Lance Limited Filleted accounts for Companies House (small and micro)
Lance Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
04351767
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FOR THE YEAR ENDED |
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FINANCIAL STATEMENTS |
YEAR ENDED 31 MARCH 2021
Contents |
Page |
Officers and professional advisers |
1 |
Statement of financial position |
2 |
Notes to the financial statements |
4 |
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OFFICERS AND PROFESSIONAL ADVISERS |
Director |
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Company secretary |
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Registered office |
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Accountants |
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Chartered Accountants |
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Lynton House |
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7 - 12 Tavistock Square |
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London |
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WC1H 9BQ |
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STATEMENT OF FINANCIAL POSITION |
2021 |
2020 |
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Note |
£ |
£ |
£ |
£ |
FIXED ASSETS
Tangible assets |
5 |
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CURRENT ASSETS
Debtors |
6 |
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Cash at bank and in hand |
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CREDITORS: amounts falling due within one year |
7 |
(
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(
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NET CURRENT LIABILITIES |
(
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(
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS: amounts falling due after more than one year |
8 |
(
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(
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NET ASSETS |
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CAPITAL AND RESERVES
Called up share capital |
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Profit and loss account |
9 |
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SHAREHOLDER FUNDS |
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Director's responsibilities:
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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
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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STATEMENT OF FINANCIAL POSITION (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
25 January 2022
, and are signed on behalf of the board by:
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Director |
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Company registration number:
04351767
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NOTES TO THE FINANCIAL STATEMENTS |
YEAR ENDED 31 MARCH 2021
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
3.
Accounting policies
Basis of preparation
Revenue recognition
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
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 |
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Computer equipment |
- |
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Investment property
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 (2020: 1).
5.
Tangible assets
Investment property |
Motor vehicles |
Equipment |
Total |
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£ |
£ |
£ |
£ |
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Valuation |
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At 1 April 2020 |
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Additions |
– |
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At 31 March 2021 |
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Depreciation |
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At 1 April 2020 |
– |
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Charge for the year |
– |
– |
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------- |
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At 31 March 2021 |
– |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
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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 (2020: £1,921,594).
6.
Debtors
2021 |
2020 |
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£ |
£ |
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Trade debtors |
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– |
Amounts owed by group undertakings |
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7.
Creditors:
amounts falling due within one year
2021 |
2020 |
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£ |
£ |
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Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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Other creditors |
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See note 9 for details of security in respect of bank loans and overdrafts.
8.
Creditors:
amounts falling due after more than one year
2021 |
2020 |
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£ |
£ |
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Bank loans and overdrafts |
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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 (2020: £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.