Lapday Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: SC215536

Lapday Limited

Filleted Unaudited Financial Statements

31 July 2020

Lapday Limited

Financial Statements

Year ended 31 July 2020

Contents	Page

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	3

Lapday Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Lapday Limited

Year ended 31 July 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lapday Limited for the year ended 31 July 2020, which comprise the statement of financial position 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Lapday Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Lapday Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lapday Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lapday 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 Lapday Limited. You consider that Lapday 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 Lapday 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.

GILLILAND & COMPANY Chartered Accountants

216 West George Street Glasgow G2 2PQ

6 November 2020

Lapday Limited

Statement of Financial Position

31 July 2020

	2020		2019
Note	£	£	£

Current assets

Debtors	5	1,295,667		1,316,559

Creditors: amounts falling due within one year	6	43,279		43,510
		------------		------------
Net current assets			1,252,388	1,273,049
			------------	------------
Total assets less current liabilities			1,252,388	1,273,049

Creditors: amounts falling due after more than one year	7	810,408	831,069
		------------	------------
Net assets		441,980	441,980
		------------	------------

Capital and reserves

Called up share capital	2	2
Profit and loss account	441,978	441,978
	---------	---------
Shareholders funds	441,980	441,980
	---------	---------

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 income statement has not been delivered.

For the year ending 31 July 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 6 November 2020 , and are signed on behalf of the board by:

Alexander Smith

Director

Company registration number: SC215536

Lapday Limited

Notes to the Financial Statements

Year ended 31 July 2020

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ.

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.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change of value.

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 circumstances.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2019: Nil).

5. Debtors

	2020	2019
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,292,820	1,313,712
Other debtors	2,847	2,847
	------------	------------
	1,295,667	1,316,559
	------------	------------

6. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	25,251	25,482
Other creditors	18,028	18,028
	--------	--------
	43,279	43,510
	--------	--------

7. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	810,408	831,069
	---------	---------

8. Related party transactions

As at 31 July 2020 the company was owed £1,240,006 (2019: £1,260.898) from Modern Housing Limited, parent company. Also, at 31 July 2020 the company was owed £52,814 (2019: £52,814) from Modern Housing New Homes Limited and owed £15,168 (2019: £15,168) to Modern Housing New Home Contracts Limited. Modern Housing New Homes Limited and Modern Housing New Homes Contracts Limited are both subsidiaries of Modern Housing Limited. Also, at 31 July 2020 the company was owed £2,845 (2019: £2,845) from Modern Housing Limited Directors Pension Plan.

9. Controlling party

The company was under the control of Mr Alexander Smith throughout the current and previous period. The ultimate parent company is Modern Housing Limited.