Lancaster Road Limited Filleted accounts for Companies House (small and micro)

Lancaster Road Limited Filleted accounts for Companies House (small and micro)

LANCASTER ROAD LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 11516118
Lancaster Road Limited
Filleted Unaudited Financial Statements
31 August 2019
Lancaster Road Limited
Statement of Financial Position
31 August 2019
31 Aug 19
Note
£
Fixed assets
Tangible assets
4
11,100,000
Current assets
Debtors
5
737,066
Cash at bank and in hand
901
---------
737,967
Creditors: amounts falling due within one year
6
6,036,503
------------
Net current liabilities
5,298,536
-------------
Total assets less current liabilities
5,801,464
Creditors: amounts falling due after more than one year
7
5,953,750
------------
Net liabilities
( 152,286)
------------
Capital and reserves
Called up share capital
1
Profit and loss account
( 152,287)
---------
Shareholders deficit
( 152,286)
---------
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 period ending 31 August 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 period 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 .
Lancaster Road Limited
Statement of Financial Position (continued)
31 August 2019
These financial statements were approved by the board of directors and authorised for issue on 25 May 2020 , and are signed on behalf of the board by:
Mr B Hoffman
Director
Company registration number: 11516118
Lancaster Road Limited
Notes to the Financial Statements
Period from 14 August 2018 to 31 August 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 Hallswelle House, 1 Hallswelle Road, London, NW11 0DH, 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 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.
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
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
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property
£
Cost
At 14 August 2018
–
Additions
11,100,000
-------------
At 31 August 2019
11,100,000
-------------
Depreciation
At 14 August 2018 and 31 August 2019
–
-------------
Carrying amount
At 31 August 2019
11,100,000
-------------
Included within the above is investment property as follows:
£
At 14 August 2018
–
Additions
11,100,000
-------------
At 31 August 2019
11,100,000
-------------
The directors believe that the investment properties are stated at fair value as at 31 August 2019. No independent valuation was taken.
5. Debtors
31 Aug 19
£
Trade debtors
53,318
Amounts owed by group undertakings and undertakings in which the company has a participating interest
660,919
Other debtors
22,829
---------
737,066
---------
6. Creditors: amounts falling due within one year
31 Aug 19
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
6,000,000
Other creditors
36,503
------------
6,036,503
------------
7. Creditors: amounts falling due after more than one year
31 Aug 19
£
Bank loans and overdrafts
5,953,750
------------
8. Controlling party
The ultimate parent company is Newmill Development Limited, a company incorporated in the United Kingdom.