Lomond Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC077457 (Scotland)

Unaudited Financial Statements for the Year Ended 31 October 2020

for

LOMOND PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

WGS Robertson

SECRETARY:

C M Graham

REGISTERED OFFICE:

2 Victoria Place

Rutherglen

Glasgow

G73 1JU

REGISTERED NUMBER:

SC077457 (Scotland)

ACCOUNTANTS:

Brand Jamieson & Co. Ltd.

Chartered Accountants

2 Victoria Place

Rutherglen

Glasgow

G73 2JP

FIXED ASSETS

Tangible assets

4

104,177

105,200

CURRENT ASSETS

Investments

5

270,000

258,000

Cash at bank

86,819

54,451

356,819

312,451

CREDITORS

Amounts falling due within one year

6

(76,463

)

(46,775

)

NET CURRENT ASSETS

280,356

265,676

TOTAL ASSETS LESS CURRENT LIABILITIES

384,533

370,876

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

384,433

370,776

SHAREHOLDERS' FUNDS

384,533

370,876

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 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 30 July 2021 and were signed by:

WGS Robertson - Director

1.	STATUTORY INFORMATION

Lomond Properties Limited is a private company, limited by shares , registered in Scotland. 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.

Tangible fixed assets

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

Freehold property

-

1% on cost

Fixtures and fittings

-

20% on reducing balance

Taxation

Taxation for the year 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 year 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 November 2019

153,513

1,500

1,821

156,834

Additions

-

-

683

683

Disposals

-

-

(1,821

)

(1,821

)

At 31 October 2020

153,513

1,500

683

155,696

DEPRECIATION

At 1 November 2019

48,313

1,500

1,821

51,634

Charge for year

1,535

-

171

1,706

Eliminated on disposal

-

-

(1,821

)

(1,821

)

At 31 October 2020

49,848

1,500

171

51,519

NET BOOK VALUE

At 31 October 2020

103,665

-

512

104,177

At 31 October 2019

105,200

-

-

105,200

5.	CURRENT ASSET INVESTMENTS

31.10.20

31.10.19

£

£

Listed investments

270,000

258,000

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Taxation and social security

14,339

9,138

Other creditors

62,124

37,637

76,463

46,775

7.	ULTIMATE CONTROLLING PARTY

The controlling party is WGS Robertson.