Lear Developments Holdings Limited - Accounts to registrar (filleted) - small 18.2

Lear Developments Holdings Limited - Accounts to registrar (filleted) - small 18.2

LEAR DEVELOPMENTS HOLDINGS LIMITED - Company Information

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REGISTERED NUMBER: 09346568 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

LEAR DEVELOPMENTS HOLDINGS LIMITED
LEAR DEVELOPMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 09346568)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020










Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


LEAR DEVELOPMENTS HOLDINGS LIMITED


COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2020







DIRECTORS: Mrs K K Lear
Mr S J P Lear





REGISTERED OFFICE: 505 Pinner Road
Harrow
Middlesex
HA2 6EH





REGISTERED NUMBER: 09346568 (England and Wales)





ACCOUNTANTS: STGCA LLP t/as Sterling
Chartered Accountants
505 Pinner Road
Harrow
Middlesex
HA2 6EH
Page 1
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
LEAR DEVELOPMENTS HOLDINGS LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lear Developments Holdings Limited for the year ended 31 December 2020 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Lear Developments Holdings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lear Developments Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Lear Developments Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lear Developments Holdings Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lear Developments Holdings 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 Lear Developments Holdings Limited. You consider that Lear Developments Holdings 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 Lear Developments Holdings 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.






STGCA LLP t/as Sterling
Chartered Accountants
505 Pinner Road
Harrow
Middlesex
HA2 6EH


20 August 2021

This page does not form part of the statutory financial statements

Page 2
LEAR DEVELOPMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 09346568)


STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2020

31/12/20 31/12/19
Notes £ £ £ £
FIXED ASSETS
Investments 4 101 101
Investment property 5 1,800,000 1,800,000
1,800,101 1,800,101

CURRENT ASSETS
Debtors 6 155,942 156,602
Cash at bank 661 5,679
156,603 162,281
CREDITORS
Amounts falling due within one year 7 59,242 44,952
NET CURRENT ASSETS 97,361 117,329
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,897,462
1,917,430

CREDITORS
Amounts falling due after more than one
year
8
(1,452,229
)
(1,423,564
)

PROVISIONS FOR LIABILITIES (94,380 ) (94,380 )
NET ASSETS 350,853 399,486

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 350,753 399,386
SHAREHOLDERS' FUNDS 350,853 399,486

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 notes form part of these financial statements

Page 3 continued...
LEAR DEVELOPMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 09346568)


STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2020


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 Board of Directors and authorised for issue on 20 August 2021 and were signed on its behalf by:





Mrs K K Lear - Director


The notes form part of these financial statements

Page 4
LEAR DEVELOPMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 09346568)


NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020


1. STATUTORY INFORMATION

Lear Developments Holdings Limited is a private company, limited by shares , registered in England and Wales. 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents rental income receivable. Turnover is recognised when the company has a right to consideration.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property whose fair value can be measured reliably without undue cost or effort shall be measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Deferred tax
Deferred tax is recognised in respect of all timing differences which are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 1 ) .

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 January 2020
and 31 December 2020 101
NET BOOK VALUE
At 31 December 2020 101
At 31 December 2019 101

Page 5 continued...
LEAR DEVELOPMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 09346568)


NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2020


5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 January 2020
and 31 December 2020 1,800,000
NET BOOK VALUE
At 31 December 2020 1,800,000
At 31 December 2019 1,800,000

Fair value at 31 December 2020 is represented by:
£
Valuation in 2015 901,045
Valuation in 2017 (100,000 )
Valuation in 2018 (200,000 )
Valuation in 2019 1,198,955
1,800,000

In the opinion of the directors the fair value of the investment properties as at 31 December 2020 is not significantly different to that stated above.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/20 31/12/19
£ £
Amounts owed by connected companies 155,942 156,602

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/20 31/12/19
£ £
Social security and other taxes - 303
Directors' current accounts 56,242 41,648
Accrued expenses 3,000 3,001
59,242 44,952

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/12/20 31/12/19
£ £
Bank loans 1,452,229 1,423,564

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans 1,452,229 1,423,564

Page 6 continued...
LEAR DEVELOPMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 09346568)


NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2020


9. SECURED DEBTS

The following secured debts are included within creditors:

31/12/20 31/12/19
£ £
Bank loans 1,452,229 1,423,564

The bank loan is secured by a fixed charge over the investment property. The loan is repayable in 20 years from the year end and subject to interest rate of 2.84% per annum.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date, the company owed £62,630 (2019: £41,648) to the director.

11. RELATED PARTY DISCLOSURES

At the balance sheet date, the company was owed £5,827 (2019: £5,254) by Lear Developments Limited, its wholly owned subsidiary. The amount due is interest free and repayable on demand.

At the balance sheet date, the company was owed £150,115 (2019: £151,347) by SANA (Reedham) Limited, its wholly owned subsidiary. The amount due is interest free and repayable on demand.

12. ULTIMATE CONTROLLING PARTY

The director is the ultimate controller by virtue of her shareholding in the entity.

Page 7