LB 1 Limited - Accounts to registrar (filleted) - small 17.3
LB 1 Limited - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30 April 2017 |
| for |
| LB 1 Limited |
| LB 1 Limited (Registered number: 09010464) |
| Contents of the Financial Statements |
| for the Year Ended 30 April 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| LB 1 Limited |
| Company Information |
| for the Year Ended 30 April 2017 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Certified Accountants |
| 20 Exhibition House |
| Addison Bridge Place |
| London |
| W14 8XP |
| LB 1 Limited (Registered number: 09010464) |
| Balance Sheet |
| 30 April 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investment property | 3 |
| CURRENT ASSETS |
| Debtors | 4 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Fair value reserve | 6 |
| Retained earnings | 6 |
| 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. |
| LB 1 Limited (Registered number: 09010464) |
| Balance Sheet - continued |
| 30 April 2017 |
| 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 by: |
| LB 1 Limited (Registered number: 09010464) |
| Notes to the Financial Statements |
| for the Year Ended 30 April 2017 |
| 1. | STATUTORY INFORMATION |
| LB 1 Limited is a |
| 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 invoiced rental income from investment properties. |
| 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. |
| 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. |
| LB 1 Limited (Registered number: 09010464) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 April 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Debtors |
| Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the |
| arrangement constitutes a financing transaction, where the transaction is measured at the present value of the |
| future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost |
| using the effective interest method, less any impairment. |
| Cash and cash equivalents |
| Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and |
| other short-term highly liquid investments that mature in no more than three months from the date of |
| acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
| Creditors |
| Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related |
| parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, |
| where the debt instrument is measured at the present value of the future payments discounted at a market |
| rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest |
| method, less any impairment. |
| 3. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 May 2016 |
| and 30 April 2017 |
| NET BOOK VALUE |
| At 30 April 2017 |
| At 30 April 2016 |
| Fair value at 30 April 2017 is represented by: |
| £ |
| Valuation in 2014 | 472,900 |
| Cost | 27,100 |
| 500,000 |
| If Investment properties had not been revalued they would have been included at the following historical cost: |
| 2017 | 2016 |
| £ | £ |
| Cost | 27,100 | 27,100 |
| Investment properties were valued on an open market basis on 1 September 2014 by Ms M Cardy . |
| LB 1 Limited (Registered number: 09010464) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 April 2017 |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 6. | RESERVES |
| Fair |
| Retained | value |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 May 2016 | 589,444 |
| Profit for the year |
| Movement on deferred tax |
| during the year | - | (66,717 | ) | (66,717 | ) |
| At 30 April 2017 | 572,864 |
| 7. | FIRST YEAR ADOPTION |
| The Company has transitioned to FRS 102 from previously being prepared under the historical cost convention |
| and in accordance with the Financial Reporting Standards for Smaller Entities (effective January 2015) as at 1st |
| January 2015. |
| Reconciliation of equity |
| No transitional adjustments were required. |
| Reconciliation of profit or loss for the year |
| No transitional adjustments were required. |