Lister Park Limited Filleted accounts for Companies House (small and micro)

LISTER PARK LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 11916410

LISTER PARK LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 March 2021

LISTER PARK LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

CONTENTS	PAGES

Statement of financial position	1 to 2

Notes to the financial statements	3 to 5

LISTER PARK LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2021

	2021		2020
Note	£	£	£	£

FIXED ASSETS

Tangible assets	4		1,114,744		1,092,226

CURRENT ASSETS

Debtors	5	363	335
Cash at bank and in hand		753	5,543
		-------	-------
		1,116	5,878

CREDITORS: amounts falling due within one year	6	( 397,018)		( 368,158)
		----------		----------
NET CURRENT LIABILITIES			( 395,902)		( 362,280)
			-------------		-------------
TOTAL ASSETS LESS CURRENT LIABILITIES			718,842		729,946

CREDITORS: amounts falling due after more than one year	7	( 738,900)	( 736,360)
		----------	----------
NET LIABILITIES		( 20,058)	( 6,414)
		----------	----------

LISTER PARK LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2021

	2021		2020
Note	£	£	£	£

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	( 20,158)	( 6,514)
	---------	-------
SHAREHOLDERS DEFICIT	( 20,058)	( 6,414)
	---------	-------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 March 2021 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 31 March 2022 , and are signed on behalf of the board by:

Mr C Getter
Director

Company registration number: 11916410

LISTER PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.

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.

Going concern

Notwithstanding the company's deficiency in net current assets, the financial statements have been prepared in accordance with the accounting principles appropriate to a going concern, as the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due. This is on the basis that the Company has received an assurance from the secondary creditor, that the amount owed to it will not be called for repayment until the company is in a position to make such a repayment without detriment to its ongoing activities.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The valuation of investment properties is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.

Turnover

The turnover of the company is represented by rents and charges receivable in respect of its investment properties.

Investment properties

Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition - - Investment properties whose fair value can be measured reliably are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise; and - No depreciation is provided in respect of investment properties applying the fair value model. Investment property fair value is determined by the Director based on his understanding of property market conditions and the specific property concerned, using a sales valuation approach, derived from recent comparable transactions and market yields, adjusted by applying discounts to reflect status of occupation and condition. Acquisitions and disposals of properties Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the financial statements accordingly.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

4. TANGIBLE ASSETS

	Freehold investment properties
	£
Fair value
At 1 April 2020	1,092,226
Additions	22,518
	-------------
At 31 March 2021	1,114,744
	-------------
Carrying amount
At 31 March 2021	1,114,744
	-------------
At 31 March 2020	1,092,226
	-------------

The Company's investment properties are valued by the Director based on his understanding of property market conditions using a sales valuation approach, derived from recent comparable transactions and market yields, adjusted by applying discounts to reflect status of occupation and condition. The historical cost of the investment properties is £1,114,744.

5. DEBTORS

	2021	2020
	£	£
Other debtors	363	335
	----	----

6. CREDITORS: amounts falling due within one year

	2021	2020
	£	£
Other creditors	397,018	368,158
	----------	----------

7. CREDITORS: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	738,900	736,360
	----------	----------

Included within creditors: amounts falling due after more than one year is an amount of £738,900 (2020: £736,360) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.

8. RELATED PARTY TRANSACTIONS

Included in Other creditors is a loan of £395,097 due to a company connected with the director and shareholders. The loan is interest-free and repayable on demand.