ACCOUNTS - Final Accounts

LONDON & PROVINCIAL LIMITED - Company Information

Caseware UK (AP4) 2014.0.91 2014.0.91 2016-03-312016-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsetrue2015-03-19true 09499684 2015-03-18 09499684 2015-03-19 2016-03-31 09499684 2016-03-31 09499684 c:Director1 2015-03-19 2016-03-31 09499684 c:Director1 2016-03-31 09499684 c:Director2 2015-03-19 2016-03-31 09499684 c:Director2 2016-03-31 09499684 c:RegisteredOffice 2015-03-19 2016-03-31 09499684 c:Agent1 2015-03-19 2016-03-31 09499684 d:CurrentFinancialInstruments 2016-03-31 09499684 d:CurrentFinancialInstruments d:WithinOneYear 2016-03-31 09499684 d:ShareCapital 2016-03-31 09499684 d:RetainedEarningsAccumulatedLosses 2016-03-31 09499684 c:FRS102 2015-03-19 2016-03-31 09499684 c:AuditExempt-NoAccountantsReport 2015-03-19 2016-03-31 09499684 c:FullAccounts 2015-03-19 2016-03-31 09499684 c:PrivateLimitedCompanyLtd 2015-03-19 2016-03-31 iso4217:GBP

Registered number: 09499684

LONDON & PROVINCIAL LIMITED

UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2016

LONDON & PROVINCIAL LIMITED

COMPANY INFORMATION

Directors	Giles Danon (appointed 19 March 2015)
	Jerry Danon (appointed 19 March 2015)


Registered number	09499684


Registered office	Wharf House
	Victoria Quays
	Wharf Street
	Sheffield
	S2 5SY


Accountants	Shipleys Tax Planning
	Wharf House
	Victoria Quays
	Wharf Street
	Sheffield
	S2 5SY


Bankers	HSBC
	33 Park Row
	Leeds
	West Yorkshire
	LS1 1LD

LONDON & PROVINCIAL LIMITED

CONTENTS

	Page
Directors' report
Balance sheet	1
Notes to the financial statements	2 - 7

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

·select suitable accounting policies for the Company's financial statements and then apply them consistently;

·make judgments and accounting estimates that are reasonable and prudent;

·prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The company was incorporated on 19 March 2015 and commenced trade in June 2016.
During the period under review the principal activity of the company was to buy and renovate property to sell on.
The directors consider the performance of the business to be satisfactory and future prospects to be reasonable.

LONDON & PROVINCIAL LIMITED

REGISTERED NUMBER: 09499684

BALANCE SHEET

AS AT 31 MARCH 2016

		2016
Note		£


Current assets
Cash at bank and in hand	5	89,980
		89,980
Creditors: amounts falling due within one year	6	(54,664)
Net current assets			35,316
Total assets less current liabilities			35,316

Net assets			35,316

Capital and reserves
Called up share capital			10
Profit and loss account			35,306
			35,316

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 June 2016.

Giles Danon	Jerry Danon
Director	Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

LONDON & PROVINCIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2016

1.	General information

London & Provincial Limited is a company domiciled in England & Wales, registration number 09499684. The registered office is Wharf House, Victoria Quays, Wharf Street, Sheffield, S2 5SY.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company accounting policies.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

·the Company has transferred the significant risks and rewards of ownership to the buyer;

·the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

·the amount of revenue can be measured reliably;

·it is probable that the Company will receive the consideration due under the transaction; and

·the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

·the amount of revenue can be measured reliably;

·it is probable that the Company will receive the consideration due under the contract;

·the stage of completion of the contract at the end of the reporting period can be measured reliably; and

·the costs incurred and the costs to complete the contract can be measured reliably.

Page 2

LONDON & PROVINCIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2016

2.Accounting policies (continued)

2.3

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted averagebasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.5

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

2.6

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.7

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

LONDON & PROVINCIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2016

2.Accounting policies (continued)

2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

2.9

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the period in which they are incurred.

2.10

Taxation

Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Employees

The average monthly number of employees, including directors, during the period was 22.

Stocks

5.	Cash and cash equivalents
		2016
		£

	Cash at bank and in hand	89,980
		89,980

Page 4

LONDON & PROVINCIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2016

6.	Creditors: Amounts falling due within one year
		2016
		£

	Corporation tax	21,684
	Other taxation and social security	1,522
	Other creditors	29,958
	Accruals and deferred income	1,500
		54,664

7.	Financial instruments
		2016
		£

	Financial assets
	Financial assets measured at fair value through profit or loss	89,980
		89,980

Financial assets measured at fair value through profit or loss comprises of cash at bank and in hand.

8.	Related party transactions
	During the period the directors Jerry Danon and Giles Danon loaned the company £22,547 and £7,411 respectively. At the balance sheet date other creditors included £22,547 and £7,411 as amounts owed to the directors.

9.	Controlling party

The company is controlled by the director Jerry Danon.

Page 5


		LONDON & PROVINCIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2016

10.	First time adoption of FRS 102
	The Company transitioned to FRS 102 from previously extant UK GAAP as at 1 April 2014. The impact of the transition to FRS 102 is as follows:
		As previously stated 1 April 2014	Effect of transition 1 April 2014	FRS 102 (as restated) 1 April 2014	As previously stated 18 March 2015	Effect of transition 18 March 2015
	Note	£	£	£	£	£

Net current assets	-	-	-	-	-	-
Total assets less current liabilities	-	-	-	-	-	-
Net assets	-	-	-	-	-	-

Page 6

LONDON & PROVINCIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2016

10.First time adoption of FRS 102 (continued)

			As previously stated 18 March 2015	Effect of transition 18 March 2015
		Note	£	£

	-	-	-
Operating profit	-	-	-
Loss on ordinary activities after taxation and for the financial period	-	-	-

Explanation of changes to previously reported profit and equity:

There has been no material change in previously reported profit and equity since adopting FRS 102.

Page 7