Laskey Farm Limited - Accounts to registrar (filleted) - small 18.2
Laskey Farm Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2019 |
for |
Laskey Farm Limited |
Laskey Farm Limited (Registered number: 03184909) |
Contents of the Financial Statements |
for the Year Ended 31 March 2019 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 11 |
Laskey Farm Limited |
Company Information |
for the Year Ended 31 March 2019 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
8 Winmarleigh Street |
Warrington |
Cheshire |
WA1 1JW |
Laskey Farm Limited (Registered number: 03184909) |
Balance Sheet |
31 March 2019 |
31.3.19 | 31.3.18 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
Laskey Farm Limited (Registered number: 03184909) |
Balance Sheet - continued |
31 March 2019 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the director on |
Laskey Farm Limited (Registered number: 03184909) |
Notes to the Financial Statements |
for the Year Ended 31 March 2019 |
1. | STATUTORY INFORMATION |
Laskey Farm Limited is a |
registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In the application of the company's accounting policies, management is required to make judgements, estimates |
and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other |
sources. |
The estimates and associated assumptions are based on historical experience and other factors considered of |
relevance. Actual results may differ from those estimates, and underlying assumptions are continually reviewed. |
Revisions to estimates are recognised in the period in which the estimate is revised if the revision affects only |
that period or in the period of revision and future periods if the revision affects both current and future periods. |
The following are the areas of critical judgements that management have made in the process of applying the |
entity's accounting policies. |
Going concern |
After making enquiries, the director has a reasonable expectation that the company has adequate resources to |
continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going |
concern basis in preparing these financial statements. |
There are currently no sources of estimation or uncertainty that are judged to cause a significant risk of material |
adjustment to the financial statements |
Revenue recognition |
The company undertakes property management and development of its own properties. Revenue represents the |
rental income and recharges in respect of managed properties. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investments in subsidiaries and associates |
Investments in subsidiary and associate undertakings are recognised at cost. |
Investment properties |
Investment property is included at 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. |
Laskey Farm Limited (Registered number: 03184909) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
2. | ACCOUNTING POLICIES - continued |
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. |
Laskey Farm Limited (Registered number: 03184909) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank, |
other short-term liquid investments with original maturities of three months or less, and bank overdrafts. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 |
'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company |
becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is |
a legally enforcible right to set off the recognised amounts and there is an intention to settle on a net basis or to |
realise the net asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction |
price including transaction costs and are subsequently carried at amortised costs using the effective interest |
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the |
present value of the future receipts discounted at a market rate of interest. Financial assets classified as |
receivable within one year are not amortised. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint |
ventures, are initially measured at fair value, which is normally the transaction price. Such assets are |
subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that |
investments in equity instruments that are not publically traded and whose fair values cannot be measured |
reliably are measured at cost less impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of |
impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that |
occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If |
an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of |
the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is |
recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are |
settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership |
to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has |
transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Laskey Farm Limited (Registered number: 03184909) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
2. | ACCOUNTING POLICIES - continued |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of |
the company after deducting all of its liabilities. Basic financial liabilities, including creditors, bank loans, loans |
from fellow group companies and preference shares that are classified as debt, are initially recognised at |
transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is |
measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities |
classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or |
less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction |
price and subsequently measured at amortised cost using the effective interest method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or |
cancelled. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of |
the company |
Fixed Asset Investments |
Investments in associate undertakings are stated at cost. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2018 - 2 ). |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2018 |
Additions |
At 31 March 2019 |
DEPRECIATION |
At 1 April 2018 |
Charge for year |
At 31 March 2019 |
NET BOOK VALUE |
At 31 March 2019 |
At 31 March 2018 |
Laskey Farm Limited (Registered number: 03184909) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
5. | FIXED ASSET INVESTMENTS |
31.3.19 | 31.3.18 |
£ | £ |
Shares in group undertakings |
Participating interests |
Loans to undertakings in which the company has a participating interest |
Additional information is as follows: |
Shares in | Interest |
group | in |
undertakings | associate | Totals |
£ | £ | £ |
COST |
At 1 April 2018 |
and 31 March 2019 | 239,360 |
NET BOOK VALUE |
At 31 March 2019 | 239,360 |
At 31 March 2018 | 239,360 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
31.3.19 | 31.3.18 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Associated companies |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
31.3.19 | 31.3.18 |
£ | £ |
Aggregate capital and reserves |
Laskey Farm Limited (Registered number: 03184909) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
5. | FIXED ASSET INVESTMENTS - continued |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
31.3.19 | 31.3.18 |
£ | £ |
Aggregate capital and reserves |
Loans to |
associates |
£ |
At 1 April 2018 |
New in year |
At 31 March 2019 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2018 |
and 31 March 2019 |
NET BOOK VALUE |
At 31 March 2019 |
At 31 March 2018 |
Fair value at 31 March 2019 is represented by: |
£ |
Valuation in 2018 | 1,623,915 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Prepayments |
Laskey Farm Limited (Registered number: 03184909) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Other loans |
Trade creditors |
Tax |
Directors' current accounts | 2,243,539 | 2,376,042 |
Accrued expenses |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Laskey Farm Limited |
The following reproduces the text of the report prepared for the director in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary |
statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Laskey Farm Limited for the year ended 31 March 2019 which comprise the Statement of |
Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Laskey Farm Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Laskey Farm Limited and state those matters that we have agreed to state to the director of Laskey Farm Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Laskey Farm Limited and its director for our work or for this report. |
It is your duty to ensure that Laskey Farm 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 Laskey Farm Limited. You consider that Laskey Farm Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Laskey Farm 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. |
Chartered Accountants |
8 Winmarleigh Street |
Warrington |
Cheshire |
WA1 1JW |