Lord & Lady Furneaux Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06488600 (England and Wales)

Financial Statements

for the Year Ended 31 January 2017

for

Lord & Lady Furneaux Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTOR:

J S Cattermole

REGISTERED OFFICE:

Merchant House

33 Fore Street

Ipswich

Suffolk

IP4 1JL

REGISTERED NUMBER:

06488600 (England and Wales)

ACCOUNTANTS:

Mudd Partners LLP

Chartered Accountants

Lakeview House

4 Woodbrook Crescent

Billericay

Essex

CM12 0EQ

FIXED ASSETS

Investment property

4

165,000

140,000

CURRENT ASSETS

Debtors

5

42

43

Cash at bank

14,611

9,107

14,653

9,150

CREDITORS

Amounts falling due within one year

6

89,570

88,534

NET CURRENT LIABILITIES

(74,917

)

(79,384

)

TOTAL ASSETS LESS CURRENT LIABILITIES

90,083

60,616

PROVISIONS FOR LIABILITIES

12,385

8,906

NET ASSETS

77,698

51,710

CAPITAL AND RESERVES

Called up share capital

7

1

1

Fair value reserve

8

65,618

44,868

Retained earnings

12,079

6,841

SHAREHOLDERS' FUNDS

77,698

51,710

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 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 25 October 2017 and were signed by:

J S Cattermole - Director

1.	STATUTORY INFORMATION

Lord & Lady Furneaux 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.

Turnover

Turnover is measured at the fair value of the rents received or receivable during the year net of VAT and trade

discounts.

Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at

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

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently,

they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement

constitutes a finance transaction it is measured at present value.

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 have been enacted or

substantively enacted by the balance sheet date.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2016

140,000

Revaluations

25,000

At 31 January 2017

165,000

NET BOOK VALUE

At 31 January 2017

165,000

At 31 January 2016

140,000

Cost or valuation at 31 January 2017 is represented by:

£

Valuation in 2017

165,000

If investment property had not been revalued it would have been included at the following historical cost:

31.1.17

31.1.16

£

£

Cost

86,226

86,226

Investment property was valued on a fair value basis on 31 January 2017 by J S Cattermole, the director .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.17

31.1.16

£

£

Other debtors

42

43

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.17

31.1.16

£

£

Taxation and social security

982

-

Other creditors

88,588

88,534

89,570

88,534

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.17

31.1.16

value:

£

£

1

Ordinary

£1

1

1

8.

RESERVES

Fair

value

reserve

£

At 1 February 2016

44,868

Transfer

20,750

At 31 January 2017

65,618

9.	FIRST YEAR ADOPTION

At the date of transition, the company held an investment property and respective revaluation reserve. Under

FRS 102 deferred tax should be recognised on investment property revaluations. At transition, the investment

property revaluation reserve of £43,774 was transferred to a fair value reserve and deferred tax of £7,402 was

provided against this.

In the comparative period, the company revalued their investment property.

Under FRS 102, movement in the fair value of investment properties should be recognised through profit and

loss with deferred tax being recognised. In the comparative period, fair value movements of £10,000 have been

recognised through profit and loss and deferred tax of £1,504 has been recognised on these revaluations. This

has resulted in an increase in the fair value reserve of £8,496.

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 Balance Sheet. 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 Lord & Lady Furneaux Limited for the year ended 31 January 2017 which comprise the Income

Statement, Balance Sheet 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 Lord & Lady Furneaux Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lord & Lady Furneaux Limited and state those matters that we have agreed to state to the director of Lord & Lady Furneaux 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 Lord & Lady Furneaux Limited director for our work or for this report.

It is your duty to ensure that Lord & Lady Furneaux 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 profit of Lord & Lady Furneaux Limited. You consider that Lord & Lady Furneaux 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 Lord & Lady Furneaux 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.

Mudd Partners LLP

Chartered Accountants

Lakeview House

4 Woodbrook Crescent

Billericay

Essex

CM12 0EQ

25 October 2017