Launchselect Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02584318 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

LAUNCHSELECT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I G N Loncaster

C H N Loncaster

Ms A Loncaster

SECRETARY:

Ms A Loncaster

REGISTERED OFFICE:

Beckside Court

Annie Reed Road

Beverley

East Yorkshire

HU17 0LF

REGISTERED NUMBER:

02584318 (England and Wales)

ACCOUNTANTS:

Sowerby

Chartered Accountants

Beckside Court

Annie Reed Road

Beverley

East Yorkshire

HU17 0LF

FIXED ASSETS

Tangible assets

4

622

929

Investment property

5

970,000

970,000

970,622

970,929

CURRENT ASSETS

Debtors

6

254,203

248,508

Cash at bank

203,469

230,818

457,672

479,326

CREDITORS

Amounts falling due within one year

7

42,522

44,041

NET CURRENT ASSETS

415,150

435,285

TOTAL ASSETS LESS CURRENT LIABILITIES

1,385,772

1,406,214

PROVISIONS FOR LIABILITIES

76,652

71,516

NET ASSETS

1,309,120

1,334,698

CAPITAL AND RESERVES

Called up share capital

850

850

Revaluation reserve

8

180,163

180,163

Capital redemption reserve

150

150

Retained earnings

1,127,957

1,153,535

SHAREHOLDERS' FUNDS

1,309,120

1,334,698

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

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

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 18 September 2023 and were signed on its behalf by:

Ms A Loncaster - Director

1.	STATUTORY INFORMATION

Launchselect Limited is a private company limited by shares and incorporated and domiciled in England. It has its registered office at Beckside Court, Annie Reed Road, Beverley, East Yorkshire, England, HU17 0LF and its principal place of business at North Chamber, 60 Woodgates Lane, North Ferriby, East Yorkshire, HU14 3JY.

The principal activity of the company is that of commercial rental property.

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

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.

Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

Turnover

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

Turnover from services is recognised on completion of service, or when those services span the year end date, by reference to the stage of completion at the balance sheet date.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost and 33% on reducing balance

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

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.

Deferred taxation is provided on these gains/losses at the rate expected to apply when the property is sold.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

and 31 March 2023

3,631

DEPRECIATION

At 1 April 2022

2,702

Charge for year

307

At 31 March 2023

3,009

NET BOOK VALUE

At 31 March 2023

622

At 31 March 2022

929

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

and 31 March 2023

970,000

NET BOOK VALUE

At 31 March 2023

970,000

At 31 March 2022

970,000

Fair value at 31 March 2023 is represented by:

£

Valuation in 2021

222,423

Valuation in 2020

180,387

Cost

567,190

970,000

Investment property comprises of five properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2021 by Clark Weightman Chartered Surveyors, who are not connected with the company. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties. The directors believe that the property valuations remain similar as at 31 March 2023.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

14,425

16,589

Other debtors

239,778

231,919

254,203

248,508

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Amounts owed to associates

476

476

Taxation and social security

22,379

22,868

Other creditors

19,667

20,697

42,522

44,041

8.

RESERVES

Revaluation

reserve

£

At 1 April 2022

and 31 March 2023

180,163

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the directors Mr I G N Loncaster and Mr C I H Loncaster owed the company £1,000 and £170,945 respectively.

10.	RELATED PARTY DISCLOSURES

At the balance sheet date the company owed a related company, B G L Estates Limited (company number 03126128), with whom a director is shared, £476 (2022: £476).