Living Smart Property Ltd - Accounts to registrar - small 17.1.1
Living Smart Property Ltd - Accounts to registrar - small 17.1.1
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| FOR |
| LIVING SMART PROPERTY LTD |
| LIVING SMART PROPERTY LTD (REGISTERED NUMBER: 05846823) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| LIVING SMART PROPERTY LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Swatton Barn |
| Badbury |
| Swindon |
| Wiltshire |
| SN4 0EU |
| LIVING SMART PROPERTY LTD (REGISTERED NUMBER: 05846823) |
| BALANCE SHEET |
| 31 DECEMBER 2016 |
| 2016 | 2015 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| Investment property | 7 |
| CURRENT ASSETS |
| Debtors | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | 12 |
| SHAREHOLDERS' FUNDS |
| 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. |
| LIVING SMART PROPERTY LTD (REGISTERED NUMBER: 05846823) |
| BALANCE SHEET - continued |
| 31 DECEMBER 2016 |
| 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 behalf by: |
| LIVING SMART PROPERTY LTD (REGISTERED NUMBER: 05846823) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 1. | STATUTORY INFORMATION |
| Living Smart Property Ltd is a |
| The company's registered number and registered office address can be found on the Company |
| Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents the value of invoiced sales of goods and services, excluding value added tax. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are |
| measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from |
| changes in fair value is recognised in profit or loss. |
| The company's investment properties are held for long-term investment. Investment properties are |
| accounted for in accordance with SSAP 19, as follows: |
| (i) investment properties are revalued annually. The surplus or deficit on revaluation is transferred to |
| the revaluation reserve unless a deficit below original cost, 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; and |
| (ii) no depreciation is provided in respect of leasehold investment properties where the lease has |
| over 20 years to run. |
| Although the Companies Act would normally require the systematic annual depreciation of fixed |
| assets, the directors believe that the policy of not providing depreciation is necessary in order for the |
| accounts to give a true and fair view, since the current value of investment properties, and changes to |
| that current value, are of prime importance rather than a calculation of systematic annual |
| depreciation. Depreciation is only one of the many factors reflected in the annual valuation, and the |
| amount which might otherwise have been included cannot be separately identified or quantified. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
| except to the extent that it relates to items recognised in other comprehensive income or directly in |
| equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that that have |
| been enacted or substantively enacted by the balance sheet date. |
| LIVING SMART PROPERTY LTD (REGISTERED NUMBER: 05846823) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
| the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
| different from those in which they are recognised in financial statements. Deferred tax is measured |
| using tax rates and laws that have been enacted or substantively enacted by the year end and that |
| are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is |
| probable that they will be recovered against the reversal of deferred tax liabilities or other future |
| taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
| the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of |
| exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at |
| the operating result. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
| period of the lease. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 January 2016 |
| Disposals | ( |
) |
| At 31 December 2016 |
| AMORTISATION |
| At 1 January 2016 |
| Eliminated on disposal | ( |
) |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| LIVING SMART PROPERTY LTD (REGISTERED NUMBER: 05846823) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2016 |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 December 2016 |
| DEPRECIATION |
| At 1 January 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| 6. | FIXED ASSET INVESTMENTS |
| Investments (neither listed nor unlisted) were as follows: |
| 2016 | 2015 |
| £ | £ |
| Film Partnership Investment | 157,053 | 157,053 |
| 7. | INVESTMENT PROPERTY |
| Total |
| £ |
| COST OR VALUATION |
| At 1 January 2016 |
| Additions |
| Disposals | ( |
) |
| Revaluations |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| Cost or valuation at 31 December 2016 is represented by: |
| £ |
| Valuation in 2016 | 51,970 |
| Cost | 538,307 |
| 590,277 |
| LIVING SMART PROPERTY LTD (REGISTERED NUMBER: 05846823) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 7. | INVESTMENT PROPERTY - continued |
| If 60 Ashford Road had not been revalued it would have been included at the following historical cost: |
| 2016 | 2015 |
| £ | £ |
| Cost | 274,263 | - |
| 60 Ashford Road was valued on an open market basis on 14 April 2016 by Parkinson Property Consultants Limited |
| . |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Taxation and social security |
| Other creditors |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Other creditors |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Other loans more 5yrs instal | 309,400 | 309,499 |
| LIVING SMART PROPERTY LTD (REGISTERED NUMBER: 05846823) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2016 | 2015 |
| £ | £ |
| Other loans |
| The loans are secured by way of a charge over the property known as 3 Edward Street and a fixed |
| and floating charge over the asset of the business dated 16 February 2011. |
| The loans are secured by way of a charge over the property known as 60 Ashford Road and a fixed |
| and floating charge over the asset of the business dated 15 July 2016. |
| There is also a debenture secured over all properties and assets of the company in favour of Lloyds |
| TSB PLC dated 31 December 2010. |
| 12. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2016 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 December 2016 |