London House Antiques Limited Company accounts

LONDON HOUSE ANTIQUES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03593036

LONDON HOUSE ANTIQUES LIMITED

Company Limited by Guarantee

UNAUDITED FINANCIAL STATEMENTS

31 December 2020

LONDON HOUSE ANTIQUES LIMITED

COMPANY LIMITED BY GUARANTEE

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

Contents	Pages

Director's report	1

Statement of income and retained earnings	2

Statement of financial position	3

Notes to the financial statements	4 to 7

The following pages do not form part of the financial statements

Accountants report to the director on the preparation of the unaudited statutory financial statements	9

LONDON HOUSE ANTIQUES LIMITED

COMPANY LIMITED BY GUARANTEE

DIRECTOR'S REPORT

YEAR ENDED 31 DECEMBER 2020

The director presents his report and the unaudited financial statements of the company for the year ended 31 December 2020 .

Director

The director who served the company during the year was as follows:

Mr S P Gilson

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 30 April 2021 and signed on behalf of the board by:

Mr S P Gilson
Director	Company Secretary

LONDON HOUSE ANTIQUES LIMITED

COMPANY LIMITED BY GUARANTEE

STATEMENT OF INCOME AND RETAINED EARNINGS

YEAR ENDED 31 DECEMBER 2020

	2020	2019
Note	£	£
Turnover	25,278	50,793

	--------	--------
Gross profit	25,278	50,793

Administrative expenses	29,588	36,606
Other operating income	25,000	–
	--------	--------
Operating profit	20,690	14,187

Other interest receivable and similar income		5	5
		--------	--------
Profit before taxation	5	20,695	14,192

Tax on profit	6	3,850	2,043
		--------	--------
Profit for the financial year and total comprehensive income		16,845	12,149
		--------	--------

Retained earnings at the start of the year	16,076	3,927
	--------	--------
Retained earnings at the end of the year	32,921	16,076
	--------	--------

All the activities of the company are from continuing operations.

LONDON HOUSE ANTIQUES LIMITED

COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL POSITION

31 December 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	7		434	1

Current assets

Debtors	8	1,416	1,369
Cash at bank and in hand		39,011	20,813
		--------	--------
		40,427	22,182

Creditors: amounts falling due within one year	9	7,940		6,107
		--------		--------
Net current assets			32,487	16,075
			--------	--------
Total assets less current liabilities			32,921	16,076
			--------	--------
Net assets			32,921	16,076
			--------	--------

Capital and reserves

Profit and loss account	32,921	16,076
	--------	--------
Members funds	32,921	16,076
	--------	--------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 30 April 2021 , and are signed on behalf of the board by:

Mr S P Gilson
Director

Company registration number: 03593036

LONDON HOUSE ANTIQUES LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

1. General information

The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is London House, High Street, Moreton in Marsh, Gloucestershire, GL56 0AH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered..

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	50% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Company limited by guarantee

The liability of the members is limited.

Every member of the company undertakes to contribute such amount as may be required (not exceeding £1) to the assets of the company, if it should be wound up whilst he or she is a member.

5. Profit before taxation

Profit before taxation is stated after charging:

	2020	2019
	£	£
Depreciation of tangible assets	432	–
	----	----

6. Tax on profit

Major components of tax expense

	2020	2019
	£	£

Current tax:

UK current tax expense	3,850	2,043
	-------	-------
Tax on profit	3,850	2,043
	-------	-------

The company has unrelieved corporation tax losses to carry forward of £nil (2019 £nil).

7. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 January 2020	450	450
Additions	865	865
	-------	-------
At 31 December 2020	1,315	1,315
	-------	-------
Depreciation
At 1 January 2020 and 31 December 2020	881	881
	-------	-------
Carrying amount
At 31 December 2020	434	434
	-------	-------
At 31 December 2019	( 431)	(431)
	-------	-------

8. Debtors

	2020	2019
	£	£
Other debtors	1,416	1,369
	-------	-------

9. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	402	401
Corporation tax	3,850	2,043
Other creditors	3,688	3,663
	-------	-------
	7,940	6,107
	-------	-------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Not later than 1 year	12,542	–
Later than 1 year and not later than 5 years	–	34,042
	--------	--------
	12,542	34,042
	--------	--------

11. Related party transactions

The company was under the control of all its members throughout the current and previous year. The company is limited by guarantee and therefore does not have share capital. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.

LONDON HOUSE ANTIQUES LIMITED

COMPANY LIMITED BY GUARANTEE

MANAGEMENT INFORMATION

YEAR ENDED 31 DECEMBER 2020

The following pages do not form part of the financial statements.

LONDON HOUSE ANTIQUES LIMITED

COMPANY LIMITED BY GUARANTEE

ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LONDON HOUSE ANTIQUES LIMITED

YEAR ENDED 31 DECEMBER 2020

As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 December 2020, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

SAWFORD BULLARD Accountants

The Old Mill Blisworth Hill Farm Stoke Road Blisworth Northampton NN7 3DB

30 April 2021