Lousada Development Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 06366392 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2016

FOR

LOUSADA DEVELOPMENT LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

S C Lousada

Mrs S J Lousada

SECRETARY:

S C Lousada

REGISTERED OFFICE:

Oakley House

Church Lane

Oakley

Bedfordshire

MK43 7ST

REGISTERED NUMBER:

06366392 (England and Wales)

ACCOUNTANTS:

Rawlinson Pryde Limited

Chartered Accountants

Argent House

5 Goldington Road

Bedford

Bedfordshire

MK40 3JY

FIXED ASSETS

Tangible assets

2

1,152

6,066

Investments

3

5,000

Investment property

4

2,250,376

2,256,528

2,261,442

CURRENT ASSETS

Debtors

83,218

76,689

Cash at bank

16,033

26,129

99,251

102,818

CREDITORS

Amounts falling due within one year

1,968,444

485,808

NET CURRENT LIABILITIES

(1,869,193

)

(382,990

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

387,335

1,878,452

CREDITORS

Amounts falling due after more than one
year

-

(1,500,000

)

PROVISIONS FOR LIABILITIES

(37,931

)

(39,108

)

NET ASSETS

349,404

339,344

CAPITAL AND RESERVES

Called up share capital

5

10,000

Profit and loss account

339,404

329,344

SHAREHOLDERS' FUNDS

349,404

339,344

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 30 May 2017 and were signed on its behalf by:

S C Lousada - Director

1.	ACCOUNTING POLICIES

Going concern

The directors consider the use of the going concern basis of accounting appropriate because there are no material

uncertainties related to events or conditions that may cast significant doubt about the ability of the company to

continue as a going concern. The directors have agreed to support the company through Lousada Plc (a company

which the directors of Lousada Development Limited are also directors of) to ensure it has adequate financial

resources to continue in operational existence for the foreseeable future.

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 net rents receivable, excluding value added tax.

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

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

33% on cost

Investment property

Investment property is shown at market value, subject to periodic valuation by the directors or by external

valuers. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation

reserve.

In accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), no

depreciation is provided in respect of freehold investment properties. This may be a departure from the

requirements of the Companies House Act 2006, which requires all properties to be depreciated. In the opinion

of the directors this departure is necessary for the financial statements to give a true and fair view in accordance

with applicable accounting standards, as freehold investment properties are included in the financial statements

at their open market value.

Deferred tax

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

sheet date except for revaluation gains and losses unless, by the balance sheet date, the company has entered into

a binding agreement to sell the asset and has revalued the asset to the selling price; and taxable gains arising on

revaluations or sales if it is more likely than not that the gain will be rolled over into a replacement asset.

Deferred tax assets are recognised in respect of losses where it is considered more likely than not that future

profits will be available for offset.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

Operating lease income

Rental income is recognised by reference to gross rents receivable in the period. Expenses incurred in earning

rental income are charged separately to the profit and loss account.

Impairment

At each reporting date, tangible fixed assets are assessed to determine whether there is an indication that the

carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If

there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value

in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount

is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment

loss is recognised in the profit and loss account for the period.

If the recoverable amount of a tangible fixed asset subsequently increases as a result of a change in economic

conditions or in the expected use of the asset, the net book amount shall be written back to the lower of

recoverable amount and the amount at which the asset would have been recorded had the original write-down not

been made. A reversal of an impairment loss is recognised in the profit and loss account for the period.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2015

12,160

Additions

1,238

Disposals

(8,770

)

At 30 September 2016

4,628

DEPRECIATION

At 1 October 2015

6,094

Charge for year

1,797

Eliminated on disposal

(4,415

)

At 30 September 2016

3,476

NET BOOK VALUE

At 30 September 2016

1,152

At 30 September 2015

6,066

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 October 2015

and 30 September 2016

5,000

NET BOOK VALUE

At 30 September 2016

5,000

At 30 September 2015

5,000

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Associated company

Riverside (Clapham) Limited

Nature of business: House builders

%

Class of shares:

holding

Ordinary shares

25.00

30.11.16

30.11.15

£

Aggregate capital and reserves

7,950

3,721

Profit for the year

4,229

194

The Directors have valued the investment at cost as no readily available market value exists.

4.	INVESTMENT PROPERTY

Total

£

COST

At 1 October 2015

and 30 September 2016

2,250,376

NET BOOK VALUE

At 30 September 2016

2,250,376

At 30 September 2015

2,250,376

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.16

30.9.15

value:

£

10,000

Ordinary

£1

10,000