ACCOUNTS - Final Accounts preparation

Registered number: 09044697

LVLT LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2020


LVLT LIMITED

CONTENTS

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2 - 4


LVLT LIMITED REGISTERED NUMBER:09044697

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2020

	2020	2019
Note	£	£

Current assets
Stock	4	-	387,346
Debtors: amounts falling due within one year	5	319	13,791
Cash at bank and in hand		209,640	100
		209,959	401,237
Current liabilities
Creditors: amounts falling due within one year	6	(208,977)	(403,786)
Net assets/(liabilities)		982	(2,549)

Capital and reserves
Called up share capital	7	100	100
Profit and loss account		882	(2,649)
		982	(2,549)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 January 2021.

L Khalastchi

Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1


LVLT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

1.	General information

LVLT Ltd is a limited liability company incorporated in England and Wales with its registered office and business address at Whiteladies Park, Prince Albert Drive, Ascot, SL5 8AQ.
The principal activity of the Company is that of property development.
The Company's functional and presentational currency is £ Sterling.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The directors have considered the impact of recent worldwide events in relation to Brexit and the COVID-19 pandemic and the ongoing impact that these events have had on the Company's operations and are taking all necessary action to ensure that the Company continues to be able meet its running costs and liabilities as they fall due for at least 12 months from the date of their approval of these financial statements.

2.3

Turnover

Turnover comprises revenue recognised by the Company in respect development property sales, exclusive of Value Added Tax.
Development property sales are recognised at the date of exchange of contracts. If completion is conditional upon an external event the sale is recognised at the time the transaction becomes unconditional.

2.4

Stocks

Stocks and work in progress represent development property valued at the lower of cost and net realisable value. Cost for this purpose comprises the original purchase of land and buildings, development expenditure and overheads.
In considering the net realisable value of land and properties it is assumed that developments will be completed and sold in the ordinary course of the Company's business and that they would not be placed on the market for immediate sale.

2.5

Debtors

Short term debtors are measured at the transaction price, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty.

Page 2


LVLT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

2.Accounting policies (continued)

2.7

Creditors

Short term creditors are measured at the transaction price.

Employees

The average monthly number of employees, including directors, during the year was 2 (2019 - 2).

4.	Stocks
		2020	2019
		£	£

	Work in progress	-	387,346

Page 3


LVLT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

Debtors

					2020	2019
					£	£

Other debtors	100	13,791
Prepayments	219	-
	319	13,791

6.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Trade creditors	67,176	48,895
Amounts owed to group undertakings	139,798	352,791
Taxation and social security	3	-
Accruals	2,000	2,100
	208,977	403,786

7.	Share capital
		2020	2019
		£	£

Allotted, called up and fully paid

100 (2019 - 100) Ordinary shares of £1 each	100	100

8.	Related party transactions
	The Company has taken advantage of the exemptions available under section 33.1A of FRS102 not to disclose transactions entered into between two or more members of a group, provided that any group undertaking which is party to the transaction is wholly owned by a member of that group.

9.	Controlling party

The Company is controlled by Power Investments Holdings Ltd, a company registered in England and Wales, which the directors regard as the ultimate parent undertaking.

Page 4