0
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2021-11-17
Sage Accounts Production Advanced 2021 - FRS102_2021
1,877,028
252,972
2,130,000
2,130,000
100
100
100
xbrli:pure
xbrli:shares
iso4217:GBP
13750116
2021-11-17
2022-11-28
13750116
2022-11-28
13750116
bus:Director1
2021-11-17
2022-11-28
13750116
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-11-17
2022-11-28
13750116
core:WithinOneYear
2022-11-28
13750116
core:ShareCapital
2022-11-28
13750116
core:RetainedEarningsAccumulatedLosses
2022-11-28
13750116
core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2022-11-28
13750116
core:CostValuation
core:Non-currentFinancialInstruments
2022-11-28
13750116
core:Non-currentFinancialInstruments
2022-11-28
13750116
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-11-28
13750116
bus:SmallEntities
2021-11-17
2022-11-28
13750116
bus:AuditExempt-NoAccountantsReport
2021-11-17
2022-11-28
13750116
bus:FullAccounts
2021-11-17
2022-11-28
13750116
bus:SmallCompaniesRegimeForAccounts
2021-11-17
2022-11-28
13750116
bus:PrivateLimitedCompanyLtd
2021-11-17
2022-11-28
13750116
1
2021-11-17
2022-11-28
COMPANY REGISTRATION NUMBER:
13750116
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
28 November 2022
FIXED ASSETS
|
Tangible assets |
5 |
|
2,130,000 |
|
Investments |
6 |
|
100 |
|
|
------------- |
|
|
2,130,100 |
|
|
|
|
CURRENT ASSETS
|
CREDITORS: amounts falling due within one year |
8 |
(
2,045,406) |
|
|
------------- |
|
|
NET CURRENT LIABILITIES |
|
(
1,990,342) |
|
|
------------- |
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
139,758 |
|
|
|
|
|
PROVISIONS |
|
(
63,243) |
|
|
---------- |
|
NET ASSETS |
|
76,515 |
|
|
---------- |
|
|
|
CAPITAL AND RESERVES
|
Called up share capital |
|
100 |
|
Profit and loss account |
|
76,415 |
|
|
--------- |
|
SHAREHOLDER FUNDS |
|
76,515 |
|
|
--------- |
|
|
|
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 profit and loss account has not been delivered.
For the period ending 28 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the period 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
.
|
BALANCE SHEET (continued) |
|
28 November 2022
These financial statements were approved by the
board of directors
and authorised for issue on
7 May 2024
, and are signed on behalf of the board by:
Company registration number:
13750116
|
NOTES TO THE FINANCIAL STATEMENTS |
|
PERIOD FROM 17 NOVEMBER 2021 TO 28 NOVEMBER 2022
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, NW11 0PU, England.
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.
Going concern
Notwithstanding the deficiency in net current assets, the financial statements have been prepared in accordance with the accounting principles appropriate to a going concern, as the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due, based on the available sources of finance.
Judgements and key sources of estimation uncertainty
Judgements made by the directors in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are as follows: (i) Property valuation The valuation of the company's investment properties are inherently subjective, depending on many factors including the nature of the properties, their location and expected future net rental values, market yields and comparable market transactions. Therefore the valuation is subject to a degree of uncertainty and is made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions. (ii) Trade and other debtors Management uses details of the age of trade and other debtors and the status of any disputes together with external evidence of the credit status of the counterparty in making judgements concerning any need to impair the carrying value.
Turnover
Turnover comprises rents receivable. Rental income from investment property leased out under operating leases is recognised in the profit and loss account on a straight line basis over the term of the lease. Lease incentives granted to tenants are recognised on a straight line basis over the term of the lease. Property outgoings The costs of repairs are recognised in the profit and loss account in the year in which they are incurred. Lease payments under operating leases are recognised in the profit and loss account on a straight line basis over the term of the lease. Income and expenses Interest receivable and interest payable: Interest receivable and interest payable are recognised in the profit and loss account as they accrue, using the effective interest method. Borrowing costs that are directly attributable to the acquisition, construction or redevelopment of an asset that takes a substantial time to be prepared for use are expensed as incurred.
Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income. Current tax is expected tax payable or receivable on the taxable income or loss for the year, using rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. 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
All fixed assets are initially recorded at cost. Investment properties Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Subsequent to initial recognition - 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 changes in the fair value are recognised in the profit and loss account in the period that they arise; and - No depreciation is provided in respect of investment properties applying the fair value model. Investment property fair value is determined by the Directors based on their understanding of property market conditions and the specific property concerned, using a sales valuation approach, derived from recent comparable transactions and market yields, adjusted by applying discounts to reflect status of occupation and condition. Acquisitions and disposals of properties The company generally holds its properties for the long term in order to generate rental income and capital appreciation although in the right circumstances any property could be available for sale. When an outright sale does occur the resulting surplus based on the excess of sales proceeds over valuation is included within the company's profit on ordinary activities, and taxation applicable thereto is shown as part of the taxation charge. Acquisitions and disposals are considered to have taken place at the date of unconditional exchange and are included in the financial statements accordingly.
Investments
Shares in subsidiary undertakings are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the period was nil.
5.
TANGIBLE ASSETS
|
Freehold property |
|
£ |
|
Valuation |
|
|
At 17 November 2021 |
– |
|
Additions |
1,877,028 |
|
Revaluations |
252,972 |
|
------------- |
|
At 28 November 2022 |
2,130,000 |
|
------------- |
|
Carrying amount |
|
|
At 28 November 2022 |
2,130,000 |
|
------------- |
|
|
Tangible assets held at valuation
The company's investment properties were valued by the directors, based on their understanding of property market conditions and the specific property concerned, using a sales valuation approach, derived from recent comparable transactions on the market. The historical cost of the properties is £1,877,028.
6.
INVESTMENTS
|
Shares in group undertakings |
|
£ |
|
Cost |
|
|
At 17 November 2021 |
– |
|
Additions |
100 |
|
---- |
|
At 28 November 2022 |
100 |
|
---- |
|
Impairment |
|
|
At 17 November 2021 and 28 November 2022 |
– |
|
---- |
|
|
|
Carrying amount |
|
|
At 28 November 2022 |
100 |
|
---- |
|
|
The company owns 100% of the ordinary shares of LTI Cheltenham 1 Limited (Company No.13752473), a company incorporated and registered in England and Wales.
7.
DEBTORS
|
28 Nov 22 |
|
£ |
|
Trade debtors |
1,634 |
|
Other debtors |
53,430 |
|
--------- |
|
55,064 |
|
--------- |
|
|
8.
CREDITORS:
amounts falling due within one year
|
28 Nov 22 |
|
£ |
|
Bank loans and overdrafts |
1,490,000 |
|
Amounts owed to group undertakings |
100 |
|
Other creditors |
555,306 |
|
------------- |
|
2,045,406 |
|
------------- |
|
|
The bank loan bears interest at a rate of 0.9% per calendar month. The loan was refinanced post year end in September 2023. Other creditors includes an amount of £523,966 due to directors of this company.
9.
PARENT COMPANY AND CONTROLLING PARTY
The company is controlled by its parent undertaking, LTI (London) Ltd, a company registered in England and Wales.
