LWP Freeholds Limited - Accounts to registrar (filleted) - small 18.2
LWP Freeholds Limited - Accounts to registrar (filleted) - small 18.2
| LWP FREEHOLDS LIMITED |
| Financial Statements |
| for the period |
| 1 February 2020 to 31 December 2020 |
| LWP FREEHOLDS LIMITED (REGISTERED NUMBER: 08376141) |
| Contents of the Financial Statements |
| for the period 1 February 2020 to 31 December 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| LWP FREEHOLDS LIMITED |
| Company Information |
| for the period 1 February 2020 to 31 December 2020 |
| Director: |
| Registered office: |
| Registered number: |
| LWP FREEHOLDS LIMITED (REGISTERED NUMBER: 08376141) |
| Balance Sheet |
| 31 December 2020 |
| 2020 | 2020 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Current assets |
| Debtors | 5 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 6 |
| Net current assets |
| Total assets less current liabilities |
| Capital and reserves |
| Called up share capital |
| Retained earnings |
| The director acknowledges his 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 director and authorised for issue on |
| LWP FREEHOLDS LIMITED (REGISTERED NUMBER: 08376141) |
| Notes to the Financial Statements |
| for the period 1 February 2020 to 31 December 2020 |
| 1. | Statutory information |
| LWP Freeholds 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 |
| The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £. |
| Turnover |
| Turnover is recognised at the fair value of ground rents received or receivable in the normal course of business on an accruals basis. |
| Tangible fixed assets |
| Tangible fixed assets include freehold titles which are initially measured at the capitalised cost of the legal fees for acquisition of the freehold titles. They are subsequently held at cost in the financial statements, with no depreciation charge due to the nature of the asset. |
| The gain or loss arising on disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss. |
| Impairment of fixed assets |
| At each reporting period end date, the Company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
| Financial instruments |
| The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the company's balance sheet when the Company becomes party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset , with 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. |
| Equity instruments |
| Equity instruments issued by the Company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company. |
| Taxation |
| Taxation for the period 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. |
| LWP FREEHOLDS LIMITED (REGISTERED NUMBER: 08376141) |
| Notes to the Financial Statements - continued |
| for the period 1 February 2020 to 31 December 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 period 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. |
| Going concern |
| The current economic conditions, together with the COVID-19 pandemic, present increased risks for all businesses. In response to such conditions, the director has carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. |
| After making enquiries, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. |
| 3. | Employees and directors |
| The average number of employees during the period was NIL (2020 - |
| 4. | Tangible fixed assets |
| Freeholds |
| £ |
| Cost |
| At 1 February 2020 |
| and 31 December 2020 |
| Net book value |
| At 31 December 2020 |
| At 31 January 2020 |
| 5. | Debtors: amounts falling due within one year |
| 2020 | 2020 |
| £ | £ |
| Amounts owed by group undertakings |
| Other debtors |
| Directors' loan accounts | 10,500 | 95,426 |
| Tax |
| 6. | Creditors: amounts falling due within one year |
| 2020 | 2020 |
| £ | £ |
| Amounts owed to group undertakings |
| Tax |
| Accruals and deferred income |