LIGHTHOUSE_PROPERTY_ESTAT - Accounts

LIGHTHOUSE PROPERTY ESTATES LIMITED - Company Information

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Company Registration No. 05876904 (England and Wales)

LIGHTHOUSE PROPERTY ESTATES LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2015

LIGHTHOUSE PROPERTY ESTATES LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

LIGHTHOUSE PROPERTY ESTATES LIMITED

ABBREVIATED BALANCE SHEET - UNAUDITED

AS AT

31 DECEMBER 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

3,871,060

3,826,357

Investments

16,050

60,150

3,887,110

3,886,507

Current assets

Debtors

51,115

60,672

Cash at bank and in hand

50,051

44,063

101,166

104,735

Creditors: amounts falling due within one year

(702,269)

(718,303)

Net current liabilities

(601,103)

(613,568)

Total assets less current liabilities

3,286,007

3,272,939

3,286,007

3,272,939

Capital and reserves

Called up share capital

2,744,022

Share premium account

255,978

Revaluation reserve

457,341

Profit and loss account

(171,334)

(184,402)

Shareholders' funds

3,286,007

3,272,939

LIGHTHOUSE PROPERTY ESTATES LIMITED

ABBREVIATED BALANCE SHEET - UNAUDITED (CONTINUED)

AS AT

31 DECEMBER 2015

- 2 -

For the financial year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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;

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

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

Approved by the Board for issue on 28 May 2016

Mr S J C Williams

Director

Company Registration No. 05876904

LIGHTHOUSE PROPERTY ESTATES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS - UNAUDITED

FOR THE YEAR ENDED 31 DECEMBER 2015

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The accounts have been prepared on the assumption that the business is able to continue to operate as a going concern, which the directors consider appropriate. The company has contracts in place for the foreseeable future and therefore no doubts over income flows. The company is financed by loans from the directors and family members and there are no conditions or events which exist that would require immediate repayment of these loans and the company has a large and valuable asset base. For this reason the use of the going concern assumption in the preparation of the accounts is considered appropriate.

1.2

Turnover

Turnover represents amounts receivable from product sales and the provision of accomodation net of VAT. Turnover and the profit before taxation are attributable to the principal activities of the company, all of which arises in the United Kingdom.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land and buildings are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Computer equipment

33.33% straight line method

Fixtures, fittings & equipment

20% straight line method

Motor vehicles

14% straight line method

Freehold buildings have not been depreciated on the grounds that the charge is immaterial. The directors carry out an annual impairment review to ensure that the asset value in the accounts is not more than the recoverable amount.

1.4

Investments

Fixed asset investments are stated at the lower of cost and net realisable value.

1.5

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.6

Investment properties

Depreciation is not provided in respect of freehold properties held as investments. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. Such properties are held for investment and not for consumption and the directors consider that to depreciate them would not give a true and fair view. Investment properties are included at the directors' estimation of open market value at the balance sheet date. The directors consider that this policy results in the accounts giving a true and fair view.

LIGHTHOUSE PROPERTY ESTATES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS - UNAUDITED (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2015

- 4 -

Fixed assets

Tangible assets

Investments

Total

Cost or valuation

At 1 January 2015

3,938,921

60,150

3,999,071

Additions

60,195

1,500

61,695

Disposals

(45,600)

At 31 December 2015

3,999,116

16,050

4,015,166

Depreciation

At 1 January 2015

112,564

Charge for the year

15,492

At 31 December 2015

128,056

Net book value

At 31 December 2015

3,871,060

16,050

3,887,110

At 31 December 2014

3,826,357

60,150

3,886,507

Share capital

2015

2014

Allotted, called up and fully paid

2,744,022 Ordinary shares of £1 each

2,744,022

Ultimate parent company

Throughout the year the company was controlled by Magnitude Holdings Limited, incorporated in the Channel Islands, which owns 52.6% of the issued share capital. The directors have no connection with Magnitude Holdings Limited.