Limpley Stoke Properties Limited - Period Ending 2019-04-30

Registration number: 09012398

Limpley Stoke Properties Limited

Annual Report and Unaudited Financial Statements - Companies House Filing

for the Year Ended 30 April 2019

Limpley Stoke Properties Limited

Contents

Company Information	1
Accountants' Report	2
Statement of Financial Position	3 to 4
Notes to the Financial Statements	5 to 7

Limpley Stoke Properties Limited

Company Information

Director

Mr L J Newlyn

Registered office

Knoll House Knoll Road Camberley Surrey GU15 3SY

Accountants

Stewart & Co Chartered Accountants Knoll House Knoll Road Camberley Surrey GU15 3SY

Page 1

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Limpley Stoke Properties Limited
for the Year Ended 30 April 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Limpley Stoke Properties Limited for the year ended 30 April 2019 as set out on pages 3 to 7 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
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Limpley Stoke 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 accounts of Limpley Stoke Properties Limited and state those matters that we have agreed to state to the Board of Directors of Limpley Stoke Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Limpley Stoke Properties Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Limpley Stoke Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Limpley Stoke Properties Limited. You consider that Limpley Stoke Properties 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 accounts of Limpley Stoke 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 accounts.

......................................

Stewart & Co
Chartered Accountants
Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY

24 September 2019

Page 2

Limpley Stoke Properties Limited

(Registration number: 09012398)
Statement of Financial Position as at 30 April 2019

	Note	2019 £	2018 £
Fixed assets
Investment property	4	780,000	680,000
Current assets
Debtors	5	320	305
Cash at bank and in hand		37,987	19,301
		38,307	19,606
Creditors: Amounts falling due within one year	6	(614,647)	(609,028)
Net current liabilities		(576,340)	(589,422)
Total assets less current liabilities		203,660	90,578
Provisions for liabilities		(15,016)	(691)
Net assets		188,644	89,887
Capital and reserves
Called up share capital		100	100
Fair value reserve		118,930	33,255
Profit and loss account		69,614	56,532
Total equity		188,644	89,887

For the financial year ending 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Income Statement has been taken.

The notes on pages 5 to 7 form an integral part of these financial statements.

Page 3

Limpley Stoke Properties Limited

(Registration number: 09012398)
Statement of Financial Position as at 30 April 2019

Approved and authorised by the director on 24 September 2019
 

.........................................

Mr L J Newlyn
Director

The notes on pages 5 to 7 form an integral part of these financial statements.

Page 4

Limpley Stoke Properties Limited

Notes to the Financial Statements for the Year Ended 30 April 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY
United Kingdom

2	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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Page 5

Limpley Stoke Properties Limited

Notes to the Financial Statements for the Year Ended 30 April 2019

Depreciation

Asset class	Depreciation method and rate
Freehold property	see investment property policy below

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3	Staff numbers

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

4	Investment properties

	2019 £
At 1 May 2018	680,000
Fair value adjustments	100,000
At 30 April 2019	780,000

The director has revalued the properties to fair value as at the year-end 2019 .

Page 6

Limpley Stoke Properties Limited

Notes to the Financial Statements for the Year Ended 30 April 2019

5

Debtors

	2019 £	2018 £
Prepayments	320	305
	320	305

6

Creditors

Creditors: amounts falling due within one year

	2019 £	2018 £
Taxation and social security	3,526	3,357
Accruals and deferred income	2,460	2,460
Other creditors	608,661	603,211
	614,647	609,028

7	Related party transactions

At the year-end the company owed £608,661 (2018: £603,211) to the director.

Page 7