Company Registration No. 08946556 (England and Wales)
LJ & Keat Properties Limited
Unaudited accounts
for the year ended 31 March 2023
LJ & Keat Properties Limited
Unaudited accounts
Contents
LJ & Keat Properties Limited
Company Information
for the year ended 31 March 2023
Company Number
08946556 (England and Wales)
Registered Office
260A CASTLEFORD ROAD
NORMANTON
WEST YORKSHIRE
WF6 1PY
LJ & Keat Properties Limited
Statement of financial position
as at 31 March 2023
Tangible assets
4,394
20,125
Investment property
680,000
620,000
Cash at bank and in hand
2,796
66,525
Creditors: amounts falling due within one year
(87,523)
(105,723)
Net current liabilities
(43,923)
(31,548)
Total assets less current liabilities
640,572
608,577
Creditors: amounts falling due after more than one year
(481,104)
(495,300)
Provisions for liabilities
Deferred tax
(19,364)
(10,714)
Net assets
140,104
102,563
Called up share capital
10
10
Profit and loss account
140,094
102,553
Shareholders' funds
140,104
102,563
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 26 June 2023 and were signed on its behalf by
Mr M Woolford
Director
Company Registration No. 08946556
LJ & Keat Properties Limited
Notes to the Accounts
for the year ended 31 March 2023
LJ & Keat Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 08946556. The registered office is 260A CASTLEFORD ROAD, NORMANTON, WEST YORKSHIRE, WF6 1PY.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Rent Received is measured at the fair value of the consideration received or receivable. Fees 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% Reducing Balance
Fixtures & fittings
15% Straight Line
Computer equipment
33% Straight Line
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Investments in shares are included at fair value.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
LJ & Keat Properties Limited
Notes to the Accounts
for the year ended 31 March 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company continues to make repayments of the the bounce back loan scheme (BBL) taken during the pandemic.
4
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2022
24,000
11,931
628
36,559
Additions
-
2,620
1,199
3,819
Disposals
(24,000)
-
-
(24,000)
At 31 March 2023
-
14,551
1,827
16,378
At 1 April 2022
7,125
9,205
104
16,434
Charge for the year
2,109
2,402
273
4,784
On disposals
(9,234)
-
-
(9,234)
At 31 March 2023
-
11,607
377
11,984
At 31 March 2023
-
2,944
1,450
4,394
At 31 March 2022
16,875
2,726
524
20,125
Fair value at 1 April 2022
620,000
Net gain from fair value adjustments
60,000
The directors have reviewed the investment property and made appropriate revaluations based on market and fair value.
6
Investments
Other investments
Valuation at 1 April 2022
-
Valuation at 31 March 2023
101
LJ & Keat Properties Limited
Notes to the Accounts
for the year ended 31 March 2023
Amounts falling due within one year
Accrued income and prepayments
2,350
3,189
8
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
4,015
4,015
Obligations under finance leases and hire purchase contracts
-
4,800
Trade creditors
4,739
3,658
Taxes and social security
10,111
8,125
Loans from directors
64,687
84,239
Directors loan balances of £64,687 are due to the director on demand.
9
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
-
13,200
Other creditors
456,930
454,897
Included within creditors over one year are the following securities:
1. Paratus AMC Ltd - secured on property 110 Aketon Road, Castleford, WF10 5DU
2. Shawbrook Bank Limited - 2 William Street, Castleford, WF10 2LW
3. Shawbrook Bank Limited - 63 Grafton Street, Castleford, WF10 4NX
4. Shawbrook Bank Limited - 122 Leeds Road, Castleford, WF10 4NT
5. Charter Court Financial Services - 38 Smawthorne Lane, Castleford, WF10 4EN
LJ & Keat Properties Limited
Notes to the Accounts
for the year ended 31 March 2023
10
Deferred taxation
2023
2022
Accelerated capital allowances
159
2,909
Revaluation of investment property
19,205
7,805
Provision at start of year
10,714
30,337
Charged/(credited) to the profit and loss account
8,650
(19,623)
Provision at end of year
19,364
10,714
Allotted, called up and fully paid:
10 Ordinary shares of £1 each
10
10
12
Average number of employees
During the year the average number of employees was 2 (2022: 3).