London Homebuyers Ltd. - Abbreviated accounts 16.3

REGISTERED NUMBER: 03917428 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MAY 2016

FOR

LONDON HOMEBUYERS LTD.

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

B.H. Burkitt

SECRETARY:

Ms Y C Burkitt

REGISTERED OFFICE:

Langley House

Park Road

London

N2 8EY

REGISTERED NUMBER:

03917428 (England and Wales)

ACCOUNTANTS:

Accura Accountants Ltd

Langley House Park Road

East Finchley

London

N2 8EY

FIXED ASSETS

Intangible assets

2

1

1,200

Tangible assets

3

6,401

8,313

Investment property

4

5,753,456

5,251,209

5,759,858

5,260,722

CURRENT ASSETS

Debtors

813,148

801,371

Cash at bank

109,797

457,763

922,945

1,259,134

CREDITORS

Amounts falling due within one year

5

372,033

427,777

NET CURRENT ASSETS

550,912

831,357

TOTAL ASSETS LESS CURRENT
LIABILITIES

6,310,770

6,092,079

CREDITORS

Amounts falling due after more than one
year

5

1,307,226

1,294,457

NET ASSETS

5,003,544

4,797,622

CAPITAL AND RESERVES

Called up share capital

6

1,000

Revaluation reserve

3,006,487

2,711,070

Profit and loss account

1,996,057

2,085,552

SHAREHOLDERS' FUNDS

5,003,544

4,797,622

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2016 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 23 May 2017 and were signed by:

B.H. Burkitt - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January

2015).

Turnover

Turnover represents net invoiced services, excluding value added tax, and the total sales value of legally

completed properties. Revenue and profit on sales of properties are recognised upon legal completion.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

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

Plant and machinery etc

-

33% on reducing balance and 25% on reducing balance

Investment property

In accordance with the FRSSE, investment properties are revalued annually and the aggregate surplus or deficit

is transfered to a revaluation reserve, and no depreciation is provided in respect of investment properties. The

requirement of the Companies Act 2006 is to depreciate all properties, but that requirement conflicts with the

generally accepted accounting principles set out in the FRSSE. The director consider that to depreciate such

properties would not give a true and fair view and have therefore been adopted the above approach. If this

departure from the Act had not been made, the profit for the year would have been reduced by depreciation.

Deferred tax

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

sheet date.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2015

and 31 May 2016

6,000

AMORTISATION

At 1 June 2015

4,800

Amortisation for year

1,199

At 31 May 2016

5,999

NET BOOK VALUE

At 31 May 2016

1

At 31 May 2015

1,200

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2015

31,563

Additions

333

At 31 May 2016

31,896

DEPRECIATION

At 1 June 2015

23,250

Charge for year

2,245

At 31 May 2016

25,495

NET BOOK VALUE

At 31 May 2016

6,401

At 31 May 2015

8,313

4.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 June 2015

5,251,209

Additions

206,830

Revaluations

295,417

At 31 May 2016

5,753,456

NET BOOK VALUE

At 31 May 2016

5,753,456

At 31 May 2015

5,251,209

5.

CREDITORS

Creditors include an amount of £ 1,317,635 (31.5.15 - £ 1,224,408 ) for which security has been given.

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

31.5.16

31.5.15

£

Repayable by instalments

1,262,250

1,171,460

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.16

31.5.15

value:

£

1,000

Ordinary voting

£1

1,000

7.	ULTIMATE CONTROLLING PARTY

This company is a wholly owned subsidiary of T2M Nationwide Limited, a company incorporated in England

and Wales. T2M Nationwide Limited is under the control of its shareholder, B.H. Burkitt.