Locket Estates Ltd
Locket Estates Ltd
Registered number: 04453107
ABRIDGED Financial Statements
For The Year Ended
31 December 2023
McKenzies ATS Ltd
Locket Estates Ltd
Financial Statements
For The Year Ended
31 December 2023
Financial Statements
| Contents | |
| Page | |
|---|---|
| Abridged Balance Sheet | 1—2 |
| Notes to the Abridged Financial Statements | 3—5 |
Locket Estates Ltd
Abridged Balance Sheet
As At
31 December 2023
Abridged Balance Sheet
Registered number:
04453107
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 December 2023 in accordance with section 444(2A) of the Companies Act 2006.
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Investment Properties | 5 |
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| CURRENT ASSETS | |||||
| Debtors |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year |
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| NET CURRENT ASSETS (LIABILITIES) |
( |
( |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 6 |
( |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 7 |
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| Fair Value Reserve | 8 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 1,094,413 | 1,008,662 | |||
Locket Estates Ltd
Abridged Balance Sheet (continued)
As At
31 December 2023
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Locket Estates Ltd
Notes to the Abridged Financial Statements
For The Year Ended
31 December 2023
Notes to the Abridged Financial Statements
1.
General Information
Locket Estates Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
04453107
. The registered office is Elephant House Lagham Road, South Godstone, Godstone, RH9 8HB.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Fixtures & Fittings |
|
2.4.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
Locket Estates Ltd
Notes to the Abridged Financial Statements (continued)
For The Year Ended
31 December 2023
4.
Tangible Assets
| Total | |
|---|---|
| £ | |
| Cost or Valuation | |
| As at
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| As at
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| Depreciation | |
| As at
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| As at
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| Net Book Value | |
| As at
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| As at
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5.
Investment Property
| 2023 | |
|---|---|
| £ | |
| Fair Value | |
| As at
|
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| Additions |
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| Revaluations | 44,883 |
| As at
|
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If investment property had been accounted for under historical cost accounting rules, the amounts would be:
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Cost | 1,528,701 | 1,455,302 | |
Investment properties were valued on an open market basis on 31 December 2023 by the directors.
8.
Reserves
| Fair Value Reserve | |
|---|---|
| £ | |
| As at
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| Transfer to profit and loss |
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| As at
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Locket Estates Ltd
Notes to the Abridged Financial Statements (continued)
For The Year Ended
31 December 2023
9.
Related Party Transactions
During the year, total dividends of £Nil (2022 - £5,000) were paid to the directors.
During the year the company received loans from Visible Spectrum Limited, a company under common control and ownership, of £23,000 (2022 - £10,000). The balance payable to Visible Spectrum Limited is £100,000 (2022 - £77,000) and is included within other creditors due in more than one year. The loan is interest free and repayable after more than one year once funds allow.
During the year the company received additional loans from the directors of £Nil (2022 - £Nil) and made repayments of £32,321 (2022 - £31,296). The balance payable to the directors is £746,078 (2022 - £778,399) and is included within creditors due in more than one year. Interest is payable on the loans at 2.5% per annum.