Lance Limited Company Accounts

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COMPANY REGISTRATION NUMBER: 04351767

LANCE LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 March 2017

LANCE LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

LANCE LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

Director	Ms E Znojkiewicz

Company secretary	Mr K L Bowman

Registered office	Lynton House
	Lower Ground Floor
	7-12 Tavistock Square
	London
	WC1H 9BQ

Accountants	BSG Valentine (UK) LLP
	Chartered Accountants
	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9BQ

LANCE LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Tangible assets	5		3,000,002		3,001,001

Current assets

Debtors	6	881,346	951,842
Cash at bank and in hand		19,481	6,861
		---------	---------
		900,827	958,703

Creditors: amounts falling due within one year	7	( 1,276,598)		( 1,227,445)
		------------		------------
Net current liabilities			( 375,771)		( 268,742)
			------------		------------
Total assets less current liabilities			2,624,231		2,732,259

Creditors: amounts falling due after more than one year	8		( 1,350,000)		( 1,440,938)

Provisions

Taxation including deferred tax	( 204,897)	( 204,897)
	------------	------------
Net assets	1,069,334	1,086,424
	------------	------------

Capital and reserves

Called up share capital		1	1
Profit and loss account	9	1,069,333	1,086,423
		------------	------------
Member funds		1,069,334	1,086,424
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

LANCE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 13 December 2017 , and are signed on behalf of the board by:

Ms E Znojkiewicz
Director

Company registration number: 04351767

LANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, Lower Ground Floor, 7-12 Tavistock Square, London, WC1H 9BQ.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Valuation of investment property - based on market value at year end. Deferred tax - based on currently enacted tax rates.

Revenue recognition

The turnover shown in the profit and loss account represents rental income from investment properties exclusive of Value added tax.

Income tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor vehicles	-	25% straight line
Computer equipment	-	25% straight line

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Staff numbers

The average number of persons employed by the company during the year, including the directors, amounted to 1 (2016: 1).

5. Tangible assets

	Investment property	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 April 2016 and 31 March 2017	3,000,000	4,000	13,565	3,017,565
	------------	-------	--------	------------
Depreciation
At 1 April 2016	–	3,999	12,565	16,564
Charge for the year	–	–	999	999
	------------	-------	--------	------------
At 31 March 2017	–	3,999	13,564	17,563
	------------	-------	--------	------------
Carrying amount
At 31 March 2017	3,000,000	1	1	3,000,002
	------------	-------	--------	------------
At 31 March 2016	3,000,000	1	1,000	3,001,001
	------------	-------	--------	------------

Included within the above is investment property as follows:

	£
	------------
At 1 April 2016 and 31 March 2017	3,000,000
	------------

The company's investment property has been valued by the director, whereby it is believed that the net book value at the balance sheet date equates to the open market value. The property has a historical cost of £1,9214,594 (2016: £1,9214,594).

6. Debtors

	2017	2016
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	881,346	951,842
	---------	---------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	80,573	120,000
Trade creditors	11,672	14,542
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,028,021	856,741
Social security and other taxes	2,192	872
Other creditors	154,140	235,290
	------------	------------
	1,276,598	1,227,445
	------------	------------

See note 9 for details of security in respect of bank loans and overdrafts.

8. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	1,350,000	1,440,938
	------------	------------

The bank loans and overdrafts are secured by both a mortgage over the investment property and a debenture with a fixed and floating charge over all the assets of the company.

9. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses. Within the profit and loss account are non-distributable reserves relating to the revaluation of the investment properties amounting to £1,078,406 (2016: £1,078,406).

10. Related party transactions

As at the balance sheet date, the company was owed the following amounts from fellow group companies: Canaryform Properties Limited £627,906 (2016: £604,906). Canaryform Properties Limited has borne a proportional share of loan interest incurred by Lance Limited. The amount was £22,704 (2016: £22,237) during the year. Canbury Park Properties Limited £21,726 (2016: £21,726). Balham Realty Limited amounted to £49,529 (2016: £49,529). Robina Realty Holdings Limited amounted to £182,481 (2016: £275,681). The company has been provided with investment finance from Aerial Corporation Limited, a fellow group company. At the balance sheet date, the amount due to Aerial Corporation Limited amounted to £1,028,021 (2016: £856,741). This loan in non-interest bearing and repayable on demand.

11. Controlling party

At the balance sheet date the director considers the ultimate parent company to be Robina Realty Holdings Limited, a company incorporated in the British Virgin Islands and which owns 100% of the company's share capital.

12. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

Reconciliation of equity

	1 April 2015			31 March 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	3,001,998	–	3,001,998	3,001,001	–	3,001,001
Current assets	655,862	–	655,862	958,703	–	958,703
Creditors: amounts falling due within one year	( 24,291)	–	( 24,291)	( 1,227,445)	–	( 1,227,445)
	------------	----	------------	------------	----	------------
Net current liabilities	631,571	–	631,571	( 268,742)	–	( 268,742)
	------------	----	------------	------------	----	------------
Total assets less current liabilities	3,633,569	–	3,633,569	2,732,259	–	2,732,259

Creditors: amounts falling due after more than one year	( 2,337,823)	–	( 2,337,823)	( 1,440,938)	–	( 1,440,938)
Provisions	–	–	–	–	( 204,897)	( 204,897)
	------------	----	------------	------------	---------	------------
Net assets	1,295,746	–	1,295,746	1,291,321	( 204,897)	1,086,424
	------------	----	------------	------------	---------	------------

	------------	----	------------	------------	---------	------------
Capital and reserves	1,295,746	–	1,295,746	1,291,321	( 204,897)	1,086,424
	------------	----	------------	------------	---------	------------

On transition to FRS102, consistent with the accounting policy for investment properties, the revaluation reserve in relation to the investment property, was transferred to the profit and loss account, as a non-distributable reserve. In addition, as required by the standard, a deferred tax liability has been recognised on the revaluation gain.