LJ Properties Limited - Filleted accounts

LJ Properties Limited - Filleted accounts

LJ PROPERTIES LIMITED - Company Information

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LJ Properties Limited
Registered number: 03670066
Balance Sheet
as at 31 January 2020
Notes 2020 2019
£ £
Fixed assets
Tangible assets 3 57,123 69,122
Current assets
Debtors 4 40,000 40,000
Cash at bank and in hand 9,419 24,652
49,419 64,652
Creditors: amounts falling due within one year 5 (17,740) (38,763)
Net current assets 31,679 25,889
Net assets 88,802 95,011
Capital and reserves
Called up share capital 2 2
Profit and loss account 88,800 95,009
Shareholders' funds 88,802 95,011
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Bence Wilkins
Director
Approved by the board on 22 October 2020
LJ Properties Limited
Notes to the Accounts
for the year ended 31 January 2020
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 5% per annum straight line
Equipment 25% reducing balance method
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
2 Employees 2020 2019
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 February 2019 239,021 5,089 244,110
At 31 January 2020 239,021 5,089 244,110
Depreciation
At 1 February 2019 170,089 4,899 174,988
Charge for the year 11,951 48 11,999
At 31 January 2020 182,040 4,947 186,987
Net book value
At 31 January 2020 56,981 142 57,123
At 31 January 2019 68,932 190 69,122
4 Debtors 2020 2019
£ £
Other debtors 40,000 40,000
5 Creditors: amounts falling due within one year 2020 2019
£ £
Directors Loan 12,772 29,833
Corporation tax 3,972 7,970
Other creditors 996 960
17,740 38,763
6 Other information
LJ Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
Hilltop Barn
Siston
Bristol BS16 9LT
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