Lees-Milne Investments Limited - Accounts to registrar (filleted) - small 18.2
Lees-Milne Investments Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
LEES-MILNE INVESTMENTS LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2020 |
LEES-MILNE INVESTMENTS LIMITED (REGISTERED NUMBER: 09312360) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2020 |
Page |
Company Information | 1 |
Accountants' Report | 2 |
Abridged Statement of Financial Position | 3 | to | 4 |
Notes to the Financial Statements | 5 | to | 7 |
LEES-MILNE INVESTMENTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2020 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Richmond House |
Walkern Road |
Stevenage |
Hertfordshire |
SG1 3QP |
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
LEES-MILNE INVESTMENTS 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 Income Statement 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 Lees-Milne Investments Limited for the year ended 31st March 2020 which comprise the Income Statement, Abridged 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 Lees-Milne Investments 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 Lees-Milne Investments Limited and state those matters that we have agreed to state to the Board of Directors of Lees-Milne Investments 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 Lees-Milne Investments Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Lees-Milne 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 loss of Lees-Milne Investments Limited. You consider that Lees-Milne 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 Lees-Milne 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. |
Richmond House |
Walkern Road |
Stevenage |
Hertfordshire |
SG1 3QP |
LEES-MILNE INVESTMENTS LIMITED (REGISTERED NUMBER: 09312360) |
ABRIDGED STATEMENT OF FINANCIAL POSITION |
31ST MARCH 2020 |
2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 5 |
CURRENT ASSETS |
Debtors |
CREDITORS |
Amounts falling due within one year | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
LEES-MILNE INVESTMENTS LIMITED (REGISTERED NUMBER: 09312360) |
ABRIDGED STATEMENT OF FINANCIAL POSITION - continued |
31ST MARCH 2020 |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LEES-MILNE INVESTMENTS LIMITED (REGISTERED NUMBER: 09312360) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2020 |
1. | STATUTORY INFORMATION |
Lees-Milne Investments Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared on a going concern basis and under the historical cost convention. |
Significant judgements and estimates |
No significant judgements or estimates have had to be made by the directors in preparing these financial statements. |
Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
Tax |
Tax for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred tax 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 material 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. |
LEES-MILNE INVESTMENTS LIMITED (REGISTERED NUMBER: 09312360) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2020 |
3. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate. |
Fixed asset investments |
Fixed asset investments are held at fair value. |
Going concern |
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. During the year, the rapid spreading of COVID-19 has become a significant emerging risk to the global economy. The directors continue to monitor the impact on the business as more information about the pandemic emerges. The directors are confident that the company has sufficient funds available to meet liabilities as they fall due within the next 12 months; however the directors acknowledge that the position is changing day by day. Taking this into account, even after the directors response to the COVID-19 outbreak, there remains a material uncertainty that may cast significant doubt on the entity's ability to continue as a going concern. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2019 - NIL). |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
Cost |
At 1st April 2019 | 3,096,834 |
Change in market value | (285,780 | ) |
At 31st March 2020 | 2,811,054 |
Net book value |
At 31st March 2020 | 2,811,054 |
At 31st March 2019 | 3,096,834 |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2020 | 2019 |
£ | £ |
Repayable otherwise than by instalments |
Other loans more 5yrs non-inst |
LEES-MILNE INVESTMENTS LIMITED (REGISTERED NUMBER: 09312360) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2020 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2020 | 2019 |
£ | £ |
Other loans |
The loan is secured by a fixed and floating charge on the assets of the company. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
Ordinary A | £1 | 100 | 100 |
9. | POST BALANCE SHEET EVENTS |
Since the period under review, the rapid spreading of COVID-19 has become a significant emerging risk to the global economy. Management continue to monitor the impact of the virus on the business as more information about the epidemic emerges. The directors note this is a non-adjusting post balance sheet item. Please refer to the going concern section in the accounting policies in note 1 for further information. |