Lifeguard Properties Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 07476675 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

LIFEGUARD PROPERTIES LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs R Low

Mrs E Low

SECRETARY:

Mrs R Low

REGISTERED OFFICE:

7 Craven Walk

Stamford Hill

London

N16 6BS

REGISTERED NUMBER:

07476675 (England and Wales)

ACCOUNTANTS:

Venitt and Greaves

Chartered Accountants

115 Craven Park Road

South Tottenham

London

N15 6BL

FIXED ASSETS

Investment property

4

1,151,910

1,151,910

CURRENT ASSETS

Debtors

5

-

25,000

Cash at bank

16,928

8,777

16,928

33,777

CREDITORS

Amounts falling due within one year

6

318,878

337,795

NET CURRENT LIABILITIES

(301,950

)

(304,018

)

TOTAL ASSETS LESS CURRENT LIABILITIES

849,960

847,892

CREDITORS

Amounts falling due after more than one year

7

477,347

508,128

NET ASSETS

372,613

339,764

CAPITAL AND RESERVES

Called up share capital

8

2

2

Revaluation reserve

9

307,985

307,985

Retained earnings

9

64,626

31,777

SHAREHOLDERS' FUNDS

372,613

339,764

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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.

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 16 October 2017 and were signed on its behalf by:

Mrs R Low - Director

1.	STATUTORY INFORMATION

Lifeguard Properties 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Transition to financial reporting standards 102

The company has adopted FRS 102 Section 1A for the first time in the preparation of these accounts.

Accordingly the date of transition to FRS 102 was 1 April 2015 (beginning of the accounting period of

comparative financial year).

There are no material differences in determining the company's profit and loss under FRS 102 Section 1A and

the previous framework the company adopted (the Financial Reporting Standard for Smaller Entities (effective

January 2015)).

Turnover

Turnover represents net rent receivable, excluding value added tax.

Investment property

Investment properties are properties held to earn rental income or for capital appreciation or for both.

Investment properties are recognised initially at cost.

Subsequent to initial recognition:

a. Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair

value. Any gains or losses arising from change in fair value are recognised in profit or loss in the period that they

arise; and

b. no depreciation is provided in respect of investment properties applying the fair value model.

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 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 2 .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

and 31 March 2017

1,151,910

NET BOOK VALUE

At 31 March 2017

1,151,910

At 31 March 2016

1,151,910

Investment property fair value is based on a valuation by an external, independent valuator, having an

appropriate recognised professional qualification and recent experience in the location and class of the property

being valued.

Any gain or loss arising from a change in fair value is recognised in profit or loss.

Cost or valuation at 31 March 2017 is represented by:

£

Valuation in 2016

307,985

Cost

843,925

1,151,910

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Other debtors

-

25,000

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Taxation and social security

2,281

-

Other creditors

316,597

337,795

318,878

337,795

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans

477,347

508,128

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

331,940

358,498

Repayable by instalments

Bank loans more 5 yr by instal

145,407

149,630

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

£

£

2

Ordinary

£1

2

2

9.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 April 2016

31,777

307,985

339,762

Profit for the year

32,849

32,849

At 31 March 2017

64,626

307,985

372,611

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs R Low.