Lexington Estates Ltd - Period Ending 2018-06-30
Lexington Estates Ltd - Period Ending 2018-06-30
Registration number:
Lexington Estates Ltd
for the Year Ended 30 June 2018
Pages for Filing with Registrar
Lexington Estates Ltd
(Registration number: 01014516)
Balance Sheet as at 30 June 2018
Note |
June |
June |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Properties held for resale |
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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 |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 1 |
Lexington Estates Ltd
(Registration number: 01014516)
Balance Sheet as at 30 June 2018
For the financial year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
JS Jackson
Director
Page 2 |
Lexington Estates Ltd
Notes to the Financial Statements for the Year Ended 30 June 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Principal activity
The principal activity of the company is the purchase and development of land and buildings for trading and resale.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Directors' opinion there are no significant judgements or key sources of estimation uncertainty. |
Turnover recognition
Turnover represents income from the sale of properties and rents receivable on development properties. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.
Page 3 |
Lexington Estates Ltd
Notes to the Financial Statements for the Year Ended 30 June 2018
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Long term leasehold property |
Cost over shorter of period of lease or 50 years |
Plant and machinery |
20% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Properties held for resale
Properties held for resale are valued at the lower of cost and net realisable value. Net realisable value is deemed to be estimated sales proceeds less attributable costs.
The cost of properties held for resale comprises direct purchase costs and, where applicable, direct labour costs and those overheads that have been incurred in bringing the properties held for resale to their present condition. At each reporting date, properties held for resale are assessed for impairment. If properties held for resale are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Financial instruments
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Page 4 |
Lexington Estates Ltd
Notes to the Financial Statements for the Year Ended 30 June 2018
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Page 5 |
Lexington Estates Ltd
Notes to the Financial Statements for the Year Ended 30 June 2018
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Long term leasehold property |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 July 2017 |
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At 30 June 2018 |
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Depreciation |
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At 1 July 2017 |
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Charge for the year |
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At 30 June 2018 |
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Carrying amount |
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At 30 June 2018 |
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At 30 June 2017 |
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Page 6 |
Lexington Estates Ltd
Notes to the Financial Statements for the Year Ended 30 June 2018
Investments |
2018 |
2017 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 July 2017 |
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Provision |
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Carrying amount |
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At 30 June 2018 |
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At 30 June 2017 |
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Properties held for resale |
2018 |
2017 |
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Properties held for resale |
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Debtors |
Note |
2018 |
2017 |
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Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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Total current trade and other debtors |
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Page 7 |
Lexington Estates Ltd
Notes to the Financial Statements for the Year Ended 30 June 2018
Creditors |
Note |
2018 |
2017 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Director's loan account |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Bank borrowings |
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Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Bank borrowings |
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2018 |
2017 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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( |
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Bank loans are secured on various properties owned by the company.
Page 8 |
Lexington Estates Ltd
Notes to the Financial Statements for the Year Ended 30 June 2018
Dividends |
Interim dividends paid
2018 |
2017 |
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Interim dividend of £ |
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Interim dividend of £ |
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Related party transactions |
J S Jackson
(Director)
Lexington Estates Limited has a loan from J S Jackson. Interest is not charged on the loan. During the year, net reimbursements and expenses amounted to (£41,771) (2017: £55,643). At the balance sheet date the amount owed to J S Jackson was £54,375 (2017: £96,146).
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