REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2022 |
for |
LX Properties Holdings Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2022 |
for |
LX Properties Holdings Ltd |
LX Properties Holdings Ltd (Registered number: 12046809) |
Contents of the Financial Statements |
for the Year Ended 30 September 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
LX Properties Holdings Ltd |
Company Information |
for the Year Ended 30 September 2022 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Chartered accountants |
85 Church Road |
Hove |
East Sussex |
BN3 2BB |
LX Properties Holdings Ltd (Registered number: 12046809) |
Balance Sheet |
30 September 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 4 |
Investment property | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors: amounts falling due within one year |
7 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors: amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Fair value reserve | 11 |
Retained earnings | ( |
) |
Shareholders' funds |
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. |
LX Properties Holdings Ltd (Registered number: 12046809) |
Balance Sheet - continued |
30 September 2022 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LX Properties Holdings Ltd (Registered number: 12046809) |
Notes to the Financial Statements |
for the Year Ended 30 September 2022 |
1. | Statutory information |
LX Properties Holdings Ltd is a |
The presentation currency of the financial statements is in Pound Sterling (£) and rounding is to the nearest (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of VAT and discounts. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. |
Rents are received net of commissions and fees. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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. |
Taxation |
Taxation 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 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. |
LX Properties Holdings Ltd (Registered number: 12046809) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2022 |
2. | Accounting policies - continued |
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. |
Significant events affecting the company |
During the year, the UK and many other countries around the world have imposed restrictions on daily life that have impacted their economies. The company has begun to see the effect of these restrictions in these accounts but it is too early to determine the full financial impact. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 October 2021 |
and 30 September 2022 |
Net book value |
At 30 September 2022 |
At 30 September 2021 |
LX Properties Holdings Ltd (Registered number: 12046809) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2022 |
5. | Investment property |
Total |
£ |
Fair value |
At 1 October 2021 |
Additions |
Revaluations | 12,585 |
At 30 September 2022 |
Net book value |
At 30 September 2022 |
At 30 September 2021 |
The investment property fair value of £1,525,000 (2021 - £597,415) was determined by the directors based on the market value of property in the area. |
6. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | Creditors: amounts falling due after more than one year |
2022 | 2021 |
£ | £ |
Bank loans |
LX Properties Holdings Ltd (Registered number: 12046809) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2022 |
9. | Secured debts |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank loans |
Bank loans are secured against the properties to which they relate. |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
11. | Reserves |
Fair |
value |
reserve |
£ |
At 1 October 2021 |
Transfer | 3,894 |
At 30 September 2022 |
12. | Related party disclosures |
Within debtors are amounts owed from group undertakings less than 100% owned of £52 (2021 - £52). |
Within creditors are amounts owed to group undertakings less than 100% owned of £333,564 (2021 - £45,082). |
Within creditors are £49,285 (2021 - £2) owed to the directors. |