Lichfield Land Company Limited - Period Ending 2019-12-31

Lichfield Land Company Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 6

Lichfield Land Company Limited

Balance Sheet

31 December 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	110,790	84,369
Current assets
Debtors	5	30,075	897
Cash at bank and in hand		1,009	52,032
		31,084	52,929
Creditors: Amounts falling due within one year	6	(22,720)	(420)
Net current assets		8,364	52,509
Total assets less current liabilities		119,154	136,878
Creditors: Amounts falling due after more than one year	6	(712)	(136,876)
Net assets		118,442	2
Capital and reserves
Called up share capital		2	2
Profit and loss account		118,440	-
Total equity		118,442	2

Lichfield Land Company Limited

Balance Sheet

31 December 2019

For the financial 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 16 December 2020
 

......................................... Mr I Moore Director

Company Registration Number: 02566305

Lichfield Land Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2019

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW
England

These financial statements were authorised for issue by the director on 16 December 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Lichfield Land Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2019

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land	0%

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2018 - 2).

Lichfield Land Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2019

4	Tangible assets

	Land and buildings £	Total £
Cost or valuation
At 1 January 2019	84,369	84,369
Additions	51,500	51,500
Disposals	(25,079)	(25,079)
At 31 December 2019	110,790	110,790
Depreciation
Carrying amount
At 31 December 2019	110,790	110,790
At 31 December 2018	84,369	84,369

Included within the net book value of land and buildings above is £110,790 (2018 - £84,369) in respect of freehold land and buildings.
 

5

Debtors

	2019 £	2018 £
Other debtors	30,075	897
	30,075	897

Lichfield Land Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2019

6

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018  £
Due within one year
Corporation tax		21,100	-
Accrued expenses		1,620	420
		22,720	420

Creditors: amounts falling due after more than one year

	Note	2019 £	2018 £
Due after one year
Loans and borrowings		712	136,876