ACCOUNTS - Final Accounts


Caseware UK (AP4) 2023.0.135 2023.0.135 false2023-04-01falseNo description of principal activity33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 731977 2023-04-01 2024-03-31 731977 2022-04-01 2023-03-31 731977 2024-03-31 731977 2023-03-31 731977 c:Director1 2023-04-01 2024-03-31 731977 c:Director2 2023-04-01 2024-03-31 731977 d:FreeholdInvestmentProperty 2024-03-31 731977 d:FreeholdInvestmentProperty 2023-03-31 731977 d:CurrentFinancialInstruments 2024-03-31 731977 d:CurrentFinancialInstruments 2023-03-31 731977 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 731977 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 731977 d:ShareCapital 2024-03-31 731977 d:ShareCapital 2023-03-31 731977 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 731977 d:RetainedEarningsAccumulatedLosses 2024-03-31 731977 d:RetainedEarningsAccumulatedLosses 2023-03-31 731977 c:FRS102 2023-04-01 2024-03-31 731977 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 731977 c:FullAccounts 2023-04-01 2024-03-31 731977 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 731977 2 2023-04-01 2024-03-31 731977 d:OtherDeferredTax 2024-03-31 731977 d:OtherDeferredTax 2023-03-31 731977 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 731977










S. Levitt Properties Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 March 2024

 
S. Levitt Properties Limited
 
  
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of S. Levitt Properties Limited for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of S. Levitt Properties Limited for the year ended 31 March 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of S. Levitt Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of S. Levitt Properties Limited and state those matters that we have agreed to state to the Board of Directors of S. Levitt Properties Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than S. Levitt Properties Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that S. Levitt Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of S. Levitt Properties Limited. You consider that S. Levitt Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of S. Levitt Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MWS
 
Chartered Accountants
  
Kingsridge House
601 London Road
Westcliff on Sea
Essex
SS0 9PE
20 November 2024
Page 1

 
S. Levitt Properties Limited
Registered number: 731977

Balance Sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
3,250,000
3,250,000

  
3,250,000
3,250,000

Current assets
  

Debtors: amounts falling due within one year
 5 
9,798
8,978

Cash at bank and in hand
 6 
25,516
20,588

  
35,314
29,566

Creditors: amounts falling due within one year
 7 
(65,412)
(60,723)

Net current liabilities
  
 
 
(30,098)
 
 
(31,157)

Total assets less current liabilities
  
3,219,902
3,218,843

Provisions for liabilities
  

Deferred tax
 8 
(208,869)
(208,869)

  
 
 
(208,869)
 
 
(208,869)

Net assets
  
3,011,033
3,009,974


Capital and reserves
  

Called up share capital 
  
25,000
25,000

Profit and loss account
 9 
2,986,033
2,984,974

  
3,011,033
3,009,974


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 November 2024.





Page 2

 
S. Levitt Properties Limited
Registered number: 731977

Balance Sheet (continued)
As at 31 March 2024


B A Levitt
B E F Cohen
Director
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
S. Levitt Properties Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
1.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
1.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
S. Levitt Properties Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

1.Accounting policies (continued)

 
1.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
1.6

Investment property

Investment property is carried at fair value determined annually by external valuers 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. Changes in fair value are recognised in profit or loss.

 
1.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
S. Levitt Properties Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

1.Accounting policies (continued)

 
1.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
1.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


2.


General information

S. Levitt Properties Limited is a limited company incorporated in England and Wales.
The registered office is 601 London Road, Westcliff-on-Sea, Essex, SS0 9PE.


3.


Employees




The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 6

 
S. Levitt Properties Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
3,250,000



At 31 March 2024
3,250,000

The 2024 valuations were made by Carter Jonas, on an open market value for existing use basis.



At 31 March 2024



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
374,993
374,993

374,993
374,993


5.


Debtors

2024
2023
£
£


Prepayments and accrued income
9,798
8,978

9,798
8,978



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
25,516
20,588

25,516
20,588


Page 7

 
S. Levitt Properties Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
16,177
16,996

Corporation tax
43,719
34,848

Other creditors
5,516
4,698

Accruals and deferred income
-
4,181

65,412
60,723



8.


Deferred taxation




2024


£






At beginning of year
(208,869)



At end of year
(208,869)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Tax on revaluation of investment properties
(208,869)
(208,869)

(208,869)
(208,869)


9.


Reserves

Profit and loss account

The profit and loss account comprises the retained profits and losses of the company, of which £2,666,138 (2023: £2,666,138) is non-distributable as at 31 March 2024 as it relates to gains on fair value adjustments to investment property.


10.


Related party transactions

During the year dividends of £90,060 (2023: £120,000) were paid to directors.
 


Page 8