LINEAGE PROPERTIES LIMITED Filleted accounts for Companies House (small and micro)

LINEAGE PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00680985

LINEAGE PROPERTIES LIMITED

Filleted Unaudited Financial Statements

31 March 2023

LINEAGE PROPERTIES LIMITED

Statement of Financial Position

31 March 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	5		1,500,000	1,500,000

Current assets

Debtors	6	584,728	341,321
Investments	7	400	400
Cash at bank and in hand		200,402	329,332
		---------	---------
		785,530	671,053

Creditors: amounts falling due within one year	8	269,230		294,856
		---------		---------
Net current assets			516,300	376,197
			------------	------------
Total assets less current liabilities			2,016,300	1,876,197

Provisions

Taxation including deferred tax	178,000	178,000
	------------	------------
Net assets	1,838,300	1,698,197
	------------	------------

Capital and reserves

Called up share capital		400	400
Fair value reserve	10	1,009,089	1,009,089
Profit and loss account	10	828,811	688,708
		------------	------------
Shareholders funds		1,838,300	1,698,197
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

LINEAGE PROPERTIES LIMITED

Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 20 December 2023 , and are signed on behalf of the board by:

Mr D Fluss

Director

Company registration number: 00680985

LINEAGE PROPERTIES LIMITED

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 ODH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rents.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without any undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities .

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2022: 5 ).

5. Tangible assets

	Land and buildings
	£
Valuation
At 1 April 2022 and 31 March 2023	1,500,000
	------------
Depreciation
At 1 April 2022 and 31 March 2023	–
	------------
Carrying amount
At 31 March 2023	1,500,000
	------------
At 31 March 2022	1,500,000
	------------

The Investment properties were revalued by the directors and restated at market value in the accounts on 31 March 2017.

6. Debtors

	2023	2022
	£	£
Amounts due from related undertakings	584,728	341,321
	---------	---------

7. Investments

	2023	2022
	£	£
Other investments	400	400
	----	----

8. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	39,784	50,000
Corporation tax	32,864	9,806
Social security and other taxes	799	83
Undrawn remuneration	–	15,999
Other creditors	195,783	218,968
	---------	---------
	269,230	294,856
	---------	---------

9. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2023	2022
	£	£
Included in provisions	178,000	178,000
	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2023	2022
	£	£
Fair value adjustment of financial assets	178,000	178,000
	---------	---------

10. Reserves

Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.