LSG CAPITAL PROJECTS LTD Filleted accounts for Companies House (small and micro)

LSG CAPITAL PROJECTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05013862

LSG CAPITAL PROJECTS LTD

Filleted Unaudited Financial Statements

31 January 2019

LSG CAPITAL PROJECTS LTD

Statement of Financial Position

31 January 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	4		876,819	845,875

Current assets

Debtors	5	108,804	79,650
Cash at bank and in hand		264	14,660
		---------	--------
		109,068	94,310

Creditors: amounts falling due within one year	6	587,027		560,246
		---------		---------
Net current liabilities			477,959	465,936
			---------	---------
Total assets less current liabilities			398,860	379,939

Creditors: amounts falling due after more than one year	7	394,356	377,116
		---------	---------
Net assets		4,504	2,823
		---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	4,502	2,821
	-------	-------
Shareholders funds	4,504	2,823
	-------	-------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 January 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

LSG CAPITAL PROJECTS LTD

Statement of Financial Position (continued)

31 January 2019

These financial statements were approved by the board of directors and authorised for issue on 30 October 2019 , and are signed on behalf of the board by:

N R Patel
Director

Company registration number: 05013862

LSG CAPITAL PROJECTS LTD

Notes to the Financial Statements

Year ended 31 January 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3rd Floor Vyman House, 104, College Road, Harrow, Middlesex, HA1 1BQ, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Revenue recognition

Turnover represents rent received.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Depreciation has not been provided on the freehold property as the Director considers the market value to be in excess of that shown on the balance sheet.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

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 entity after deducting all of its financial liabilities.

4. Tangible assets

	Freehold property	Long leasehold property	Total
	£	£	£
Cost
At 1 February 2018	332,964	512,911	845,875
Additions	7,362	23,582	30,944
	---------	---------	---------
At 31 January 2019	340,326	536,493	876,819
	---------	---------	---------
Depreciation
At 1 February 2018 and 31 January 2019	–	–	–
	---------	---------	---------
Carrying amount
At 31 January 2019	340,326	536,493	876,819
	---------	---------	---------
At 31 January 2018	332,964	512,911	845,875
	---------	---------	---------

5. Debtors

	2019	2018
	£	£
Other debtors	108,804	79,650
	---------	--------

6. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	36,975	36,976
Corporation tax	232	–
Other creditors	549,820	523,270
	---------	---------
	587,027	560,246
	---------	---------

7. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	394,356	377,116
	---------	---------

8. Related party transactions

The company was under the control of Mr N R Patel throughout the current and previous year. Mr N R Patel is the managing director and majority shareholder. At the year end company owes the director Mr N R Patel of £67,889 (2018: £67,589).