LOBO_INVESTMENTS_LIMITED - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

LOBO INVESTMENTS LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is 1 Queens Parade, Brownlow Road, London, N11 2DN.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Turnover is recognised at the fair value of UK rental income received or receivable net of VAT and trade discounts. Rental income is recognised on a straight line basis over the term of the relevant lease.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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 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.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

The average monthly number of persons employed by the company during the year was 0 (2018 - 0).

The fair value of the investment properties have been arrived at on the basis of a valuation carried out on 26 August 2016 by Anderson Wilde & Harris Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

The company was controlled throughout the current and previous year by its directors by virtue of the fact that between them, they own all of the company's issued share capital.

During the year, rental income totalling £20,000 (2018: £20,000) was charged, at market rate, to Lobo Seafood Limited. The latter is controlled indirectly by Aloysius and Christine Lobo.

At the beginning of the year, the company sold all its shares held in listed companies to Lacelin Holdings Limited, at market value totalling £133,385. As at 28 February 2019, the company owed £1,296,776 (2018: £2,035,133) to Lacelin Holdings Limited, a company owned by Aloysius and Christine Lobo. This sum is included in other creditors (note7).

Other creditors include an amount of £nil (2018:£26,462) payable to Taylor Bridge (UK) Limited, a company in which Dr Cheryl Rita Taylor is also a director. Also, during the year Taylor Bridge (UK) Limited charged the company £572 (2018: £11,747) for managing the company's properties.

On 12 April 2018, the company sold one of its investment properties to Lascaux Limited at the current market value of £550,000. Dr Cheryl Rita Taylor is also a director of Lascaux Limited.

At the year end, the company owed £nil (2018: £50,641) to Lobo Investment (UK) Limited. The latter is controlled by Keith Xavier Lobo.