ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

LIMEBROOK INVESTMENT COMPANY LIMITED - Company Information

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Caseware UK (AP4) 2019.0.227 2019.0.227 2020-03-312020-03-312019-04-01falseproperty dealings33falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02981007 2019-04-01 2020-03-31 02981007 2018-04-01 2019-03-31 02981007 2020-03-31 02981007 2019-03-31 02981007 c:Director3 2019-04-01 2020-03-31 02981007 d:CurrentFinancialInstruments 2020-03-31 02981007 d:CurrentFinancialInstruments 2019-03-31 02981007 d:Non-currentFinancialInstruments 2020-03-31 02981007 d:Non-currentFinancialInstruments 2019-03-31 02981007 d:CurrentFinancialInstruments d:WithinOneYear 2020-03-31 02981007 d:CurrentFinancialInstruments d:WithinOneYear 2019-03-31 02981007 d:Non-currentFinancialInstruments d:AfterOneYear 2020-03-31 02981007 d:Non-currentFinancialInstruments d:AfterOneYear 2019-03-31 02981007 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2020-03-31 02981007 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2019-03-31 02981007 d:ShareCapital 2020-03-31 02981007 d:ShareCapital 2019-03-31 02981007 d:RetainedEarningsAccumulatedLosses 2020-03-31 02981007 d:RetainedEarningsAccumulatedLosses 2019-03-31 02981007 c:OrdinaryShareClass1 2019-04-01 2020-03-31 02981007 c:OrdinaryShareClass1 2020-03-31 02981007 c:OrdinaryShareClass1 2019-03-31 02981007 c:FRS102 2019-04-01 2020-03-31 02981007 c:AuditExempt-NoAccountantsReport 2019-04-01 2020-03-31 02981007 c:FullAccounts 2019-04-01 2020-03-31 02981007 c:PrivateLimitedCompanyLtd 2019-04-01 2020-03-31 02981007 2 2019-04-01 2020-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02981007









LIMEBROOK INVESTMENT COMPANY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2020
 
LIMEBROOK INVESTMENT COMPANY LIMITED
REGISTERED NUMBER: 02981007

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2020

2020
2019
Note
£
£

  

Current assets
  

Stocks
  
4,429,823
4,427,227

Debtors: amounts falling due within one year
 4 
78,870
1,054,303

Cash at bank and in hand
  
40,122
90,826

  
4,548,815
5,572,356

Creditors: amounts falling due within one year
 5 
(1,665,042)
(2,582,398)

Net current assets
  
 
 
2,883,773
 
 
2,989,958

Total assets less current liabilities
  
2,883,773
2,989,958

Creditors: amounts falling due after more than one year
 6 
(2,880,924)
(2,946,934)

  

Net assets
  
2,849
43,024


Capital and reserves
  

Called up share capital 
 8 
3
3

Profit and loss account
  
2,846
43,021

  
2,849
43,024


Page 1
 
LIMEBROOK INVESTMENT COMPANY LIMITED
REGISTERED NUMBER: 02981007
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2020

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 income and retained earnings 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 by: 






S Sharpe
Director

Date: 29 March 2021


The notes on pages 3 to 7 form part of these financial statements.

Page 2
 
LIMEBROOK INVESTMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

1.


General information

The principal activity of the Limebrook Investment Company Limited ("the Company") is that of  property dealings.
The Company is a private company limited by shares and incorporated in England and Wales.
The Registered Office address is Fairchild House, Redbourne Avenue, London, N3 2BP. 

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

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less
costs to complete and sell. Cost is based on the cost of purchase.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount
is reduced to its selling price less costs to complete and sell. The impairment loss is recognised
immediately in profit or loss.

 
2.3

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 3
 
LIMEBROOK INVESTMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

2.Accounting policies (continued)

 
2.4

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and loans from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 4
 
LIMEBROOK INVESTMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

2.Accounting policies (continued)

 
2.5

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2019 - 3).


4.


Debtors

2020
2019
£
£


Trade debtors
2,558
6,296

Amounts owed by group undertakings
-
976,360

Other debtors
24,913
7,125

Prepayments and accrued income
51,399
64,522

78,870
1,054,303



5.


Creditors: Amounts falling due within one year

2020
2019
£
£

Bank loans
66,010
66,010

Trade creditors
3,757
729

Amounts owed to group undertakings
1,543,562
2,432,364

Other taxation and social security
3,108
838

Accruals and deferred income
48,605
82,457

1,665,042
2,582,398


Page 5
 
LIMEBROOK INVESTMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

6.


Creditors: Amounts falling due after more than one year

2020
2019
£
£

Bank loans
2,880,924
2,946,934

2,880,924
2,946,934



7.


Loans


Analysis of the maturity of loans is given below:


2020
2019
£
£

Amounts falling due within one year

Bank loans
66,010
66,010


Amounts falling due 2-5 years

Bank loans
2,880,924
2,946,934


2,946,934
3,012,944


Page 6
 
LIMEBROOK INVESTMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

8.


Share capital

2020
2019
£
£
Allotted, called up and fully paid



3 (2019 - 3) Ordinary shares of £1.00 each
3
3


9.


Contingent liabilities

The company together with its parent company, Winston Group Limited and fellow subsidiaries, Waystone Properties Limited and Jointurban Limited have provided an unlimited cross guarantee to the bank in respect of this borrowing and, as security, the bank has a charge over the assets of each company. At the balance sheet date, the maximum contingent liability in respect of this facility was £3,779,300 (2019: £3,779,300).


10.


Controlling party

The ultimate parent company undertaking is The Winston Group Limited, a company registered in England and Wales.

 
Page 7