Lgy Properties Limited - Accounts to registrar (filleted) - small 18.2

LGY PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2020

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Accountants' Report

8

DIRECTORS:

J M Soar

S C Lousada

SECRETARY:

Mrs S A Hunt

REGISTERED OFFICE:

Estate Office

Oakley House

Oakley

Bedford

Bedfordshire

MK43 7ST

REGISTERED NUMBER:

09703848 (England and Wales)

ACCOUNTANTS:

Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

FIXED ASSETS

Investment property

4

2,498,000

2,645,000

CURRENT ASSETS

Debtors

5

147,477

140,969

Cash at bank

77,869

43,774

225,346

184,743

CREDITORS

Amounts falling due within one year

6

140,398

107,833

NET CURRENT ASSETS

84,948

76,910

TOTAL ASSETS LESS CURRENT LIABILITIES

2,582,948

2,721,910

CREDITORS

Amounts falling due after more than one year

7

(2,057,735

)

(2,240,380

)

PROVISIONS FOR LIABILITIES

(11,636

)

(9,936

)

NET ASSETS

513,577

471,594

CAPITAL AND RESERVES

Called up share capital

8

200

200

Share premium

259,314

259,314

Non-distributable retained

earnings

9

86,364

88,064

Retained earnings

167,699

124,016

SHAREHOLDERS' FUNDS

513,577

471,594

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21st April 2021 and were signed on its behalf by:

S C Lousada - Director

1.	STATUTORY INFORMATION

Lgy Properties 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 as modified by the revaluation of certain assets.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

In response to the COVID-19 pandemic, the Directors have taken into account the impact on their business of possible scenarios brought on by the pandemic, alongside the measures that they can take to mitigate the impact. Based on these assessments, the Directors have concluded that they can continue to adopt the going concern basis in preparing the accounts.

Turnover

Turnover represents rents and service recharges received from tenants of properties, stated net of value added tax.

Income received that relates to a period after the year end is treated as deferred income.

Investment property

Investment properties for which fair value can be measured reliably are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. No formal valuation has taken place during the year by a professional independent valuer. The current fair value is based on a recognised valuation model.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 2 (2019 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st January 2020

2,645,000

Disposals

(195,000

)

Revaluations

48,000

At 31st December 2020

2,498,000

NET BOOK VALUE

At 31st December 2020

2,498,000

At 31st December 2019

2,645,000

Fair value at 31st December 2020 is represented by:

£

Valuation in 2017

50,000

Valuation in 2020

48,000

Cost

2,400,000

2,498,000

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

31/12/20

31/12/19

£

£

Cost

2,400,000

2,547,000

Investment properties were valued on a fair value basis basis on 31st December 2020 by Mr S C Lousada, a director .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/20

31/12/19

£

£

Trade debtors

77,038

22,219

VAT

-

9,405

Prepayments

70,439

109,345

147,477

140,969

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/20

31/12/19

£

£

Trade creditors

50,983

61,509

Corporation tax

6,865

7,244

VAT

4,708

-

Other creditors

21,249

15,474

Accrued expenses

56,593

23,606

140,398

107,833

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/20

31/12/19

£

£

Amounts owed to related companies

2,057,735

2,240,380

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/20

31/12/19

value:

£

£

200

ORDINARY

£1

200

200

9.

RESERVES

Non-distributable

retained

earnings

£

At 1st January 2020

88,064

Surplus on revaluation

(1,700

)

At 31st December 2020

86,364

10.	CONTINGENT LIABILITIES

The company has granted legal mortgages over its freehold investment properties to the banker's of Lousada (Developments) Limited, a company under common control.

At the balance sheet date the maximum liability under this commitment would be £620,000 (2019 £660,000).

11.	ULTIMATE CONTROLLING PARTY

The directors believe there is no overall controlling party.

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 Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income 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 Lgy Properties Limited for the year ended 31st December 2020 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Lgy Properties 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 Lgy Properties Limited and state those matters that we have agreed to state to the Board of Directors of Lgy Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lgy Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lgy Properties 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 Lgy Properties Limited. You consider that Lgy Properties 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 Lgy Properties 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.

Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

28th April 2021