Land Promotions Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06704682 (England and Wales)

Land Promotions Ltd

Unaudited Financial Statements for the Year Ended 30 September 2016

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

5

DIRECTORS:

J W Kilmartin

Miss L V Page

REGISTERED OFFICE:

4 King Square

Bridgwater

Somerset

TA6 3YF

REGISTERED NUMBER:

06704682 (England and Wales)

ACCOUNTANTS:

Maxwells

Chartered Accountants

4 King Square

Bridgwater

Somerset

TA6 3YF

BANKERS:

Duncan Lawrie Private Banking

1 Hobart Place

London

SW1W 0HU

FIXED ASSETS

Tangible assets

5

15,293

584

Investments

6

818

718

16,111

1,302

CURRENT ASSETS

Stocks

599,557

670,154

Debtors

1,809,383

1,611,400

Cash at bank and in hand

29,728

30,235

2,438,668

2,311,789

CREDITORS

Amounts falling due within one year

2,432,888

2,013,498

NET CURRENT ASSETS

5,780

298,291

TOTAL ASSETS LESS CURRENT LIABILITIES

21,891

299,593

CREDITORS

Amounts falling due after more than one year

7

13,561

225,000

NET ASSETS

8,330

74,593

CAPITAL AND RESERVES

Called up share capital

125

125

Retained earnings

8,205

74,468

SHAREHOLDERS' FUNDS

8,330

74,593

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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 30 September 2016 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 27 June 2017 and were signed on its behalf by:

J W Kilmartin - Director

1.	STATUTORY INFORMATION

Land Promotions Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

These financial statements for the year ended 30 September 2016 are the first financial statements that comply

with FRS 102. The date of transition is 1 October 2014.

The transition to FRS 102 has not resulted in any changes to accounting policies from those previously used by

the entity. As a result there has been no changes to opening equity or to the profit for the comparative year.

Preparation of consolidated financial statements

The financial statements contain information about Land Promotions Ltd as an individual company and do not

contain consolidated financial information as the parent of a group. The company has taken the option under

Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on cost, 25% on reducing balance and 15% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

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

statement of financial position date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 October 2015

871

Additions

20,196

At 30 September 2016

21,067

DEPRECIATION

At 1 October 2015

287

Charge for year

5,487

At 30 September 2016

5,774

NET BOOK VALUE

At 30 September 2016

15,293

At 30 September 2015

584

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

Additions

17,100

At 30 September 2016

17,100

DEPRECIATION

Charge for year

4,275

At 30 September 2016

4,275

NET BOOK VALUE

At 30 September 2016

12,825

6.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 October 2015

718

Additions

100

At 30 September 2016

818

NET BOOK VALUE

At 30 September 2016

818

At 30 September 2015

718

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

30.9.16

30.9.15

£

£

Repayable by instalments

Bank loans

-

225,000

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.16

30.9.15

£

£

Bank loans

563,525

225,000

A Fixed charge and negative pledge exist over freehold land at Stockmoor Village in favour of Henry Davidson

Developments Limited.

A fixed and floating charge along with a negative pledge exists over the Berkeley Hospital site, Marybrook

Street, Berkeley and Bourne End, Okebourne Road, Brentry in favour of Duncan Lawrie Limited.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2016 and

30 September 2015:

30.9.16

30.9.15

£

£

Miss L V Page

Balance outstanding at start of year

32,446

17,068

Amounts advanced

112,692

73,348

Amounts repaid

(469,675

)

(57,970

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(324,537

)

32,446