Lifeguard Properties Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07476675 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

LIFEGUARD PROPERTIES LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs R Schlesinger

SECRETARY:

Mrs R Schlesinger

REGISTERED OFFICE:

6 Braydon Road

London

N16 6QB

REGISTERED NUMBER:

07476675 (England and Wales)

ACCOUNTANTS:

Venitt and Greaves

Chartered Accountants

115 Craven Park Road

South Tottenham

London

N15 6BL

FIXED ASSETS

Tangible assets

5

990

1,165

Investment property

6

2,064,794

2,064,794

2,065,784

2,065,959

CURRENT ASSETS

Cash at bank

69

443

CREDITORS

Amounts falling due within one year

7

(63,230

)

(104,479

)

NET CURRENT LIABILITIES

(63,161

)

(104,036

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,002,623

1,961,923

CREDITORS

Amounts falling due after more than one year

8

(1,278,151

)

(1,289,763

)

NET ASSETS

724,472

672,160

CAPITAL AND RESERVES

Called up share capital

10

2

2

Revaluation reserve

11

612,726

612,726

Retained earnings

11

111,744

59,432

SHAREHOLDERS' FUNDS

724,472

672,160

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 director acknowledges her 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 and authorised for issue by the director and authorised for issue on 13 December 2023 and were signed by:

Mrs R Schlesinger - Director

1.	STATUTORY INFORMATION

Lifeguard Properties Ltd 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents net rent receivable, excluding value added tax.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Investment property

Investment properties are properties held to earn rental income or for capital appreciation or for both.

Investment properties are recognised initially at cost.

Subsequent to initial recognition:

a. Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from change in fair value are recognised in profit or loss in the period that they arise; and

b. no depreciation is provided in respect of investment properties applying the fair value model.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

4.	EMPLOYEES AND DIRECTORS

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

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2022

and 31 March 2023

2,387

DEPRECIATION

At 1 April 2022

1,222

Charge for year

175

At 31 March 2023

1,397

NET BOOK VALUE

At 31 March 2023

990

At 31 March 2022

1,165

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

and 31 March 2023

2,064,794

NET BOOK VALUE

At 31 March 2023

2,064,794

At 31 March 2022

2,064,794

The director has confirmed that there is no significant increase or decrease in the property market value.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Taxation and social security

16,804

3,582

Other creditors

46,426

100,897

63,230

104,479

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans

1,256,229

1,262,598

Other creditors

21,922

27,165

1,278,151

1,289,763

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

1,142,090

1,142,093

Repayable by instalments

Bank loans more 5 yr by instal

114,139

120,505

Other loans more 5yrs instal

21,922

27,165

136,061

147,670

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.23

31.3.22

£

£

Bank loans

1,256,229

1,262,598

Other loans

21,922

27,165

1,278,151

1,289,763

1. Bank loan is secured by first charge over the investment properties of the company.

2. Under the bank loan, £21,922 was received under Bounce back Loan Scheme (BBL). The loan is unsecured, interest free for the first year, then capped at 2.5% afterwards and backed by HM Government.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

2

Ordinary

£1

2

2

11.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 April 2022

59,432

612,726

672,158

Profit for the year

52,312

52,312

At 31 March 2023

111,744

612,726

724,470

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs R Schlesinger.