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

REGISTERED NUMBER: 04129457 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

LORD PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

8

DIRECTORS:

Mr C Skarparis

Mr K P Simeou

Mr C Pantazis

SECRETARY:

Mr C Skarparis

REGISTERED OFFICE:

2nd Floor

10(b) Aldermans Hill

Palmers Green

London

N13 4PJ

REGISTERED NUMBER:

04129457 (England and Wales)

ACCOUNTANTS:

Chris Skarparis & Co Ltd

Chartered Accountants

2nd Floor

10(b) Aldermans Hill

Palmers Green

London

N13 4PJ

FIXED ASSETS

Investment property

4

1,690,000

1,690,000

CURRENT ASSETS

Debtors

5

10,615

10,290

Cash at bank

20,481

20,460

31,096

30,750

CREDITORS

Amounts falling due within one year

6

26,820

52,953

NET CURRENT ASSETS/(LIABILITIES)

4,276

(22,203

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,694,276

1,667,797

CREDITORS

Amounts falling due after more than one year

7

(450,852

)

(469,909

)

PROVISIONS FOR LIABILITIES

10

(70,463

)

(70,463

)

NET ASSETS

1,172,961

1,127,425

CAPITAL AND RESERVES

Called up share capital

3

3

Fair value reserve

11

635,703

635,703

Retained earnings

11

537,255

491,719

SHAREHOLDERS' FUNDS

1,172,961

1,127,425

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 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 29 December 2021 and were signed on its behalf by:

Mr C Pantazis - Director

Mr K P Simeou - Director

Mr C Skarparis - Director

1.	STATUTORY INFORMATION

Lord Properties Limited is a private company,limited by shares, registered in England and Wales.The company 's registered number is 04129457 and registered office address is 2nd Floor, 10(B) Aldermans Hill, Palmers Green , London, N13 4PJ.

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 net rental income, excluding value added tax.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment properties are carried at fair value determined annually by the directors or by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement of the year.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Capital gains tax on uncrystallised gains on property investments is provided in the financial statements using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Finance cost amortisation

Finance costs incurred in connection with the arrangement of bank loans are capitalised as a reduction to the loan and then amortised , on a straight line basis, over the duration of the loans.

Going concern

As with most businesses the Company has been impacted by the Coronavirus (Covid 19). This has had an impact on the operations and tenants..The Company are taking all the steps it can to protect the future of the business. Although the total impact is still uncertain the director believes that it is appropriate to prepare the accounts on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2020

and 31 March 2021

1,690,000

NET BOOK VALUE

At 31 March 2021

1,690,000

At 31 March 2020

1,690,000

Fair value at 31 March 2021 is represented by:

£

Valuation in 2004

200,000

Valuation in 2006

78,919

Valuation in 2011

85,260

Valuation in 2015

330,000

Valuation in 2016

8,279

Cost

987,542

1,690,000

Investment properties were valued on an open market basis on 31 March 2021 by the directors .

5.

DEBTORS

31.3.21

31.3.20

£

£

Amounts falling due within one year:

Trade debtors

4,920

4,595

Amounts falling due after more than one year:

Other debtors-

Deposit Protection Scheme

5,695

5,695

5,695

5,695

Aggregate amounts

10,615

10,290

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts

7,907

33,612

Tax

10,617

10,891

Rent received in advance

7,745

7,745

Accrued expenses

551

705

26,820

52,953

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans - 1-2 years

-

21,626

Bank loans more 5 yrs non-inst

355,017

352,824

Finance cost

(2,717

)

(2,860

)

Rent Deposit

10,320

10,320

Directors' loan accounts

88,232

87,999

450,852

469,909

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

355,017

352,824

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.21

31.3.20

£

£

Bank loans

362,924

408,062

9.	DIRECTORS' LOAN

Included in Creditors - amounts falling due after more than one year is a loan of £88,232 (2020: £87,999) due to the Directors. This loan is recognised at transaction price. The directors' loan is not due until after more than 1 year and is interest free.

10.	PROVISIONS FOR LIABILITIES

31.3.21

31.3.20

£

£

Deferred tax on CGT provision

70,463

70,463

Deferred

tax

£

Balance at 1 April 2020

70,463

Balance at 31 March 2021

70,463

11.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 April 2020

491,719

635,703

1,127,422

Profit for the year

45,536

45,536

At 31 March 2021

537,255

635,703

1,172,958

Fair value reserve as at 31 March 2021 is an amount of £635,703 (2020- £635,703) relate to revaluation reserves which are non distributable.

12.	RELATED PARTY DISCLOSURES

The directors and their companies rent offices from Lord Properties Ltd. Rent is charged at market rates.

13.	CONTROLLING PARTIES

The company is controlled by C. Skarparis, K.P. Simeou and C. Pantazis, the company directors and shareholders.

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 Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Directors' Report 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 Lord Properties Limited for the year ended 31 March 2021 which comprise the Income Statement, Balance Sheet, 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Lord Properties 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 Lord Properties Limited and state those matters that we have agreed to state to the Board of Directors of Lord Properties 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/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lord Properties 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 profit of Lord Properties Limited. You consider that Lord Properties 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 Lord Properties 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.

Chris Skarparis & Co Ltd

Chartered Accountants

2nd Floor

10(b) Aldermans Hill

Palmers Green

London

N13 4PJ

29 December 2021