Longacre (Belvedere) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09797625 (England and Wales)

Unaudited Financial Statements

for the Period 1 October 2020 to 30 June 2021

for

LONGACRE (BELVEDERE) LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

M J Tyrrell

REGISTERED OFFICE:

3rd Floor, Harmony Hall

10 Bridge Street

Bath

BA2 4AS

REGISTERED NUMBER:

09797625 (England and Wales)

ACCOUNTANTS:

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

The following reproduces the text of the report prepared for the director 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 Director 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 Longacre (Belvedere) Limited for the period ended 30 June 2021 which comprise the Income Statement, Balance Sheet, 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 director of Longacre (Belvedere) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Longacre (Belvedere) Limited and state those matters that we have agreed to state to the director of Longacre (Belvedere) Limited 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 Longacre (Belvedere) Limited and its director for our work or for this report.

It is your duty to ensure that Longacre (Belvedere) 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 loss of Longacre (Belvedere) Limited. You consider that Longacre (Belvedere) Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Longacre (Belvedere) 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.

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

21 March 2022

FIXED ASSETS

Tangible assets

4

2,172

2,896

Investment property

5

1,445,000

1,445,000

1,447,172

1,447,896

CURRENT ASSETS

Debtors

6

13,399

13,685

Cash at bank

77,505

121,320

90,904

135,005

CREDITORS

Amounts falling due within one year

7

45,430

143,924

NET CURRENT ASSETS/(LIABILITIES)

45,474

(8,919

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,492,646

1,438,977

CREDITORS

Amounts falling due after more than one year

8

(1,247,547

)

(1,189,792

)

PROVISIONS FOR LIABILITIES

10

(50,541

)

(12,674

)

NET ASSETS

194,558

236,511

CAPITAL AND RESERVES

Called up share capital

11

2

2

Retained earnings

194,556

236,509

SHAREHOLDERS' FUNDS

194,558

236,511

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2021 in accordance with Section 476 of the Companies Act 2006.

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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 March 2022 and were signed by:

M J Tyrrell - Director

1.	STATUTORY INFORMATION

Longacre (Belvedere) 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.

The outbreak of Covid-19 and subsequent restrictions imposed have led to uncertainty in the housing market. The director is confident that the property investments are secure during the pandemic.

The director is confident that the considerable uncertainty will not impact the company as a going concern.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Recognised when services have been rendered.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

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.

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.

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.

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, loans from banks and other third parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an assets carrying amount and the present value of estimated cash flows discounted at the assets original effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 (2020 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 October 2020

and 30 June 2021

4,826

DEPRECIATION

At 1 October 2020

1,930

Charge for period

724

At 30 June 2021

2,654

NET BOOK VALUE

At 30 June 2021

2,172

At 30 September 2020

2,896

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2020

and 30 June 2021

1,445,000

NET BOOK VALUE

At 30 June 2021

1,445,000

At 30 September 2020

1,445,000

The brought forward values had been formally valued by Carter Jonas and the director still regards this as the current market value. The property purchased in the previous accountancy period is also still considered at current market value.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

13,399

13,685

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

-

1

Taxation and social security

-

29,366

Other creditors

45,430

114,557

45,430

143,924

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

837,174

845,964

Other creditors

410,373

343,828

1,247,547

1,189,792

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

837,174

845,964

The bank loan is secured on the investment properties and on a property owned by Longacre Residential Limited, a company also owned by Bath Estates and Development Limited.

10.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

50,541

12,674

Deferred

tax

£

Balance at 1 October 2020

12,674

Accelerated capital allowances

37,867

Tax losses carried forward

Balance at 30 June 2021

50,541

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

2

Ordinary Share

£1

2

2

12.	CRITICAL ACCOUNTING ESTIMATES AND UNCERTAINTIES

The director believes that the value of the investment properties in the accounts represents market value.

No other significant judgements or key assumptions have been made by the director in preparing these financial statements.

13.	PARENT COMPANY

The parent company is Bath Estates & Development Limited, a private company limited by shares, registered in England and Wales.