Lear Developments Holdings Limited - Accounts to registrar

REGISTERED NUMBER: 09346568 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

LEAR DEVELOPMENTS HOLDINGS LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTOR:

Mrs K K Lear

REGISTERED OFFICE:

505 Pinner Road

Harrow

Middlesex

HA2 6EH

REGISTERED NUMBER:

09346568 (England and Wales)

ACCOUNTANTS:

Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

The following reproduces the text of the report prepared for the director and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and

certain other primary statements and the Report of the Director are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Lear Developments Holdings Limited for the year ended 31 December 2016 which comprise the

Income Statement, Other Comprehensive Income, Statement of Financial Position, and the related notes from the

company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Lear Developments Holdings Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lear Developments Holdings Limited and state those matters that we have agreed to state to the director of Lear Developments Holdings Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lear Developments Holdings Limited director for our work or for this report.

It is your duty to ensure that Lear Developments Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Lear Developments Holdings Limited. You consider that Lear Developments Holdings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lear Developments Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

28 September 2017

FIXED ASSETS

Investments

4

101

Investment property

5

2,100,000

2,100,101

CURRENT ASSETS

Debtors

6

236,460

234,333

Cash at bank

5,446

-

241,906

234,333

CREDITORS

Amounts falling due within one year

7

29,204

5,319

NET CURRENT ASSETS

212,702

229,014

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,312,803

2,329,115

CREDITORS

Amounts falling due after more than one
year

8

(1,421,000

)

(1,421,000

)

PROVISIONS FOR LIABILITIES

(171,637

)

(171,637

)

NET ASSETS

720,166

736,478

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

720,066

736,378

SHAREHOLDERS' FUNDS

720,166

736,478

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

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

The financial statements were approved by the director on 27 September 2017 and were signed by:

Mrs K K Lear - Director

1.	STATUTORY INFORMATION

Lear Developments Holdings Limited 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Changes in accounting policies

This is the first year that the company has presented its financial statements under FRS 102 1A. The last financial

statements for the period ended 31 December 2015, were prepared under previous UK GAAP.

The transition date to FRS 102 1A is the incorporation date, 9 December 2014.

Transition to FRS 102 Section 1A has resulted in certain changes in the accounting policies as compared to

those used in the previous year.

Turnover

Turnover represents rents receivable, net of value added tax.

Revenue recognition

Rental income from investment properties is recognised on a straight-line basis over the term of the lease.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property whose fair value can be measured reliably without undue cost or effort shall be measured at

fair value at each reporting date with changes in fair value recognised in profit or loss.

Taxation

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 statement of financial position date.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2016

and 31 December 2016

101

NET BOOK VALUE

At 31 December 2016

101

At 31 December 2015

101

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2016

and 31 December 2016

2,100,000

NET BOOK VALUE

At 31 December 2016

2,100,000

At 31 December 2015

2,100,000

Cost or valuation at 31 December 2016 is represented by:

£

Valuation in 2015

901,045

Cost

1,198,955

2,100,000

In the opinion of the director the fair value of the investment properties as at the balance sheet date is not

significantly to that stated above.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/16

31/12/15

£

Amounts owed by connected companies

234,419

231,655

Prepayments and accrued income

2,041

2,678

236,460

234,333

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/16

31/12/15

£

Tax

-

484

Directors' current accounts

25,693

2,094

Accrued expenses

3,511

2,741

29,204

5,319

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31/12/16

31/12/15

£

Bank loans

1,421,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans

1,421,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

31/12/16

31/12/15

£

Bank loans

1,421,000

The bank loan is secured by a fixed charge over the investment property. The loan is repayable in 25 years from

the year end and subject to interest rate starting from 4.69% and rising to 6.58% per annum.

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date, the company owed £25,693 (2015: £2,094) to the director.

11.	RELATED PARTY DISCLOSURES

At the balance sheet date, the company was owed £5,119 (2015: £231,655) by Lear Developments Limited, its

wholly owned subsidiary. The amount due is interest free and repayable on demand.

At the balance sheet date, the company was owed £229,300 (2015: £Nil) by SANA (Reedham) Limited, its

wholly owned subsidiary. The amount due is interest free and repayable on demand.

12.	ULTIMATE CONTROLLING PARTY

The director is the ultimate controller by virtue of her shareholding in the entity.

Lear Developments Holdings Limited - Accounts to registrar - small 17.2

Lear Developments Holdings Limited - Accounts to registrar - small 17.2