Lloyd Builders Investments Limited 31/12/2019 iXBRL

Lloyd Builders Investments Limited 31/12/2019 iXBRL

LLOYD BUILDERS INVESTMENTS LIMITED - Company Information

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Company registration number: 04843619
Lloyd Builders Investments Limited
Unaudited financial statements
31 December 2019
LLOYD BUILDERS INVESTMENTS LIMITED
Contents
Directors and other information
Director's report
Accountants report
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
LLOYD BUILDERS INVESTMENTS LIMITED
DIRECTORS AND OTHER INFORMATION
Director Mr K A Lloyd
Secretary J A Andrews
Company number 04843619
Registered office Timberly
South Street
Axminster
Devon
EX13 5AD
Accountants Thomas Westcott
Timberly
South Street
Axminster
Devon
EX13 5AD
LLOYD BUILDERS INVESTMENTS LIMITED
DIRECTOR'S REPORT
YEAR ENDED 31 DECEMBER 2019
The director presents his report and the unaudited financial statements of the company for the year ended 31 December 2019.
Director
The director who served the company during the year was as follows:
Mr K A Lloyd
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 02 September 2020 and signed on behalf of the board by:
Mr K A Lloyd
Director
LLOYD BUILDERS INVESTMENTS LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LLOYD BUILDERS INVESTMENTS LIMITED
YEAR ENDED 31 DECEMBER 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lloyd Builders Investments Limited for the year ended 31 December 2019 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and 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, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the director of Lloyd Builders Investments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Lloyd Builders Investments Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lloyd Builders Investments Limited and its director as a body for our work or for this report.
It is your duty to ensure that Lloyd Builders Investments 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 Lloyd Builders Investments Limited. You consider that Lloyd Builders Investments 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 Lloyd Builders Investments 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.
Thomas Westcott
Chartered Accountants
Timberly
South Street
Axminster
Devon
EX13 5AD
LLOYD BUILDERS INVESTMENTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 DECEMBER 2019
2019 2018
Note £ £
Turnover 186,842 108,708
Cost of sales ( 72,383) ( 8,228)
_______ _______
Gross profit 114,459 100,480
Administrative expenses ( 40,758) ( 39,689)
Other operating income 2,838 3,208
_______ _______
Operating profit 76,539 63,999
Other interest receivable and similar income - 1
Interest payable and similar expenses ( 26,816) ( 25,284)
_______ _______
Profit before taxation 49,723 38,716
Tax on profit ( 9,778) ( 7,797)
_______ _______
Profit for the financial year and total comprehensive income 39,945 30,919
_______ _______
All the activities of the company are from continuing operations.
LLOYD BUILDERS INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 4 1,942,719 1,944,459
_______ _______
1,942,719 1,944,459
Current assets
Debtors 5 11,286 4,304
Cash at bank and in hand 24,647 37,350
_______ _______
35,933 41,654
Creditors: amounts falling due
within one year 6 ( 13,096) ( 60,502)
_______ _______
Net current assets/(liabilities) 22,837 ( 18,848)
_______ _______
Total assets less current liabilities 1,965,556 1,925,611
Creditors: amounts falling due
after more than one year 7 ( 1,046,876) ( 1,046,876)
Provisions for liabilities ( 6,550) ( 6,550)
_______ _______
Net assets 912,130 872,185
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 8 912,030 872,085
_______ _______
Shareholders funds 912,130 872,185
_______ _______
For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared 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'.
These financial statements were approved by the board of directors and authorised for issue on 02 September 2020 , and are signed on behalf of the board by:
Mr K A Lloyd
Director
Company registration number: 04843619
LLOYD BUILDERS INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 DECEMBER 2019
At 1 January 2018
Profit for the year
Total comprehensive income for the year
At 31 December 2018 and 1 January 2019
Profit for the year
Total comprehensive income for the year
At 31 December 2019
LLOYD BUILDERS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2019
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Timberly, South Street, Axminster, Devon, EX13 5AD.
The principal activity of the company is that of property development and letting.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstanves.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - No depreciation charged
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially 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 not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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 or 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 Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 January 2019 1,937,500 21,000 45,248 2,003,748
_______ _______ _______ _______
Depreciation
At 1 January 2019 - 19,424 39,865 59,289
Charge for the year - 394 1,346 1,740
_______ _______ _______ _______
At 31 December 2019 - 19,818 41,211 61,029
_______ _______ _______ _______
Carrying amount
At 31 December 2019 1,937,500 1,182 4,037 1,942,719
_______ _______ _______ _______
At 31 December 2018 1,937,500 1,576 5,383 1,944,459
_______ _______ _______ _______
Investment property
The valuation of the investment properties have been undertaken by the director based on market conditions.
5. Debtors
2019 2018
£ £
Trade debtors - 4,304
Other debtors 11,286 -
_______ _______
11,286 4,304
_______ _______
6. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 3,318 11,602
Social security and other taxes 9,778 11,802
Other creditors (-) 37,098
_______ _______
13,096 60,502
_______ _______
7. Creditors: amounts falling due after more than one year
2019 2018
£ £
Bank loans and overdrafts 1,046,876 1,046,876
_______ _______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses. Included within this reserve are non-distributable reserves relating to the revaluation of investment properties and the associated deferred tax liability totalling £476,722.
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Loans to / (from) director at 1 January 2019 Loans to / (from) the director Balance at 31 December 2019
£ £ £
Director ( 37,098) 45,632 8,534
_______ _______ _______
Loans to / (from) director at 1 January 2018 Loans to / (from) the director Balance at 31 December 2018
£ £ £
Director ( 72,691) 35,593 ( 37,098)
_______ _______ _______
10. Related party transactions
During the year the company carried out works for a connected company totalling £77,893 of which £0 was outstanding at the year end. The connected company has a director in common with Lloyd Builders Investments Limited .
LLOYD BUILDERS INVESTMENTS LIMITED
The following pages do not form part of the statutory accounts.