NEROLI_LACEY_LIMITED - Accounts


Company Registration No. 06275111 (England and Wales)
NEROLI LACEY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
NEROLI LACEY LIMITED
COMPANY INFORMATION
Directors
N L Day Lacey
Mr E Chapman
Secretary
Mr E Chapman
Company number
06275111
Registered office
c/o Russell-Cooke LLP
2 Putney Hill
London
United Kingdom
SW15 6AB
Accountants
Beavis Morgan LLP
Accountants, Business and Tax Advisers
82 St John Street
London
EC1M 4JN
NEROLI LACEY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 7
NEROLI LACEY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investments
2
5,188,917
4,902,188
Current assets
Debtors falling due within one year
3
594,546
426,790
Debtors falling due after more than one year
3
202,275
-
796,821
426,790
Creditors: amounts falling due within one year
4
(125,282)
(20,369)
Net current assets
671,539
406,421
Total assets less current liabilities
5,860,456
5,308,609
Provisions for liabilities
(561,643)
(473,079)
Net assets
5,298,813
4,835,530
Capital and reserves
Called up share capital
5
100
100
Share premium account
2,517,141
2,517,141
Other reserves
2,667,317
2,234,919
Profit and loss reserves
114,255
83,370
Total equity
5,298,813
4,835,530

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

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

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

NEROLI LACEY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2017
31 December 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 August 2018 and are signed on its behalf by:
Mr E Chapman
Director
Company Registration No. 06275111
NEROLI LACEY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2016
100
2,517,141
1,413,897
28,480
3,959,618
Year ended 31 December 2016:
Profit and total comprehensive income for the year
-
-
-
1,044,073
1,044,073
Transfers
-
-
989,183
(989,183)
-
Other movements
-
-
(168,161)
-
(168,161)
Balance at 31 December 2016
100
2,517,141
2,234,919
83,370
4,835,530
Year ended 31 December 2017:
Profit and total comprehensive income for the year
-
-
-
551,847
551,847
Transfers
-
-
520,962
(520,962)
-
Other movements
-
-
(88,564)
-
(88,564)
Balance at 31 December 2017
100
2,517,141
2,667,317
114,255
5,298,813
NEROLI LACEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 4 -
1
Accounting policies
Company information

Neroli Lacey Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Russell-Cooke LLP, 2 Putney Hill, London, United Kingdom, SW15 6AB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern
The directors consider that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual financial statements.
1.3
Fixed asset investments

Fixed asset investments which are held as part of an investment portfolio are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

1.4
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 'Other Financial Instruments' of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include other debtors and loans to fellow group members, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

NEROLI LACEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 5 -
Non basic financial assets

Investments in non basic financial assets which include unitised investments are measured initially at fair value which is normally the transaction price. Subsequently such investments are recorded at fair value with changes in fair value recognised in the profit or loss.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

2
Fixed asset investments
2017
2016
£
£
Investments
5,188,917
4,902,188
NEROLI LACEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
2
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Cash Deposits
Investments
Total
£
£
£
Cost or valuation
At 1 January 2017
41,802
4,860,386
4,902,188
Movement in the year
909
520,962
521,871
Disposals
-
(235,142)
(235,142)
At 31 December 2017
42,711
5,146,206
5,188,917
Carrying amount
At 31 December 2017
42,711
5,146,206
5,188,917
At 31 December 2016
41,802
4,860,386
4,902,188
3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Corporation tax recoverable
81,957
126
Amounts owed by group undertakings
447,551
404,782
Other debtors
65,038
21,882
594,546
426,790
Amounts falling due after more than one year:
Other debtors
202,275
-
Total debtors
796,821
426,790

Other debtors include the total amount of £252,176 owed by N L Day Lacey and is repayable in 5 years. Refer to note 7.

 

4
Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
105,826
-
Other creditors
19,456
20,369
125,282
20,369
NEROLI LACEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 7 -
5
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
6
Related party transactions

During the year, the company made a loan to its director N Lacey for £250,000. The loan has annual interest of 3% and is repayable in 5 years. As at the balance sheet date the value of the loan was £252,176.

 

At the balance sheet date the company was owed £447,551 (2016: £404,782) by E.D.L Investment Limited, which is the ultimate parent company. This is an interest free loan and is repayable on demand.

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