Lousada Development Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06366392 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2018

FOR

LOUSADA DEVELOPMENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S C Lousada

Mrs S J Lousada

SECRETARY:

S C Lousada

REGISTERED OFFICE:

Oakley House

Church Lane

Oakley

Bedfordshire

MK43 7ST

REGISTERED NUMBER:

06366392 (England and Wales)

ACCOUNTANTS:

Rawlinson Pryde Limited

Chartered Accountants

Argent House

5 Goldington Road

Bedford

Bedfordshire

MK40 3JY

FIXED ASSETS

Tangible assets

4

327

739

Investments

5

5,000

5,000

Investment property

6

2,250,376

2,250,376

2,255,703

2,256,115

CURRENT ASSETS

Debtors: amounts falling due within one year

7

77,289

81,013

Cash at bank

54,009

91,851

131,298

172,864

CREDITORS

Amounts falling due within one year

8

1,806,029

1,940,661

NET CURRENT LIABILITIES

(1,674,731

)

(1,767,797

)

TOTAL ASSETS LESS CURRENT LIABILITIES

580,972

488,318

PROVISIONS FOR LIABILITIES

37,207

38,969

CAPITAL AND RESERVES

Called up share capital

9

10,000

10,000

Retained earnings

533,765

439,349

SHAREHOLDERS' FUNDS

543,765

449,349

580,972

488,318

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 2 May 2019 and were signed on its behalf by:

S C Lousada - Director

1.	STATUTORY INFORMATION

Lousada Development Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Going concern

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors consider the use of the going concern basis of accounting appropriate because there are no

material uncertainties related to events or conditions that may cast significant doubt about the ability of the

company to continue as a going concern. The directors have agreed to support the company through Lousada Plc

(a company which the directors of Lousada Development Limited are also directors of) to ensure it has adequate

financial resources to continue in operational existence for the foreseeable future.

The financial statements are presented in sterling which is the functional currency of the company and rounded to

the nearest £.

Turnover

Turnover represents net rents receivable and sales of materials and labour, excluding value added tax.

Rental receivable is recognised on a straight-line basis over the term of the relevant rental period.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Investments in associates

Investments in associate undertakings are recognised at cost.

Investment property

Investment properties are shown at their original acquisition cost, including directly attributable costs relating to

the purchase and any subsequent improvements which have been made to the property.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangement,

as either financial assets, financial liabilities or equity. An equity instrument is any contract that evidences residual

interest in the assets of the company after deduction any liabilities.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Operating lease income

Rental income is recognised by reference to gross rents receivable in the period. Expenses incurred in earning

rental income are charged separately to the profit and loss account.

Impairment

At each reporting date, tangible fixed assets are assessed to determine whether there is an indication that the

carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If

there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value

in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount

is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment

loss is recognised in the profit and loss account for the period.

If the recoverable amount of a tangible fixed asset subsequently increases as a result of a change in economic

conditions or in the expected use of the asset, the net book amount shall be written back to the lower of

recoverable amount and the amount at which the asset would have been recorded had the original write-down

not been made. A reversal of an impairment loss is recognised in the profit and loss account for the period.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 October 2017

and 30 September 2018

1,554

155

2,919

4,628

DEPRECIATION

At 1 October 2017

1,554

155

2,180

3,889

Charge for year

-

-

412

412

At 30 September 2018

1,554

155

2,592

4,301

NET BOOK VALUE

At 30 September 2018

-

-

327

327

At 30 September 2017

-

-

739

739

5.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 October 2017

and 30 September 2018

5,000

NET BOOK VALUE

At 30 September 2018

5,000

At 30 September 2017

5,000

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2017

and 30 September 2018

2,250,376

NET BOOK VALUE

At 30 September 2018

2,250,376

At 30 September 2017

2,250,376

The investment properties are included at cost as it is the opinion of the directors that the value of the properties

has not significantly changed.

Included within the investment property values above is an amount of £202,780 (2017: £202,780) which has been

separately identifiable as fixed plant and machinery and integral features.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.18

30.9.17

£

£

Trade debtors

11,449

9,282

Other debtors

32

32

Loan- Opentrade

10,000

10,000

Loan- Chris Izzard

20,000

20,000

Loan- Top Table

25,313

25,313

Directors' loan accounts

10,495

15,005

Prepayments and accrued income

-

1,381

77,289

81,013

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.18

30.9.17

£

£

Trade creditors

537

3,059

Tax

21,503

24,045

Social security and other taxes

1,048

762

VAT

14,756

14,718

Other creditors

7,028

7,028

Loan- Lousada plc

1,725,834

1,854,345

Deferred income

33,073

34,454

Accrued expenses

2,250

2,250

1,806,029

1,940,661

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.18

30.9.17

value:

£

£

10,000

Ordinary

£1

10,000

10,000

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2018 and

30 September 2017:

30.9.18

30.9.17

£

£

S C Lousada

Balance outstanding at start of year

15,005

-

Amounts advanced

15,490

15,005

Amounts repaid

(20,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

10,495

15,005

The directors loan was unsecured, and repayable on demand. Interest was charged at 2.5% on the outstanding

balance. The amount of interest charged in the year was £438.

The loan was repaid within 9 months and 1 day of the year end.