		(126,043)

Net liabilities			(72,278)		(126,043)

Capital and reserves
Called up share capital	7	1	1
Profit and loss account		(72,279)	(126,044)
		(72,278)	(126,043)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

R G Williams

Director

Date: 21 March 2023

The notes on pages 2 to 5 form part of these financial statements.

Page 1

Lanemarket Limited

Notes to the financial statements

For the year ended 30 June 2022

1.	General information

The Company is a private company, limited by shares, incorporated and domiciled in England & Wales. The Company's registered office is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA. The Company's principal place of business is 95 Dorset House, Gloucester Place, London, NW1 5AF. The company's principal activity during the year was property investment.

2.Accounting policies

2.1

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on a going concern basis despite the company reporting net current liabilities of £1,755,278 (2021: £1,809,043). Included within the Creditors: Amounts due within one year is an amount of £1,800,000 (2021: £1,900,000) due to Cardinal Group Limited. Cardinal Group Limited has confirmed they will not call for repayment of this amount until the company has sufficient cash reserves to do so, without prejudice to the company's other creditors and for a period of at least twelve months from the date of approval of the financial statements.

2.3

Turnover

Turnover represents rents and insurance receivable from tenants, credit for which is taken on an accruals basis excluding discounts, rebates, value added tax and other sales taxes.

2.4

Investment property

Investment property is carried at fair value determined annually by directors 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 profit or loss.

The non-distributable reserve is used to record the revaluation gains on the investment property, less any related provision for deferred taxation.

2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 2

Lanemarket Limited

Notes to the financial statements

For the year ended 30 June 2022

2.Accounting policies (continued)

2.6

Current and deferred taxation

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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Employees

The average monthly number of employees, excluding directors, during the year was 0 (2021 - 0).

Page 3

Lanemarket Limited

Notes to the financial statements

For the year ended 30 June 2022

4.	Investment property

		Long term leasehold investment property
		£
	Valuation
	At 1 July 2021	1,683,000
	At 30 June 2022	1,683,000

The 2022 valuations were made by the directors, on an open market value for existing use basis.

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
	2022	2021
	£	£

Historic cost	1,850,000	1,850,000
Accumulated depreciation and impairments	(170,421)	(168,711)
	1,679,579	1,681,289

Debtors

					2022	2021
					£	£


Trade debtors	27,728	9,543
Other debtors	18,985	16,472
Prepayments and accrued income	3,466	3,951
	50,179	29,966

6.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Amounts owed to group undertakings	1,819,417	1,912,845
Corporation tax	6,202	7,987
Other creditors	16,221	16,222
Accruals and deferred income	12,143	7,625
	1,853,983	1,944,679

Page 4

Lanemarket Limited

Notes to the financial statements

For the year ended 30 June 2022

7.	Share capital
		2022	2021
		£	£

Allotted, called up and fully paid

1 (2021 - 1) Ordinary share of £1	1	1

8.	Contingent liabilities

The company forms a VAT group with its parent company, Kerenite Limited, and as such it is jointly and severally liable for any liabilities when they fall due. The total VAT liability outstanding at the year end, not recognised in these accounts, is £6,752 (2021: £13,496). No further provision is considered necessary as the directors consider that Kerenite Limited will have the ongoing financial resources to repay their share of the debt and it is therefore unlikely that this company will incur any further liability.

9.	Controlling party

The company regards Kerenite Limited as its immediate parent company and Cardinal Group Limited as its ultimate parent company.
The company considers its ultimate control relationship to be R M Harris and R G Williams as directors and ultimate shareholders of Cardinal Group Limited.
All companies mentioned above are registered in England and Wales.

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