LONDON_PROPERTY_VENTURES_ - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

London Property Ventures 250 Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, Gadd House, Arcadia Avenue, England, London, N3 2JU.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Revenue from the sale of properties (usually on exchange of contracts) is recognised when the significant risks and rewards of ownership of the properties have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

The average monthly number of persons (including directors) employed by the company during the year was:

The other debtors include amounts due from connected companies as detailed in the related party transactions note.

The other creditors due within one year include amounts due to connected companies as detailed in the related party transactions note.

The bank holds the following charges over the company:

The company hereby covenants on demand to pay or discharged the indebtedness to the lender. As security for the payment and discharged of the indebtedness the company hereby charges with full title guarantee to the lender.

- all buildings and fixtures and fittings (including trade and tenant's fixtures and fittings) and fixed plant and machinery that are situated on or form part of the property at any time;

- the proceeds of the sale of any part of the property and any other monies paid or payable in respect of or in connection with the property;

- the benefit of any covenants for title given, or entered into, by any predecessor in title of the chargor in respect of the property and any monies paid or payable in respect of those covenants; and

- all rights under any licence, agreement for sale or agreement for lease in respect of the property.

- the goodwill of the company and its uncalled capital now and at any time hereafter in existence

- all copyrights, trademarks, patents and registered designs and other intellectual property rights now or at any time hereafter belonging to the company

Includes the following fixed charges :-

- by way of first legal mortgage, the property; and

- by way of first fixed charge, all its rights in each insurance policy, including all claims, the proceeds of all claims and all returns of premiums in connection with each insurance policy;

- by way of first fixed charge, the rental income and the benefit of any guarantee of security in respect of the rental income to the extent not effectively assigned;

- by way of first fixed charge, the benefit of all agreements relating to the charged property and other documents to which the chargor is a party or which are in its favour or of which it has the benefit relating to any letting, development, sale, purchase, use or the operation of the charged property or otherwise relating to the charged property;

- by way of first charge, the goodwill of the business or undertaking (if any) carried on at the property; and

- by way of first fixed charge, all authorisations (statutory or otherwise) held or required in connection with the chargor's business or the use of any charged property, and all rights in connection with them.

The other creditors due after one year represent shareholders loans and will be repaid after all the properties have been sold.

During the year the company entered into the following transactions with related parties:

At the balance sheet date the following amounts were owed to the company by the companies with common shareholders and directors:

£278,485 (2018: £189,785) - London Property Ventures Ltd

£1,760 (2018: £7,000)- LPV Caresle South Park Ltd

£226,666 (2018: £80,162)- LPV Caresle Chanctonbury Limited

£34,910 (2018: £477) - London Property Ventures 100 Ltd

£97,483 (2018: £Nil) - London Property Mgt Ltd

£81,420 (2018: £Nil) - London Property Ventures 50 Ltd

£126,158 (2018: £Nil) - London Property Ventures Construction Ltd

£59,520 (2018: £Nil) - Property Development Holdings Limited

£83,011 (2018: £Nil) - LPV Caresle Charteris Limited

£13,537 (2018: £Nil) - London Property Ventures Hampstead Ltd

£78,333 (2018: £Nil) - 1 Landcroft Road Limited

£35,000 (2018: £Nil) - Majenta Capital Ltd

At the balance sheet date the following amounts were owed by the company to the companies with common shareholders and directors:

£2,430 (2018: £32,000) - London Property Ventures 500 Ltd

£Nil (2018: £37,487) - London Property Ventures Construction Ltd

£Nil (2018: £40,000) - LPV Caresle Charteris Limited

£Nil (2018: £14,745) - London Property Mgt Ltd

At the balance sheet date, M Jordan, a director of the company owed the company £Nil (2018: £35,000).