L & N Property Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 04283613 (England and Wales)

L & N PROPERTY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

N Llewellyn

L Williams

SECRETARY:

M G Williams

REGISTERED OFFICE:

The Coach Station

Llantrisant Road

LLANTWIT FARDRE

Rhondda Cynon Taff

CF38 2HB

REGISTERED NUMBER:

04283613 (England and Wales)

ACCOUNTANTS:

Watts Gregory LLP

Chartered Accountants

Elfed House

Oak Tree Court

Cardiff Gate Business Park

CARDIFF

County of Cardiff

CF23 8RS

FIXED ASSETS

Tangible assets

4

2,700,000

CURRENT ASSETS

Debtors

5

221,772

272,284

Cash at bank

1,551,758

1,247,218

1,773,530

1,519,502

CREDITORS

Amounts falling due within one year

6

(184,249

)

(159,492

)

NET CURRENT ASSETS

1,589,281

1,360,010

TOTAL ASSETS LESS CURRENT LIABILITIES

4,289,281

4,060,010

PROVISIONS FOR LIABILITIES

(99,690

)

(113,012

)

NET ASSETS

4,189,591

3,946,998

CAPITAL AND RESERVES

Called up share capital

7

1

Non distributable reserve

1,194,423

1,207,745

Retained earnings

2,995,167

2,739,252

SHAREHOLDERS' FUNDS

4,189,591

3,946,998

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 Profit and loss account has not been delivered.

The financial statements were approved for issue by the Board of Directors on 7 June 2018 and were signed on its behalf by:

N Llewellyn - Director

1.	STATUTORY INFORMATION

L & N Property 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.

The company's functional and presentational currency in the financial statements is Sterling (£), rounded to the

nearest pound.

The significant accounting policies applied in the presentation of these financial statements are set out below. These

policies have been consistently applied to all years presented unless otherwise stated.

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.

There have been no material departures from Financial Reporting Standard 102 Section 1A.

These financial statements for the year ended 30 September 2017 are the first financial statements that comply with

Financial Reporting Standard 102 Section 1A. The date of transition is 1 October 2015.

The transition to Financial Reporting Standard 102 Section 1A has resulted in a small number of changes to existing

accounting policies which can be seen in the following notes.

Turnover

Turnover shown in the profit and loss account represents rent receivable exclusive of Value Added Tax.

Tangible fixed assets

All fixed assets are initially recorded at cost.

Taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is

calculated using the tax rates and laws that have been enacted or substantively enacted at 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.

Investment property

Investment property is included at fair value. Gains are recognised in the profit and loss statement. Deferred taxation

is provided on these gains at the rate expected to apply when the asset is sold.

Non-derivative financial instruments

Basic financial instruments are recognised at amortised cost.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Investment

Property

£

COST OR VALUATION

At 1 October 2016

and 30 September 2017

2,700,000

NET BOOK VALUE

At 30 September 2017

2,700,000

At 30 September 2016

2,700,000

The freehold investment property has been valued on a fair value basis at £2,700,000. The historic cost of investment

property is £1,379,243.

Cost or valuation at 30 September 2017 is represented by:

Investment

Property

£

Valuation in 2015

2,700,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Trade debtors

45,207

62,974

Other debtors

27,831

Amount due from company

under common control

-

22,887

Directors' current accounts

148,734

158,592

221,772

272,284

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Trade creditors

2,502

2,148

Corporation tax

55,532

55,708

VAT

17,350

16,218

Amount due to company under

common control

23,100

-

Accruals and deferred income

85,765

85,418

184,249

159,492

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

1

Ordinary

£1

1

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the Mr L Williams, a director, owed the company £148,734 (2016: £158,592). Interest is being

accrued on the balance at a rate of 3.25% and 3% per annum.

L & N Property Limited - Accounts to registrar (filleted) - small 18.1

L & N Property Limited - Accounts to registrar (filleted) - small 18.1