Lgy Properties Limited - Accounts to registrar (filleted) - small 18.2
Lgy Properties Limited - Accounts to registrar (filleted) - small 18.2
LGY PROPERTIES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31ST DECEMBER 2019 |
LGY PROPERTIES LIMITED (REGISTERED NUMBER: 09703848) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2019 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Accountants' Report | 7 |
LGY PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2019 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
First Floor, Woburn Court |
2 Railton Road |
Woburn Rd Ind Est |
Kempston |
Bedfordshire |
MK42 7PN |
LGY PROPERTIES LIMITED (REGISTERED NUMBER: 09703848) |
STATEMENT OF FINANCIAL POSITION |
31ST DECEMBER 2019 |
31/12/19 | 31/12/18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Non-distributable retained |
earnings | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
LGY PROPERTIES LIMITED (REGISTERED NUMBER: 09703848) |
STATEMENT OF FINANCIAL POSITION - continued |
31ST DECEMBER 2019 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on on its behalf by: |
LGY PROPERTIES LIMITED (REGISTERED NUMBER: 09703848) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2019 |
1. | STATUTORY INFORMATION |
Lgy Properties Limited is a |
registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the |
nearest £1. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These |
policies have been consistently applied to all years presented unless otherwise stated. |
Turnover |
Turnover represents rents and service recharges received from tenants of properties, stated net of value added tax. |
Income received that relates to a period after the year end is treated as deferred income. |
Investment property |
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair |
value at each reporting date with changes in fair value recognised in profit or loss. No formal valuation has taken |
place during the year by a professional independent valuer. The current fair value is based on a recognised valuation |
model. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement |
of financial position 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
LGY PROPERTIES LIMITED (REGISTERED NUMBER: 09703848) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2019 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st January 2019 |
Revaluations | 48,000 |
At 31st December 2019 |
NET BOOK VALUE |
At 31st December 2019 |
At 31st December 2018 |
Fair value at 31st December 2019 is represented by: |
£ |
Valuation in 2017 | 50,000 |
Valuation in 2019 | 48,000 |
Cost | 2,547,000 |
2,645,000 |
If investment properties had not been revalued they would have been included at the following historical cost: |
31/12/19 | 31/12/18 |
£ | £ |
Cost | 2,547,000 | 2,547,000 |
Investment properties were valued on a fair value basis basis on 31st December 2019 by Mr S C Lousada, a director |
. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/19 | 31/12/18 |
£ | £ |
Trade debtors |
VAT |
Prepayments |
LGY PROPERTIES LIMITED (REGISTERED NUMBER: 09703848) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2019 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/19 | 31/12/18 |
£ | £ |
Trade creditors |
Corporation tax |
Other creditors |
Deferred income |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/12/19 | 31/12/18 |
£ | £ |
Amounts owed to related companies | 2,240,380 | 2,299,379 |
8. | RESERVES |
Non-distributable |
retained |
earnings |
£ |
At 1st January 2019 |
Surplus on revaluation | 40,750 |
At 31st December 2019 |
9. | CONTINGENT LIABILITIES |
The company has granted legal mortgages over its freehold investment properties to the banker's of Lousada |
(Developments) Limited, a company under common control. |
At the balance sheet date the maximum liability under this commitment would be £660,000 (2018 £740,000). |
10. | ULTIMATE CONTROLLING PARTY |
The directors believe there is no overall controlling party. |
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
LGY PROPERTIES LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a |
Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain |
other primary statements and the Report of the Directors are not required to be filed with the Registrar of |
Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial |
statements of Lgy Properties Limited for the year ended 31st December 2019 which comprise the Statement of |
Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the |
company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Lgy Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lgy Properties Limited and state those matters that we have agreed to state to the Board of Directors of Lgy Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lgy Properties Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Lgy Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lgy Properties Limited. You consider that Lgy Properties Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Lgy Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
First Floor, Woburn Court |
2 Railton Road |
Woburn Rd Ind Est |
Kempston |
Bedfordshire |
MK42 7PN |