Lagoon Property Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09674060 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Lagoon Property Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M Woulfe-Flanagan

Mrs J Woulfe-Flanagan

REGISTERED OFFICE:

102 Prince Edwards Road

Lewes

BN7 1BH

REGISTERED NUMBER:

09674060 (England and Wales)

ACCOUNTANTS:

Humm Accountancy Services Limited

19 Bowood Road

London

SW11 6PE

FIXED ASSETS

Intangible assets

4

62,564

62,564

Tangible assets

5

54,001

57,178

Investments

6

71,500

71,500

188,065

191,242

CURRENT ASSETS

Debtors

7

850,813

908,853

Cash at bank

8,298

11,207

859,111

920,060

CREDITORS

Amounts falling due within one year

8

890,702

916,847

NET CURRENT (LIABILITIES)/ASSETS

(31,591

)

3,213

TOTAL ASSETS LESS CURRENT LIABILITIES

156,474

194,455

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

156,464

194,445

156,474

194,455

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 6 December 2023 and were signed on its behalf by:

Mr M Woulfe-Flanagan - Director

1.	STATUTORY INFORMATION

Lagoon 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.

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.

Turnover

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

Intangible fixed assets other than goodwill

Intangible assets whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated amortisation and subsequent accumulated impairment losses. The fair value of the cryptocurrency is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Cryptocurrency N/A - indefinite useful life

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers 5% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments' and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST OR VALUATION

At 1 April 2022

and 31 March 2023

62,564

NET BOOK VALUE

At 31 March 2023

62,564

At 31 March 2022

62,564

Cost or valuation at 31 March 2023 is represented by:

Other

intangible

assets

£

Valuation in 2021

4,395

Valuation in 2022

58,169

62,564

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

and 31 March 2023

63,532

DEPRECIATION

At 1 April 2022

6,354

Charge for year

3,177

At 31 March 2023

9,531

NET BOOK VALUE

At 31 March 2023

54,001

At 31 March 2022

57,178

6.	FIXED ASSET INVESTMENTS

Listed

investmen

£

COST

At 1 April 2022

and 31 March 2023

71,500

NET BOOK VALUE

At 31 March 2023

71,500

At 31 March 2022

71,500

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/23

31/3/22

£

£

Other debtors

850,813

908,853

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/23

31/3/22

£

£

Taxation and social security

(19,018

)

-

Other creditors

909,720

916,847

890,702

916,847