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Registered number: 04578003
LANECARE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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LANECARE LIMITED
REGISTERED NUMBER: 04578003
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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.
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LANECARE LIMITED
REGISTERED NUMBER: 04578003
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2021
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:
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B Lindley
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The notes on pages 3 to 6 form part of these financial statements.
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LANECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
The principal activity of Lanecare Limited was property investment.
The company is a private company limited by shares and is incorporated in England and Wales.
The registered office address is White Wings, Trebetherick, Wadebridge, PL27 6SA.
2.Accounting policies
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Basis of preparation of financial statements
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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:
As at the year-end the company had net current liabilities of £230,226 (2020 - £215,816).
A significant part of current liabilities is a balance owed to a related party which is highly unlikely to crystallise. Therefore the company retains support of creditors including the bank.
The directors have assessed a period of 12 months from the present date and consider that the company is a going concern. Therefore the accounts are prepared on a going concern basis.
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax.
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
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LANECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.Accounting policies (continued)
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to
and 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.
(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.
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The average monthly number of employees, including directors, during the year was 2 (2020 - 2).
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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LANECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Creditors: Amounts falling due after more than one year
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The following liabilities were secured:
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Details of security provided:
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The bank loan has security comprising of fixed and floating charges over the assets of the company, including the freehold property known as the Tredrea Inn, Porthcothan Bay, Padstow, Cornwall.
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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LANECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Related party transactions
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Crowndell Consulting Limited and Faronpark Limited are companies in which a director is a shareholder and director. At the year end the company owed Crowndell Consulting £106,704 (2020- £100,892) and Faronpark £103,996 (2020 - £103,996)
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Post balance sheet events
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The company was sold to a third party in November 2021. All of the related party loans were settled and are now owed to a parent company. These are unlikely to be repaid in the short term.
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