Lothbury Estates Limited - Accounts to registrar (filleted) - small 18.2
Lothbury Estates Limited - Accounts to registrar (filleted) - small 18.2
| Unaudited Financial Statements for the Year Ended 31st March 2020 |
| for |
| Lothbury Estates Limited |
| Lothbury Estates Limited (Registered number: 00327097) |
| Contents of the Financial Statements |
| for the Year Ended 31st March 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Lothbury Estates Limited |
| Company Information |
| for the Year Ended 31st March 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 111a Station Road |
| West Wickham |
| Kent |
| BR4 0PX |
| BANKERS: |
| Charing Cross Branch |
| Cavell House |
| 2a Charing Cross Road |
| London |
| WC2H 0PD |
| SOLICITORS: |
| 17-19 Alie Street |
| London |
| E1 8DE |
| Lothbury Estates Limited (Registered number: 00327097) |
| Balance Sheet |
| 31st March 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | 7 |
| SHAREHOLDERS' FUNDS |
| 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 |
| Lothbury Estates Limited (Registered number: 00327097) |
| Notes to the Financial Statements |
| for the Year Ended 31st March 2020 |
| 1. | STATUTORY INFORMATION |
| Lothbury Estates Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents the total rental income receivable during the year derived from assets let under operating leases. Income is recognised on a straight line basis of the lease term. |
| Where incentives. such as rent free periods, or periods of reduced rent, are given to tenants, the cost of these incentives will be spread over the lease term on a straight line basis. |
| Investment property |
| FRS 102 states that investment properties will be measured at fair value at each reporting date. Changes in fair value will be recognised in the Profit and Loss account. |
| Valuation at 31st March 2020 |
| The board of directors have decided not to revalue the company's investment property portfolio at 31st March 2020 and the investment properties will be stated at the last valuation undertaken which was at 31st March 2015. |
| This accounting treatment does not accord to the requirements of FRS 102. |
| Taxation |
| Taxation 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 taxation 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 balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
| Deferred tax is now recognised on all timing differences, including those arising on revaluation. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Lothbury Estates Limited (Registered number: 00327097) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st March 2020 |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1st April 2019 |
| and 31st March 2020 |
| NET BOOK VALUE |
| At 31st March 2020 |
| At 31st March 2019 |
| Fair value at 31st March 2020 is represented by: |
| £ |
| Valuation in 2015 | 2,855,000 |
| If investment properties had not been revalued they would have been included at the following historical cost: |
| 2020 | 2019 |
| £ | £ |
| Cost | 1,425,002 | 1,425,002 |
| Investment properties were valued on an open market basis on 31st March 2015 by the directors of Lothbury Estates Limited . |
| Valuation at 31st March 2020 |
| The director's have decided not to revalue the company's investment property portfolio at 31st March 2020 and the investment properties will be stated at the last valuation undertaken which was at 31st March 2015. |
| This accounting treatment does not accord to the requirements of FRS 102. |
| Taxation |
| A provision for corporation tax has been made for capital gains tax that would become payable if the company disposed of its investment properties at the valuation shown in these financial statements. If the properties were disposed of at these values then the maximum potential liability is estimated to be £108,328 (2019: £108,328). |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Taxation and social security |
| Other creditors |
| Lothbury Estates Limited (Registered number: 00327097) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st March 2020 |
| 7. | RESERVES |
| Retained earnings represent a combination of "realised" profits and "unrealised" profits. Dividend distributions are only permitted from realised retained earnings. The analysis of retained earnings between "realised" and "unrealised" is considered to be as follows: |
| 2020 | 2019 |
| £ | £ |
| Realised earnings | 1,503,498 | 1,519,836 |
| Unrealised earnings | 1,346,147 | 1,346,147 |
| 2,849,645 | 2,865,983 |
| 8. | RELATED PARTY DISCLOSURES |
| The amounts payable for the provision of these services were: |
| 2020 | 2019 |
| £ | £ |
| Property management and administration | 12,429 | 12,400 |
| Property purchases and sales | - | - |
| 9. | POST BALANCE SHEET EVENTS |
| With Covid 19 lockdown the company offered tenants who were unable to operate from their commercial properties the opportunity to defer one quarter's rent for payment to a later date. This will have an impact on the company's cashflow and ultimately could reduce future profits if tenants are unable to pay these deferred rents in the future. |
| The company is also incurring additional costs at its vacant properties (both ongoing running costs and costs associated with preparing the properties for letting) which will reduce future profitability. Vacant periods are expected to be longer as a result of the financial impact of the Covid 19 pandemic on the UK economy. |