Lance Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 04351767

LANCE LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 March 2022

LANCE LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

LANCE LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

Director	Ms E Znojkiewicz

Company secretary	Mr K L Bowman

Registered office	Lynton House
	Lower Ground Floor
	7-12 Tavistock Square
	London
	WC1H 9BQ

Accountants	BSG Valentine (UK) LLP
	Chartered Accountants
	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9BQ

LANCE LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2022

	2022		2021
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		3,043,526		3,008,910

CURRENT ASSETS

Debtors	6	953,647	924,657
Cash at bank and in hand		14,030	10,044
		---------	---------
		967,677	934,701

CREDITORS: amounts falling due within one year	7	( 1,378,574)		( 1,351,169)
		------------		------------
NET CURRENT LIABILITIES			( 410,897)		( 416,468)
			------------		------------
TOTAL ASSETS LESS CURRENT LIABILITIES			2,632,629		2,592,442

CREDITORS: amounts falling due after more than one year	8	( 1,350,000)	( 1,350,000)
		------------	------------
NET ASSETS		1,282,629	1,242,442
		------------	------------

CAPITAL AND RESERVES

Called up share capital		1	1
Profit and loss account	9	1,282,628	1,242,441
		------------	------------
SHAREHOLDER FUNDS		1,282,629	1,242,442
		------------	------------

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.

For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has 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 .

LANCE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 30 December 2022 , and are signed on behalf of the board by:

Ms E Znojkiewicz
Director

Company registration number: 04351767

LANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, Lower Ground Floor, 7-12 Tavistock Square, London, WC1H 9BQ.

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.

Revenue recognition

Turnover represents rental income receivable under property leases on an accruals basis.

Income tax

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor vehicles	-	25% straight line
Computer equipment	-	25% straight line

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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. 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.

4. Staff numbers

The average number of persons employed by the company during the year, including the directors, amounted to 1 (2021: 1).

5. Tangible assets

	Investment property	Motor vehicles	Equipment	Total
	£	£	£	£
Valuation
At 1 April 2021	3,000,000	4,000	26,019	3,030,019
Additions	–	–	42,996	42,996
	------------	-------	--------	------------
At 31 March 2022	3,000,000	4,000	69,015	3,073,015
	------------	-------	--------	------------
Depreciation
At 1 April 2021	–	3,999	17,110	21,109
Charge for the year	–	–	8,380	8,380
	------------	-------	--------	------------
At 31 March 2022	–	3,999	25,490	29,489
	------------	-------	--------	------------
Carrying amount
At 31 March 2022	3,000,000	1	43,525	3,043,526
	------------	-------	--------	------------
At 31 March 2021	3,000,000	1	8,909	3,008,910
	------------	-------	--------	------------

The company's investment property has been valued by the director, whereby it is believed that the net book value at the balance sheet date is not materially different to the fair value as at the year end. The property has a historical cost of £1,921,594 (2021: £1,921,594).

6. Debtors

	2022	2021
	£	£
Trade debtors	12,000	6,000
Amounts owed by group undertakings	941,647	918,657
	---------	---------
	953,647	924,657
	---------	---------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	41,835	16,271
Amounts owed to group undertakings	1,241,968	1,241,968
Social security and other taxes	4,905	6,877
Other creditors	89,866	86,053
	------------	------------
	1,378,574	1,351,169
	------------	------------

See note 9 for details of security in respect of bank loans and overdrafts.

8. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	1,350,000	1,350,000
	------------	------------

The bank loans and overdrafts are secured by both a mortgage over the investment property and a debenture with a fixed and floating charge over all the assets of the company.

9. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses. Within the profit and loss account are non-distributable reserves relating to the revaluation of the investment properties amounting to £1,078,406 (2021: £1,078,406).

10. Related party transactions

The company has taken advantage of the exemption in FRS 102 from disclosing transactions and balances with other wholly owned group companies.