Ecolocal Lodge Development Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10524545 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

ECOLOCAL LODGE DEVELOPMENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

5

DIRECTORS:

M Bale

A R Cruickshank

T Honey

T I Lancefield

E A Udall

REGISTERED OFFICE:

C/o Ecolocal

The Lodge

Honeywood Walk

Carshalton

Surrey

SM5 3NX

REGISTERED NUMBER:

10524545 (England and Wales)

AUDITORS:

Myrus Smith

Chartered Accountants & Statutory Auditor

Norman House

8 Burnell Road

Sutton

Surrey

SM1 4BW

FIXED ASSETS

Tangible assets

4

1,544,555

1,236,666

CURRENT ASSETS

Debtors

5

4,926

-

Cash at bank

47,063

74,092

51,989

74,092

CREDITORS

Amounts falling due within one year

6

98,041

152,728

NET CURRENT LIABILITIES

(46,052

)

(78,636

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,498,503

1,158,030

CREDITORS

Amounts falling due after more than one year

7

1,507,168

1,163,362

NET LIABILITIES

(8,665

)

(5,332

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(8,666

)

(5,333

)

(8,665

)

(5,332

)

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 Board of Directors and authorised for issue on 25 January 2021 and were signed on its behalf by:

T I Lancefield - Director

1.	STATUTORY INFORMATION

Ecolocal Lodge Development Limited 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.

Tangible fixed assets

The leasehold addition represents costs incurred in the course of development and construction of the property known as The Lodge, Honeywood walk, Carshalton, Surrey and so no depreciation is required to be charged at this stage.

The cost of the property includes its purchase price, including legal fees, design and other direct costs attributable to the development including borrowing costs.

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.

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

At 1 April 2019

1,236,666

Additions

307,889

At 31 March 2020

1,544,555

NET BOOK VALUE

At 31 March 2020

1,544,555

At 31 March 2019

1,236,666

The leasehold addition represents costs incurred in the course of development and construction of the property known as The Lodge, Honeywood Walk, Carshalton, Surrey.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

4,926

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

28,372

46,496

Amounts owed to group undertakings

64,554

64,554

Other creditors

5,115

41,678

98,041

152,728

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

1,507,168

1,163,362

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

1,507,168

1,163,362

The bank loan from The Charity Bank Ltd is secured on the company's leasehold property known as The Lodge, Honeywood Walk, Carshalton, Surrey. The loan bears interest at a rate of 4% above the base rate of the Bank of England and the final repayment date is in mid 2021. Interest is accrued and will be paid with the outstanding balance of the facility by the final repayment date.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen Jones FCA (Senior Statutory Auditor)

for and on behalf of Myrus Smith