Lousada Development Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06366392 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

FOR

LOUSADA DEVELOPMENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S C Lousada

Mrs S J Lousada

SECRETARY:

S C Lousada

REGISTERED OFFICE:

Oakley House

Church Lane

Oakley

Bedfordshire

MK43 7ST

REGISTERED NUMBER:

06366392 (England and Wales)

ACCOUNTANTS:

Rawlinson Pryde Limited

Chartered Accountants

Argent House

5 Goldington Road

Bedford

Bedfordshire

MK40 3JY

FIXED ASSETS

Tangible assets

4

1,675

-

Investments

5

5,000

5,000

Investment property

6

2,492,040

2,250,376

2,498,715

2,255,376

CURRENT ASSETS

Debtors: amounts falling due within one year

7

137,198

99,646

Prepayments and accrued income

103

-

Cash at bank

69,993

87,709

207,294

187,355

CREDITORS

Amounts falling due within one year

8

1,769,827

1,837,339

NET CURRENT LIABILITIES

(1,562,533

)

(1,649,984

)

TOTAL ASSETS LESS CURRENT LIABILITIES

936,182

605,392

PROVISIONS FOR LIABILITIES

27,664

37,363

CAPITAL AND RESERVES

Called up share capital

9

10,000

10,000

Fair value reserve

10

241,665

-

Retained earnings

656,853

558,029

SHAREHOLDERS' FUNDS

908,518

568,029

936,182

605,392

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

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.

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:

S C Lousada - Director

1.	STATUTORY INFORMATION

Lousada 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

Going concern

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.

The directors consider the use of the going concern basis of accounting appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern. The directors have agreed to support the company through Lousada Plc (a company which the directors of Lousada Development Limited are also directors of) to ensure it has adequate financial resources to continue in operational existence for the foreseeable future.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents net rents receivable and sales of materials and labour, excluding value added tax.

Rental receivable is recognised on a straight-line basis over the term of the relevant rental period.

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

-

20% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Investments in associates

Investments in associate undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Investment property for which fair value can be measured reliably without undue cost or effort is measured at fair value at each reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit or loss in the period in which they arise. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Investment property is subject to periodic valuation by the directors or by independent chartered surveyors, determined on the fair value basis using the market approach: based on market transactions involving identical or similar assets.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity. An equity instrument is any contract that evidences residual interest in the assets of the company after deduction any liabilities.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating lease income

Rental income is recognised by reference to gross rents receivable in the period. Expenses incurred in earning rental income are charged separately to the profit and loss account.

Impairment

At each reporting date, tangible fixed assets are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in the profit and loss account for the period.

If the recoverable amount of a tangible fixed asset subsequently increases as a result of a change in economic conditions or in the expected use of the asset, the net book amount shall be written back to the lower of recoverable amount and the amount at which the asset would have been recorded had the original write-down not been made. A reversal of an impairment loss is recognised in the profit and loss account for the period.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 October 2019

1,554

155

2,919

4,628

Additions

-

-

1,800

1,800

At 30 September 2020

1,554

155

4,719

6,428

DEPRECIATION

At 1 October 2019

1,554

155

2,919

4,628

Charge for year

-

-

125

125

At 30 September 2020

1,554

155

3,044

4,753

NET BOOK VALUE

At 30 September 2020

-

-

1,675

1,675

At 30 September 2019

-

-

-

-

5.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 October 2019

and 30 September 2020

5,000

NET BOOK VALUE

At 30 September 2020

5,000

At 30 September 2019

5,000

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2019

2,250,376

Revaluations

241,664

At 30 September 2020

2,492,040

NET BOOK VALUE

At 30 September 2020

2,492,040

At 30 September 2019

2,250,376

Included within the investment property values above is an amount of £202,780 (2019: £202,780) which has been separately identifiable as fixed plant and machinery and integral features.

Fair value at 30 September 2020 is represented by:

£

Valuation in 2020

241,664

Cost

2,250,376

2,492,040

If investment properties had not been revalued they would have been included at the following historical cost:

30.9.20

30.9.19

£

£

Cost

2,250,376

2,250,376

Investment properties were valued on an open market basis on 30 September 2020 by the Directors .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Trade debtors

61,147

13,482

Other debtors

32

32

Loan - Lousada Investments Ltd

14,009

-

Loan - Opentrade

10,000

10,000

Loan - Chris Izzard

20,000

20,000

Loan - Top Table

25,313

25,313

Directors' loan accounts

6,697

14,313

Tax

-

15,200

VAT

-

1,306

137,198

99,646

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Trade creditors

320

96,198

Tax

20,293

20,736

Social security and other taxes

-

445

VAT

12,559

-

Other creditors

7,028

7,028

Loan - Lousada plc

1,703,970

1,677,333

Deferred income

23,357

31,995

Accrued expenses

2,300

3,604

1,769,827

1,837,339

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.20

30.9.19

value:

£

£

10,000

Ordinary

£1

10,000

10,000

10.

RESERVES

Fair

value

reserve

£

Non-distributable reserves

transfer

241,665

At 30 September 2020

241,665

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2020 and 30 September 2019:

30.9.20

30.9.19

£

£

S C Lousada

Balance outstanding at start of year

14,313

10,495

Amounts advanced

8,451

14,564

Amounts repaid

(16,067

)

(10,746

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

6,697

14,313

The directors loan was unsecured, and repayable on demand. Interest was charged at the official interest rate on the outstanding balance. The amount of interest charged in the year was £247 (2019: £429).

The loan was repaid within 9 months and 1 day of the year end.