L & R INVESTMENTS (HENDON) LTD Filleted accounts for Companies House (small and micro)

L & R INVESTMENTS (HENDON) LTD Filleted accounts for Companies House (small and micro)


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COMPANY REGISTRATION NUMBER: 500938
L & R INVESTMENTS (HENDON) LTD
Filleted Unaudited Financial Statements
30 April 2019
L & R INVESTMENTS (HENDON) LTD
Statement of Financial Position
30 April 2019
2019
2018
Note
£
£
£
Fixed assets
Tangible assets
6
1,607,500
1,607,500
Current assets
Debtors
7
60,922
102,879
Cash at bank and in hand
144,688
187,203
---------
---------
205,610
290,082
Creditors: amounts falling due within one year
8
8,961
22,196
---------
---------
Net current assets
196,649
267,886
------------
------------
Total assets less current liabilities
1,804,149
1,875,386
------------
------------
Net assets
1,804,149
1,875,386
------------
------------
Capital and reserves
Called up share capital
6,002
6,002
Revaluation reserve
1,031,650
1,031,650
Profit and loss account
766,497
837,734
------------
------------
Shareholders funds
1,804,149
1,875,386
------------
------------
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 comprehensive income has not been delivered.
For the 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 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 .
L & R INVESTMENTS (HENDON) LTD
Statement of Financial Position (continued)
30 April 2019
These financial statements were approved by the board of directors and authorised for issue on 27 November 2019 , and are signed on behalf of the board by:
R P Oliver
Director
Company registration number: 500938
L & R INVESTMENTS (HENDON) LTD
Notes to the Financial Statements
Year ended 30 April 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 Second Floor, Sutherland House, 70-78 West Hendon Broadway, London, NW9 7ER.
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 is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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 instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2018: 2 ).
5. Company reorganisation
On 30 April 2018, the company was re-organised to make arrangements whereby half of the portfolio of properties was transferred to Kerria Investments Ltd, a new company controlled by Mr Laurence Elks.
Mr Elks resigned as a director of the company.
The entire share capital of the company is now held by SR Holdings Ltd, a company controlled by Mrs Ruth Oliver, director.
The arrangements were made to allow the company to pursue its objectives with the full consensus of the directors and shareholders.
The arrangements made were taken following the advice provided by specialists in company re-organisation and after receiving professional revaluations of the company properties, and after receiving confirmation of satisfaction of the arrangements by H M Revenue & Customs.
The portfolio of company properties is now based on the professional valuation.
6. Tangible assets
Land and buildings
£
Cost
At 1 May 2018 and 30 April 2019
1,607,500
------------
Depreciation
At 1 May 2018 and 30 April 2019
------------
Carrying amount
At 30 April 2019
1,607,500
------------
At 30 April 2018
1,607,500
------------
As indicated in the notes to the Accounts, the company has revalued its properties based on a professional valuation of its portfolio by Lee Baron, Chartered Surveyors.
Tangible assets held at valuation
7. Debtors
2019
2018
£
£
Trade debtors
8,480
87,928
Amounts owed by group undertakings and undertakings in which the company has a participating interest
40,000
Other debtors
12,442
14,951
--------
---------
60,922
102,879
--------
---------
8. Creditors: amounts falling due within one year
2019
2018
£
£
Corporation tax
1,906
13,668
Social security and other taxes
6,283
6,452
Other creditors
772
2,076
-------
--------
8,961
22,196
-------
--------
9. Analysis of other comprehensive income
Revaluation reserve
£
Year ended 30 April 2018
Revaluation of tangible assets
1,031,650
------------
10. Directors' interest in share capital
The entire share capital of the company is held by SR Holdings Ltd, a company controlled by the director and family. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.
11. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.