Levelguard Limited Filleted accounts for Companies House (small and micro)

LEVELGUARD LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2018-06-01 Sage Accounts Production Advanced 2019 - FRS102_2014 225,000 225,000 225,000 xbrli:pure xbrli:shares iso4217:GBP 03774618 2018-06-01 2019-05-31 03774618 2019-05-31 03774618 2017-06-01 2018-05-31 03774618 2018-05-31 03774618 bus:RegisteredOffice 2018-06-01 2019-05-31 03774618 bus:LeadAgentIfApplicable 2018-06-01 2019-05-31 03774618 bus:Director2 2018-06-01 2019-05-31 03774618 bus:Director3 2018-06-01 2019-05-31 03774618 bus:Director4 2018-06-01 2019-05-31 03774618 bus:Director5 2018-06-01 2019-05-31 03774618 core:LandBuildings core:LongLeaseholdAssets 2019-05-31 03774618 core:LandBuildings core:LongLeaseholdAssets 2018-05-31 03774618 core:WithinOneYear 2019-05-31 03774618 core:WithinOneYear 2018-05-31 03774618 core:UKTax 2018-06-01 2019-05-31 03774618 core:UKTax 2017-06-01 2018-05-31 03774618 core:ShareCapital 2019-05-31 03774618 core:ShareCapital 2018-05-31 03774618 core:OtherReservesSubtotal 2019-05-31 03774618 core:OtherReservesSubtotal 2018-05-31 03774618 core:RetainedEarningsAccumulatedLosses 2019-05-31 03774618 core:RetainedEarningsAccumulatedLosses 2018-05-31 03774618 core:BetweenOneFiveYears 2019-05-31 03774618 core:BetweenOneFiveYears 2018-05-31 03774618 core:MoreThanFiveYears 2019-05-31 03774618 core:MoreThanFiveYears 2018-05-31 03774618 core:RevaluationInvestmentPropertyDeferredTax 2019-05-31 03774618 core:RevaluationInvestmentPropertyDeferredTax 2018-05-31 03774618 core:LandBuildings 2019-05-31 03774618 core:LandBuildings 2018-05-31 03774618 bus:SmallEntities 2018-06-01 2019-05-31 03774618 bus:AuditExemptWithAccountantsReport 2018-06-01 2019-05-31 03774618 bus:FullAccounts 2018-06-01 2019-05-31 03774618 bus:SmallCompaniesRegimeForAccounts 2018-06-01 2019-05-31 03774618 bus:PrivateLimitedCompanyLtd 2018-06-01 2019-05-31

COMPANY REGISTRATION NUMBER: 03774618

Levelguard Limited

Filleted Unaudited Financial Statements

For the year ended

31 May 2019

Levelguard Limited

Financial Statements

Year ended 31st May 2019

Contents	Pages

Officers and professional advisers	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 7

Levelguard Limited

Officers and Professional Advisers

The board of directors	Mr P K Shadbolt
	Mr J J Hill
	Mr M W Seaman-Hill
	Mr M A Shadbolt

Registered office	First Floor Offices
	99 Bancroft
	Hitchin
	Hertfordshire
	SG5 1NQ

Accountants	Hicks and Company
	Chartered accountants
	First Floor
	99 Bancroft
	Hitchin
	Hertfordshire
	SG5 1NQ

Bankers	HSBC
	1 Market Place
	Hitchin
	Hertfordshire
	SG5 1DR

Levelguard Limited

Statement of Financial Position

31 May 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		225,000	225,000

Current assets

Debtors	6	5,416	5,803
Cash at bank		10,438	27,361
		--------	--------
		15,854	33,164

Creditors: amounts falling due within one year	7	16,370		19,161
		--------		--------
Net current (liabilities)/assets			( 516)	14,003
			---------	---------
Total assets less current liabilities			224,484	239,003

Provisions

Taxation including deferred tax	10,012	10,012
	---------	---------
Net assets	214,472	228,991
	---------	---------

Capital and reserves

Called up share capital	100	100
Fair value reserve	112,668	112,668
Profit and loss account	101,704	116,223
	---------	---------
Shareholders funds	214,472	228,991
	---------	---------

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 31st May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Levelguard Limited

Statement of Financial Position (continued)

31 May 2019

These financial statements were approved by the board of directors and authorised for issue on 17 December 2019 , and are signed on behalf of the board by:

Mr J J Hill

Director

Company registration number: 03774618

Levelguard Limited

Notes to the Financial Statements

Year ended 31st May 2019

1. General information

The company is a private company limited by shares, registered in England and Wales, registered number 03774618 . The address of the registered office is First Floor Offices, 99 Bancroft, Hitchin, Hertfordshire, SG5 1NQ.

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' and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss. The financial statements are prepared in pounds sterling, which is also the functional currency of the company. Monetary amounts are rounded to the nearest pound.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover represents the rents from properties and recharged expenses which are included on an accruals basis.

Taxation

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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.

Investment property

Investment property is initially recorded 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 no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Impairment of fixed assets

At each reporting date, the company reviews the carrying amount of its fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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. Tax on profit

Major components of tax expense

	2019	2018
	£	£

Current tax:

UK current tax expense	6,446	6,658

Deferred tax:

Origination and reversal of timing differences	–	( 738)
	-------	-------
Tax on profit	6,446	5,920
	-------	-------

5. Tangible assets

	Long leasehold investment property
	£
Valuation
At 1st June 2018 and 31st May 2019	225,000
	---------
Depreciation
At 1st June 2018 and 31st May 2019	–
	---------
Carrying amount
At 31st May 2019	225,000
	---------
At 31st May 2018	225,000
	---------

Included within the above is investment property as follows:

	£
	---------
At 1st June 2018 and 31st May 2019	225,000
	---------

The fair value of the leasehold investment properties have been arrived at on the basis of valuations carried out by the directors of the company . The valuations were made on an open market value, value evidence basis for existing use on 31st May 2019.

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Long leasehold investment property
	£
At 31st May 2019
Aggregate cost	102,320
Aggregate depreciation	–
	---------
Carrying value	102,320
	---------

At 31st May 2018
Aggregate cost	102,320
Aggregate depreciation	–
	---------
Carrying value	102,320
	---------

6. Debtors

	2019	2018
	£	£
Rent and insurance arrears	1,890	2,355
Other debtors	3,526	3,448
	-------	-------
	5,416	5,803
	-------	-------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Corporation tax	6,446	6,658
Rent and insurance received in advance	6,905	6,828
Other creditors	3,019	5,675
	--------	--------
	16,370	19,161
	--------	--------

8. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2019	2018
	£	£
Included in provisions	10,012	10,012
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2019	2018
	£	£
Fair value adjustment of investment property	10,012	10,012
	--------	--------

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
Not later than 1 year	50	50
Later than 1 year and not later than 5 years	200	200
Later than 5 years	3,067	3,117
	-------	-------
	3,317	3,367
	-------	-------