L & N Property Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 04283613 (England and Wales)

L & N PROPERTY LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

N Williams

L Williams

SECRETARY:

M G Williams

REGISTERED OFFICE:

The Coach Station

Llantrisant Road

LLANTWIT FARDRE

Rhondda Cynon Taff

CF38 2HB

REGISTERED NUMBER:

04283613 (England and Wales)

ACCOUNTANTS:

Watts Gregory LLP

Chartered Accountants

Elfed House

Oak Tree Court

Cardiff Gate Business Park

CARDIFF

County of Cardiff

CF23 8RS

FIXED ASSETS

Tangible assets

2

2,700,000

4,500,000

CURRENT ASSETS

Debtors

272,284

343,817

Cash at bank

1,247,218

1,024,180

1,519,502

1,367,997

CREDITORS

Amounts falling due within one year

(159,492

)

(131,042

)

NET CURRENT ASSETS

1,360,010

1,236,955

TOTAL ASSETS LESS CURRENT
LIABILITIES

4,060,010

5,736,955

CAPITAL AND RESERVES

Called up share capital

3

1

Investment revaluation reserve

1,320,757

3,120,757

Profit and loss account

2,739,252

2,616,197

SHAREHOLDERS' FUNDS

4,060,010

5,736,955

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 for issue by the Board of Directors on 30 June 2017 and were signed on its
behalf by:

N Williams - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention, modified to include the

revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities

(effective April 2015).

Turnover

Turnover shown in the profit and loss account represents rental income exclusive of Value Added Tax.

Tangible fixed assets

All fixed assets are initially recorded at cost.

Deferred tax

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

balance sheet date where transactions or events have occurred at that date that will result in an obligation to

pay more, or a right to pay less or to receive more tax, with the following exceptions:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed

assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the

extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned.

However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more

likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the

replacement assets are sold;

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 tax is measured on an un-discounted basis at the tax rates that are expected to apply in the periods in

which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance

sheet date.

Investment properties

Investment properties are shown at their open market value. The surplus or deficit arising from the annual

revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual

investment property is expected to be permanent, in which case it is recognised in the profit and loss account for

the year.

This is in accordance with the Statement of Standard Accounting Practice 19 which, unlike the Companies Act

2006, does not require depreciation of investment properties. Investment properties are held for their investment

potential and for use by the company so their current value is of prime importance. This departure from the Act

is required in order to give a true and fair view.

2.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 October 2015

4,500,000

Revaluations

(1,800,000

)

At 30 September 2016

2,700,000

NET BOOK VALUE

At 30 September 2016

2,700,000

At 30 September 2015

4,500,000

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

1

Ordinary

£1

1

4.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the Mr L Williams, a director, owed the company £158,592 (2015: £290,639). Interest is being

accrued on the balance at a rate of 3% per annum.