Law Property Developments Limited - Accounts to registrar (filleted) - small 18.2
Law Property Developments Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
LAW PROPERTY DEVELOPMENTS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2020 |
LAW PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 11292602) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 April 2020 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Chartered Certified Accountants' Report | 5 |
LAW PROPERTY DEVELOPMENTS LIMITED |
COMPANY INFORMATION |
for the year ended 30 April 2020 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
23 Gate Lane |
Boldmere |
Sutton Coldfield |
West Midlands |
B73 5TR |
LAW PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 11292602) |
BALANCE SHEET |
30 April 2020 |
30/4/20 | 30/4/19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 |
LAW PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 11292602) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 April 2020 |
1. | STATUTORY INFORMATION |
Law Property Developments Limited is a |
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 |
As at the year end date the company had net current liabilities totalling £545,408. However, included in |
'Creditors - amounts due within one year' is a directors loan account of £550,910. The director has |
given his assurance that he will not draw upon this loan unless cashflow permits. |
Significant judgements and estimates |
Investment Properties |
The value of the properties is assessed by either the directors or an independent property valuation |
specialist at each reporting date, using publicly available market evidence, comprising primarily of |
values of comparable properties in the area and national market statistics. However, it is inherently |
difficult to assess the true market value of the properties without actively marketing the properties for |
sale. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
Turnover represents net invoiced rental income, excluding value added tax. |
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. |
The company's properties are held for long-term investment and depreciation is not provided in respect |
of such properties. At the balance sheet date the investment properties are included at their fair value. |
This policy represents a departure from the statutory accounting principles, which require depreciation |
to be provided on all fixed assets. The Directors considers that this policy is necessary in order that the |
financial statements may give a true and fair view. |
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. |
LAW PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 11292602) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 April 2020 |
2. | ACCOUNTING POLICIES - continued |
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 |
4. | INVESTMENT PROPERTY |
Total |
£ |
COST |
At 1 May 2019 |
and 30 April 2020 |
NET BOOK VALUE |
At 30 April 2020 |
At 30 April 2019 |
The investment properties were bought in June 2018 at their market values. As at the year end date |
the directors, having used publicly available market evidence to assess the current market value of |
each asset, do not consider that the market value has materially changed. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/4/20 | 30/4/19 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/4/20 | 30/4/19 |
£ | £ |
Taxation and social security |
Other creditors |
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
LAW PROPERTY DEVELOPMENTS LIMITED |
The following reproduces the text of the report prepared for the directors 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 Directors 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 Law Property Developments Limited for the year ended 30 April 2020 which |
comprise the Income Statement, Balance Sheet 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to the Board of Directors of Law Property Developments Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Law Property Developments Limited and state those matters that we have agreed to state to the Board of Directors of Law Property Developments Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Law Property Developments Limited 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 Law Property Developments Limited. You consider that Law Property Developments Limited 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 Law Property Developments Limited. 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. |
23 Gate Lane |
Boldmere |
Sutton Coldfield |
West Midlands |
B73 5TR |