Philip Laing Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04439416 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2020

for

Philip Laing Ltd

T/A

Laing Developments

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

P A Laing

SECRETARY:

Mrs S E Laing

REGISTERED OFFICE:

Wright Vigar Limited

15 Newland

Lincoln

Lincolnshire

LN1 1XG

BUSINESS ADDRESS:

4 Park House Gates

Mapperley Park

Nottingham

NG3 5LX

REGISTERED NUMBER:

04439416 (England and Wales)

ACCOUNTANTS:

Wright Vigar Limited

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

The following reproduces the text of the report prepared for the director 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 Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director 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 Philip Laing Ltd for the year ended 31 March 2020 which comprise the Income Statement, Balance Sheet, 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 director of Philip Laing Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Philip Laing Ltd and state those matters that we have agreed to state to the director of Philip Laing Ltd 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 Philip Laing Ltd and its director for our work or for this report.

It is your duty to ensure that Philip Laing Ltd 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 Philip Laing Ltd. You consider that Philip Laing Ltd 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 Philip Laing Ltd. 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.

Wright Vigar Limited

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

14 December 2020

FIXED ASSETS

Tangible assets

4

1,340

1,774

Investment property

5

1,045,000

1,045,000

1,046,340

1,046,774

CURRENT ASSETS

Debtors

6

11,998

11,734

Cash at bank

23,978

8,721

35,976

20,455

CREDITORS

Amounts falling due within one year

7

55,530

35,309

NET CURRENT LIABILITIES

(19,554

)

(14,854

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,026,786

1,031,920

CREDITORS

Amounts falling due after more than one year

8

(731,882

)

(755,829

)

PROVISIONS FOR LIABILITIES

(34,008

)

(34,090

)

NET ASSETS

260,896

242,001

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings - undistributable

209,554

209,554

Retained earnings

51,242

32,347

SHAREHOLDERS' FUNDS

260,896

242,001

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 December 2020 and were signed by:

P A Laing - Director

1.	STATUTORY INFORMATION

Philip Laing Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

At the year end net current liabilities exceeded net assets by £19,554 (2019: £14,854). The company has the continued support of the the parent company and on that basis the directors consider it appropriate to prepare the financial statements on a going concern basis.

Turnover

Turnover represents rents received and property sales made during the year, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2019

16,119

129

4,867

21,115

Additions

100

-

-

100

At 31 March 2020

16,219

129

4,867

21,215

DEPRECIATION

At 1 April 2019

15,340

44

3,957

19,341

Charge for year

213

21

300

534

At 31 March 2020

15,553

65

4,257

19,875

NET BOOK VALUE

At 31 March 2020

666

64

610

1,340

At 31 March 2019

779

85

910

1,774

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2019

and 31 March 2020

1,045,000

NET BOOK VALUE

At 31 March 2020

1,045,000

At 31 March 2019

1,045,000

Fair value at 31 March 2020 is represented by:

£

Valuation in 2016

243,307

Cost

801,693

1,045,000

Investment properties were revalued by the director as at 31 March 2016. The director also considers this valuation correct as at 31 March 2020.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

11,690

9,722

Other debtors

308

2,012

11,998

11,734

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

565

889

Taxation and social security

14,629

4,719

Other creditors

40,336

29,701

55,530

35,309

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

284,816

300,000

Other creditors

447,066

455,829

731,882

755,829

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

3,576

3,576

10.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

284,816

300,000

The bank loan is secured via debentures and charges against Newlin Business Park, Exchange Road, North Hykeham, Lincoln LNG 2RT.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1

100

100