Living Smart Property Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05846823 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

LIVING SMART PROPERTY LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

B Thorns

T Thorns

REGISTERED OFFICE:

Suite 2

26 Regent Road

Altrincham

WA14 1RP

REGISTERED NUMBER:

05846823 (England and Wales)

ACCOUNTANTS:

d&t

Chartered Accountants

Swatton Barn

Badbury

Swindon

Wiltshire

SN4 0EU

FIXED ASSETS

Tangible assets

4

54,422

47,696

Investments

5

135,924

135,924

Investment property

6

1,211,693

818,260

1,402,039

1,001,880

CURRENT ASSETS

Debtors

7

416,378

281,083

Cash at bank

21,490

52,445

437,868

333,528

CREDITORS

Amounts falling due within one year

8

125,107

9,957

NET CURRENT ASSETS

312,761

323,571

TOTAL ASSETS LESS CURRENT LIABILITIES

1,714,800

1,325,451

CREDITORS

Amounts falling due after more than one year

9

(950,738

)

(595,675

)

PROVISIONS FOR LIABILITIES

(342

)

(543

)

NET ASSETS

763,720

729,233

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

11

762,720

728,233

SHAREHOLDERS' FUNDS

763,720

729,233

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 May 2020 and were signed on its behalf by:

B Thorns - Director

T Thorns - Director

1.	STATUTORY INFORMATION

Living Smart Property Ltd is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

TURNOVER

Turnover represents the value of invoiced sales of goods and services, excluding value added tax.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

INVESTMENT PROPERTY

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

The company's investment properties are held for long-term investment. Investment properties are

accounted for in accordance with SSAP 19, as follows:

(i) investment properties are revalued annually. The surplus or deficit on revaluation is transferred to

the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment

property is expected to be permanent, in which case it is recognised in the profit and loss account for

the year; and

(ii) no depreciation is provided in respect of leasehold investment properties where the lease has

over 20 years to run.

Although the Companies Act would normally require the systematic annual depreciation of fixed

assets, the directors believe that the policy of not providing depreciation is necessary in order for the

accounts to give a true and fair view, since the current value of investment properties, and changes to

that current value, are of prime importance rather than a calculation of systematic annual

depreciation. Depreciation is only one of the many factors reflected in the annual valuation, and the

amount which might otherwise have been included cannot be separately identified or quantified.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is

probable that they will be recovered against the reversal of deferred tax liabilities or other future

taxable profits.

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2019

47,115

8,154

55,269

Additions

9,487

-

9,487

At 31 December 2019

56,602

8,154

64,756

DEPRECIATION

At 1 January 2019

1,737

5,836

7,573

Charge for year

2,182

579

2,761

At 31 December 2019

3,919

6,415

10,334

NET BOOK VALUE

At 31 December 2019

52,683

1,739

54,422

At 31 December 2018

45,378

2,318

47,696

5.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2019

2018

£

£

Film Partnership Investment

135,924

135,924

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2019

818,260

Additions

280,264

Revaluations

113,169

At 31 December 2019

1,211,693

NET BOOK VALUE

At 31 December 2019

1,211,693

At 31 December 2018

818,260

Fair value at 31 December 2019 is represented by:

£

Valuation in 2018

126,970

Valuation in 2019

113,169

Cost

971,554

1,211,693

If the investment properties had not been revalued they would have been included at the following

historical cost:

2019

2018

£

£

Cost

971,554

691,290

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

422

242

Other debtors

415,956

280,841

416,378

281,083

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

1,544

3,698

Amounts owed to group undertakings

1,413

1,258

Taxation and social security

21

24

Other creditors

122,129

4,977

125,107

9,957

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

950,738

595,675

Amounts falling due in more than five years:

Repayable by instalments

Other loans

860,738

405,675

10.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Other loans

975,738

595,675

The loans are secured by way of a charge over the property known as 60 Ashford Road and a fixed

and floating charge over the asset of the business dated 15 July 2016.

There is a mortgage for the property known as 34 Chapel Street in a charge dated 25 October 2017.

The loans are secured by way of a charge dated as 1 February 2018 over the property known as 15

Pickmere Close and a fixed and floating charge over the assets of the business.

The loans are secured by way of a charge dated as 17 December 2019 over the property known as 3

North Place.

11.

RESERVES

Retained

earnings

£

At 1 January 2019

728,233

Profit for the year

126,487

Dividends

(92,000

)

At 31 December 2019

762,720

12.	RELATED PARTY DISCLOSURES

Unless otherwise disclosed, all related party transactions have been conducted under normal market

conditions, including dividend payments to it's shareholders.