L & N Property Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 04283613 (England and Wales)

L & N PROPERTY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

N Williams

L Williams

SECRETARY:

M G Williams

REGISTERED OFFICE:

C/o Barrie Williams Developments Ltd

The Taff Business Centre

Tonteg Road, Treforest Industrial Estate

Pontypridd

Rhondda Cynon Taff

CF37 5UA

REGISTERED NUMBER:

04283613 (England and Wales)

ACCOUNTANTS:

Watts Gregory LLP

Chartered Accountants

Elfed House

Oak Tree Court

Cardiff Gate Business Park

CARDIFF

County of Cardiff

CF23 8RS

FIXED ASSETS

Investment property

4

3,000,000

3,000,000

CURRENT ASSETS

Debtors

5

337,031

391,637

Cash at bank

1,858,142

1,615,424

2,195,173

2,007,061

CREDITORS

Amounts falling due within one year

6

(177,702

)

(81,924

)

NET CURRENT ASSETS

2,017,471

1,925,137

TOTAL ASSETS LESS CURRENT LIABILITIES

5,017,471

4,925,137

PROVISIONS FOR LIABILITIES

(177,535

)

(134,927

)

NET ASSETS

4,839,936

4,790,210

CAPITAL AND RESERVES

Called up share capital

7

1

1

Non distributable reserve

1,286,577

1,329,185

Retained earnings

3,553,358

3,461,024

SHAREHOLDERS' FUNDS

4,839,936

4,790,210

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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.

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

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 30 June 2023 and were signed on its behalf by:

N Williams - Director

1.	STATUTORY INFORMATION

L & N Property 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 company's functional and presentational currency in the financial statements is Sterling (£), rounded to the nearest pound.

The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

There have been no material departures from Financial Reporting Standard 102 Section 1A.

Turnover

Turnover shown in the profit and loss account represents rent and service charges receivable exclusive of Value Added Tax.

Investment property

Investment property is included at fair value. Revaluation surpluses and deficits are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold, or the deferred tax liability is settled.

Taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantively enacted at 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.

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 year 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.

Non-derivative financial instruments

Basic financial instruments are recognised at amortised cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2021

and 30 September 2022

3,000,000

NET BOOK VALUE

At 30 September 2022

3,000,000

At 30 September 2021

3,000,000

Fair value at 30 September 2022 is represented by:

£

Valuation in 2022

3,000,000

The freehold investment property has been valued on a fair value basis at £3,000,000 by the directors. Fair value is determined based on expected rental yields and future expected rental income as well as the directors knowledge of property vales in the local areas.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

6,210

89,303

Other debtors

75,822

75,822

Directors' current accounts

251,221

223,009

Prepayments and accrued income

3,778

3,503

337,031

391,637

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

11,265

1,851

Corporation tax

21,659

21,656

VAT

9,496

10,273

Amount due to company under

common control

126,559

43,958

Accruals and deferred income

8,723

4,186

177,702

81,924

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

1

Ordinary

£1

1

1

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2022 and 30 September 2021:

2022

2021

£

£

N Williams

Balance outstanding at start of year

72,899

128,962

Amounts advanced

42,376

2,492

Amounts repaid

(28,953

)

(58,555

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

86,322

72,899

L Williams

Balance outstanding at start of year

150,110

104,623

Amounts advanced

43,742

62,042

Amounts repaid

(28,953

)

(16,555

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

164,899

150,110

The balances are due for repayment within nine months of the year end. Interest is being accrued on the balance at a rate of 2.5% per annum.