LPV_CARESLE_CHARTERIS_LIM - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

LPV Caresle Charteris Limited is a private company limited by shares incorporated in England and Wales. The registered office is .

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

Turnover is recognised at the fair value of the consideration received for sale of property.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises cost of acquisition and, where applicable, development costs.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

The average monthly number of persons (including directors) employed by the company during the year was:

The Other debtors due within one year represent amounts due from connected companies as detailed in the related party transactions note.

The Other creditors due within one year represent amounts due to connected companies as detailed in the related party transactions note.

The Other creditors due after one year represent shareholders loans and amounts due to connected companies as detailed in the related party transactions note. Both the bank loans and the shareholders loans will be repaid after all the properties have been sold.

The bank holds the following charges over the company:

The company hereby covenants on demand to pay or discharge the indebtedness to the lender. As security for the payment and discharge of the indebtedness the company hereby charges with full title guarantee to the lender:

-By way of legal mortgage all freehold and leasehold property now vested in the company together with all buildings fixtures (including trade fixtures) and fixed plant and machinery from time to time on that property.

-By way of fixed charge all estates or interests in any freehold and leasehold property of the company now and in the future vested in the company together with all buildings fixtures (including trade fixtures) and fixed plant and machinery from time to time on that property.

-By way of fixed charges all stocks shares and loan capital of the company in any subsidiary of the company.

-By way of fixed charge all the goodwill and uncalled capital for the time being of the company.

-By way of fixed charge all book debts and other debts now and in the future due or owing to the company.

-By way of fixed charge all intellectual property rights choses in action and claim now and in the future belonging to the company.

-By way of floating charge all the company's present and future undertaking and assets whatever and wherever including (without limitation) all other property and assets not subject to a fixed charge under this debenture.

During the year the company entered into the following transactions with related parties:

At the balance sheet date the following amounts were owed to the company by the following companies with common shareholders and directors:

£Nil (2019 : £15,289) - LPV Caresle Chanctonbury Ltd

£157,707 (2019 : £87,807) - LPV Caresle Waterloo Ltd

£87,276 (2019 : £32,776) - LPV Caresle South Park Ltd

At the balance sheet date the following amounts were owed by the company to the following companies with common shareholders and directors:

£91,111 (2019 : £83,011) - London Property Ventures 250 Ltd

£Nil (2019 : £5,877) - London Property Ventures Construction Ltd

£Nil (2019 : £7,250) - London Property Ventures Hampstead Limited

£Nil (2019 : £2,615) - London Property Ventures 100 Ltd

£516,572 (2019 : £516,572) - Caresle Ltd

£Nil (2019 : £5,000) - Hull Ventures Limited

At the balance sheet date the following amounts were owed by the company to the following shareholders:

£5,040 (2019 : £5,040) - London Property Mgt Ltd

£128,520 (2019 : £128,520) - London Property Ventures 250 Ltd

£345,240 (2019 : £345,240) - Caresle Ltd