Life Property Development Limited 31/03/2021 iXBRL

Life Property Development Limited 31/03/2021 iXBRL

LIFE PROPERTY DEVELOPMENT LTD - Company Information

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Company registration number: 09408505
Life Property Development Limited
Unaudited filleted financial statements
31 March 2021
Life Property Development Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Life Property Development Limited
Directors and other information
Directors Mr Daniel Madge
Company number 09408505
Registered office 2 Sway Road
Morriston
Swansea
SA6 6HT
Business address 2 Sway Road
Morriston
Swansea
SA6 6HT
Accountants Morgan Hemp
103-104 Walter Road
Swansea
SA1 5QF
Bankers Barclays plc
Life Property Development Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Life Property Development Limited
Year ended 31 March 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Life Property Development Limited for the year ended 31 March 2021 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Life Property Development Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Life Property Development Limited and state those matters that we have agreed to state to the board of directors of Life Property Development Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Life Property Development Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Life Property Development 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 Life Property Development Limited. You consider that Life Property Development Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Life Property Development 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.
Morgan Hemp
103-104 Walter Road
Swansea
SA1 5QF
21 December 2021
Life Property Development Limited
Statement of financial position
31 March 2021
2021 2020
Note £ £ £ £
Current assets
Stocks - 286,645
Debtors 5 92 68,266
Cash at bank and in hand 19,858 327
_______ _______
19,950 355,238
Creditors: amounts falling due
within one year 6 ( 55,360) ( 355,124)
_______ _______
Net current (liabilities)/assets ( 35,410) 114
_______ _______
Total assets less current liabilities ( 35,410) 114
_______ _______
Net (liabilities)/assets ( 35,410) 114
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account ( 35,411) 113
_______ _______
Shareholders (deficit)/funds ( 35,410) 114
_______ _______
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.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 December 2021 , and are signed on behalf of the board by:
Mr Daniel Madge
Director
Company registration number: 09408505
Life Property Development 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 United Kingdom. The address of the registered office is 2 Sway Road, Morriston, Swansea, SA6 6HT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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
The preparation of the accounts under the going concern basis remains appropriate as the director has confirmed he will continue to give financial support to the company until such time as its position improves. The financial statements do not include any adjustments that would result if the financial support were withdrawn.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2020: Nil).
5. Debtors
2021 2020
£ £
Trade debtors - 19,728
Amounts owed by group undertakings and undertakings in which the company has a participating interest 92 48,538
_______ _______
92 68,266
_______ _______
6. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 112 1,148
Amounts owed to group undertakings and undertakings in which the company has a participating interest 24 -
Social security and other taxes 2,996 3,932
Other creditors 52,228 350,044
_______ _______
55,360 355,124
_______ _______
7. Related party transactions
Exemption under Section 33.1A has been claimed to not disclose transactions for 100% group companies.