Lear Developments Holdings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09346568 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

LEAR DEVELOPMENTS HOLDINGS LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTOR:

Mrs K K Lear

REGISTERED OFFICE:

505 Pinner Road

Harrow

Middlesex

HA2 6EH

REGISTERED NUMBER:

09346568 (England and Wales)

ACCOUNTANTS:

Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary

statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Lear Developments Holdings Limited for the year ended 31 December 2017 which comprise the

Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and

the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Lear Developments Holdings Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lear Developments Holdings Limited and state those matters that we have agreed to state to the director of Lear Developments Holdings Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lear Developments Holdings Limited and its director for our work or for this report.

It is your duty to ensure that Lear Developments Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Lear Developments Holdings Limited. You consider that Lear Developments Holdings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lear Developments Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

9 September 2018

FIXED ASSETS

Investments

4

101

101

Investment property

5

2,000,000

2,100,000

2,000,101

2,100,101

CURRENT ASSETS

Debtors

6

210,502

236,460

Cash at bank

5,432

5,446

215,934

241,906

CREDITORS

Amounts falling due within one year

7

24,170

29,204

NET CURRENT ASSETS

191,764

212,702

TOTAL ASSETS LESS CURRENT LIABILITIES

2,191,865

2,312,803

CREDITORS

Amounts falling due after more than one year

8

(1,421,000

)

(1,421,000

)

PROVISIONS FOR LIABILITIES

(132,380

)

(171,637

)

NET ASSETS

638,485

720,166

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

638,385

720,066

SHAREHOLDERS' FUNDS

638,485

720,166

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 Income Statement has not been delivered.

The financial statements were approved by the director on 8 September 2018 and were signed by:

Mrs K K Lear - Director

1.	STATUTORY INFORMATION

Lear Developments Holdings 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.

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.

Turnover

Turnover represents rental income receivable. Turnover is recognised when the company has a right to

consideration.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment properties are properties which are held either to earn rental income or for capital appreciation or for

both. Investment properties are recognised initially at cost.

Subsequent to initial recognition:

i investment properties whose fair value can be measured reliably without undue cost or effort are held at

fair value .Any gains or losses arising from changes in the fair value are recognised in profit or loss in the

period that they arise.

Deferred tax

Deferred tax is recognised in respect of all timing differences which are differences between taxable profits and

total comprehensive income that arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2017

and 31 December 2017

101

NET BOOK VALUE

At 31 December 2017

101

At 31 December 2016

101

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2017

2,100,000

Impairments

(100,000

)

At 31 December 2017

2,000,000

NET BOOK VALUE

At 31 December 2017

2,000,000

At 31 December 2016

2,100,000

Fair value at 31 December 2017 is represented by:

£

Valuation in 2015

901,045

Valuation in 2017

(100,000

)

Cost

1,198,955

2,000,000

In the opinion of the director the fair value of the investment properties as at the balance sheet date is not

significantly to that stated above.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/17

31/12/16

£

£

Amounts owed by connected companies

209,723

234,419

Prepayments and accrued income

779

2,041

210,502

236,460

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/17

31/12/16

£

£

Social security and other taxes

390

-

Directors' current accounts

20,779

25,693

Accrued expenses

3,001

3,511

24,170

29,204

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/17

31/12/16

£

£

Bank loans

1,421,000

1,421,000

31/12/17

31/12/16

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans

1,421,000

1,421,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

31/12/17

31/12/16

£

£

Bank loans

1,421,000

1,421,000

The bank loan is secured by a fixed charge over the investment property. The loan is repayable in 25 years from

the year end and subject to interest rate starting from 4.69% and rising to 6.58% per annum.

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date, the company owed £20,779 (2016: £25,693) to the director.

11.	RELATED PARTY DISCLOSURES

At the balance sheet date, the company was owed £5,153 (2016: £5,119) by Lear Developments Limited, its

wholly owned subsidiary. The amount due is interest free and repayable on demand.

At the balance sheet date, the company was owed £204,570 (2016: £229,300) by SANA (Reedham) Limited, its

wholly owned subsidiary. The amount due is interest free and repayable on demand.

12.	ULTIMATE CONTROLLING PARTY

The director is the ultimate controller by virtue of her shareholding in the entity.