L7 Properties Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 12422640 (England and Wales)

Unaudited Financial Statements

For The Period

1 February 2022 to 31 March 2023

for

L7 PROPERTIES LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R T Dears

Mrs M Dears

REGISTERED OFFICE:

8 Eastway

Sale

Cheshire

M33 4DX

REGISTERED NUMBER:

12422640 (England and Wales)

ACCOUNTANTS:

Leavitt Walmsley Associates Limited

Chartered Certified Accountants

8 Eastway

Sale

Cheshire

M33 4DX

FIXED ASSETS

Investment property

4

1,114,248

911,248

CURRENT ASSETS

Debtors

10,028

5,222

Cash at bank

29,779

92,624

39,807

97,846

CREDITORS

Amounts falling due within one year

41,826

118,581

NET CURRENT LIABILITIES

(2,019

)

(20,735

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,112,229

890,513

CREDITORS

Amounts falling due after more than one year

5

(589,988

)

(589,988

)

PROVISIONS FOR LIABILITIES

(38,570

)

-

NET ASSETS

483,671

300,525

CAPITAL AND RESERVES

Called up share capital

100

100

Share premium

276,750

276,750

Fair value reserve

7

164,430

-

Retained earnings

42,391

23,675

SHAREHOLDERS' FUNDS

483,671

300,525

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

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

All the members have consented to the preparation of an abridged Balance Sheet for the period ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 May 2023 and were signed on its behalf by:

R T Dears - Director

1.	STATUTORY INFORMATION

L7 Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Rents received

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company's policy of revenue recognition is to recognise rental income as and when they are receivable in accordance with the tenants lease.

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 property is recorded at fair value at each reporting date with fair value gains and losses being recorded in the profit and loss account. Deferred tax consequences in respect of fair value adjustments on investment property are also recorded in profit and loss account. Gains, net of deferred tax, are non-distributable to the shareholders and are presented in a separate component of equity in the balance sheet.

Financial instruments

A financial asset or financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. 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 profit or loss. All other investments are subsequently measured at cost less impairment.

Debtors and creditors which fall due within one year are recorded in the financial statements at transaction price and subsequently measured at amortised cost. If the effects of the time value of money are immaterial, they are measured at cost (less impairment for trade debtors). Debtors are reviewed for impairment at each reporting date and any impairments are recorded in profit or loss and shown within administrative expenses when there is objective evidence that a debtor is impaired. Objective evidence that a debtor is impaired arises when the customer is unable to settle amounts owing to the company or the customer becomes bankrupt.

Debtors do not carry interest and are stated at their nominal value.

Trade creditors are not interest-bearing and are stated at their nominal value.

Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset which exceeds what the carrying amount would have been had the impairment loss not previously been recognised.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Deferred tax is calculated using timing difference plus approach.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year with an associated expense in profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2022 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2022

911,248

Revaluations

203,000

At 31 March 2023

1,114,248

NET BOOK VALUE

At 31 March 2023

1,114,248

At 31 January 2022

911,248

Fair value at 31 March 2023 is represented by:

£

Valuation in 2023

203,000

Cost

911,248

1,114,248

If the investment properties had not been revalued they would have been included at the following historical cost:

31.3.23

31.1.22

£

£

Cost

911,248

807,000

The Investment properties were valued on an open market basis on 31 March 2023 by the directors .

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

31.3.23

31.1.22

£

£

Repayable by instalments

Bank loans more 5 yr by instal

589,988

589,988

6.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.23

31.1.22

£

£

Bank loans

589,988

589,988

The loan is secured by way of fixed charges over the property in the company. The charge is dated 29 January 2020 and is in favour of National Westminster Bank PLC.

7.

RESERVES

Fair

value

reserve

£

Transfers

164,430

At 31 March 2023

164,430