LICHFIELD LAND COMPANY LIMITED Company Accounts

LICHFIELD LAND COMPANY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02566305

LICHFIELD LAND COMPANY LIMITED

Filleted Unaudited Financial Statements

31 December 2016

LICHFIELD LAND COMPANY LIMITED

Financial Statements

Year ended 31 December 2016

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

LICHFIELD LAND COMPANY LIMITED

Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£

Fixed assets

Tangible assets	4		84,369	122,766

Current assets

Debtors	5	15,766	14,606
Cash at bank and in hand		56,159	44,815
		--------	--------
		71,925	59,421

Creditors: amounts falling due within one year	6	235		396
		--------		--------
Net current assets			71,690	59,025
			---------	---------
Total assets less current liabilities			156,059	181,791

Creditors: amounts falling due after more than one year	7	( 156,057)	( 181,789)
		---------	---------
Net assets		2	2
		---------	---------

Capital and reserves

Called up share capital	2	2
	----	----
Shareholders funds	2	2
	----	----

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 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

LICHFIELD LAND COMPANY LIMITED

Statement of Financial Position (continued)

31 December 2016

These financial statements were approved by the board of directors and authorised for issue on 22 May 2017 , and are signed on behalf of the board by:

A D Stalbow

Director

Company registration number: 02566305

LICHFIELD LAND COMPANY LIMITED

Notes to the Financial Statements

Year ended 31 December 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 0DH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, '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 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

The agricultural land is included in the Balance Sheet at historical cost. This is not in accordance with the requirements of the Statement of Standard Accounting Practice No 19 which requires such land to be stated at their open market value.

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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Tangible assets

	Land and buildings
	£
Cost
At 1 January 2016	122,766
Disposals	( 38,397)
	---------
At 31 December 2016	84,369
	---------
Depreciation
At 1 January 2016 and 31 December 2016	–
	---------
Carrying amount
At 31 December 2016	84,369
	---------
At 31 December 2015	122,766
	---------

The company's investment in agricultural land has been valued on the basis stated in Note 1.

5. Debtors

	2016	2015
	£	£
Other debtors	15,766	14,606
	--------	--------

6. Creditors: amounts falling due within one year

	2016	2015
	£	£
Other creditors	235	396
	----	----

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

	2016	2015
	£	£
Amounts due to joint venture undertakings	156,057	181,789
	---------	---------

8. Transition to FRS 102

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

No transitional adjustments were required in equity or profit or loss for the year.