London Lofts (Developments) Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 04725044 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE PERIOD 1 MAY 2014 TO 31 OCTOBER 2015

FOR

LONDON LOFTS (DEVELOPMENTS) LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

Mr C H Hawkins

SECRETARY:

Ms J A Wells

REGISTERED OFFICE:

Salisbury House

81 High Street

Potters Bar

Hertfordshire

EN6 5AS

REGISTERED NUMBER:

04725044 (England and Wales)

ACCOUNTANTS:

Michael Filiou Plc

Chartered Certified Accountants

www.michaelfiliou.com

Salisbury House

81 High Street

Potters Bar

Hertfordshire

EN6 5AS

CURRENT ASSETS

Stocks

230,847

230,847

Debtors

324,178

329,110

Cash at bank

3,386

9,520

558,411

569,477

CREDITORS

Amounts falling due within one year

3

83,158

80,169

NET CURRENT ASSETS

475,253

489,308

TOTAL ASSETS LESS CURRENT LIABILITIES

475,253

489,308

CREDITORS

Amounts falling due after more than one year

3

388,122

381,621

NET ASSETS

87,131

107,687

CAPITAL AND RESERVES

Called up share capital

4

400

400

Profit and loss account

86,731

107,287

SHAREHOLDERS' FUNDS

87,131

107,687

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 October 2015.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 October 2015 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 4 August 2016 and were signed by:

Mr C H Hawkins - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents rents received from properties which are being redeveloped by the company.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and equipment

-

25% straight line

Stocks

Stocks, which consist of properties held for resale and professional fees on ongoing projects, are stated at the

lower of cost and net realisable value.

Deferred tax

The charge for taxation takes into account taxation deferred as a result of timing differences between the

treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in

respect of all timing differences that have originated but not reversed at the balance sheet date.

However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely

than not that there will be suitable taxable profits from which the future reversal of the underlying timing

differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are

expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or

substantively enacted at the balance sheet date.

The provision for deferred taxation at the balance sheet date was considered not necessary by the company

directors.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2014

735

Disposals

(735

)

At 31 October 2015

-

DEPRECIATION

At 1 May 2014

735

Eliminated on disposal

(735

)

At 31 October 2015

-

NET BOOK VALUE

At 31 October 2015

-

At 30 April 2014

-

3.

CREDITORS

Creditors include an amount of £ 405,931 (2014 - £ 403,940 ) for which security has been given.

They also include the following debts falling due in more than five years:

2015

2014

£

£

Repayable by instalments

-

292,345

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

400

Ordinary

£1

400

400

5.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 October 2015 and the year

ended 30 April 2014:

2015

2014

£

£

Mr C H Hawkins

Balance outstanding at start of period

-

-

Amounts advanced

70,708

20,000

Amounts repaid

(1,612

)

(20,000

)

Balance outstanding at end of period

69,096

-

The director, Mr C H Hawkins, paid interest totalling £3,169 at a rate of 3.25% per annum on the short term loan

made to him from the company during the period. The director's overdrawn loan amount was repaid in full on 15

July 2016.