Lingwood Property Holdings Limited Filleted accounts for Companies House (small and micro)

Lingwood Property Holdings Limited Filleted accounts for Companies House (small and micro)

LINGWOOD PROPERTY HOLDINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07372063
Lingwood Property Holdings Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2020
Lingwood Property Holdings Limited
Statement of Financial Position
31 March 2020
2020
2019
Note
£
£
£
Fixed assets
Investments
4
1,708,500
1,708,500
Creditors: amounts falling due within one year
5
983,500
1,071,197
---------
------------
Net current liabilities
983,500
1,071,197
------------
------------
Total assets less current liabilities
725,000
637,303
---------
---------
Capital and reserves
Called up share capital
263
263
Share premium account
582,490
582,490
Profit and loss account
142,247
54,550
---------
---------
Shareholders funds
725,000
637,303
---------
---------
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 Section 1A of 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 March 2020 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 .
These financial statements were approved by the board of directors and authorised for issue on 17 June 2020 , and are signed on behalf of the board by:
Mr A Lingwood
Director
Company registration number: 07372063
Lingwood Property Holdings Limited
Notes to the Financial Statements
Year ended 31st March 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Penrod Way, Heysham, Morecambe, LA3 2UZ.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
4. Investments
Shares in group undertakings
£
Cost
At 1st April 2019 and 31st March 2020
1,708,500
------------
Impairment
At 1st April 2019 and 31st March 2020
–
------------
Carrying amount
At 31st March 2020
1,708,500
------------
At 31st March 2019
1,708,500
------------
On 2nd of October 2018, the company purchased the entire share capital of Lingwood Security Management Limited for a value of £1,700,000. Stamp duty of £8,500 was incurred on this transaction.
The consideration was for £700,000 cash, £417,500 loan notes and £582,500 in a share for share exchange.
5. Creditors: amounts falling due within one year
2020
2019
£
£
Amounts owed to group undertakings
983,500
983,500
Loan notes
–
87,697
---------
------------
983,500
1,071,197
---------
------------