Company Registration No. 00267843 (England and Wales)
LAVER REGENERATION LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
LAVER REGENERATION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
LAVER REGENERATION LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Investment properties
4
36,729,651
40,284,032
Investments
5
11,285
11,285
36,740,936
40,295,317
Current assets
Debtors falling due after one year
6
52,754,465
52,168,699
Debtors falling due within one year
6
13,723,397
6,710,069
Cash at bank and in hand
132,521
1,301,162
66,610,383
60,179,930
Creditors: amounts falling due within one year
7
(6,870,571)
(4,575,869)
Net current assets
59,739,812
55,604,061
Total assets less current liabilities
96,480,748
95,899,378
Creditors: amounts falling due after more than one year
8
(11,340,006)
(13,382,779)
Net assets
85,140,742
82,516,599
Shareholders loans
21,002,168
20,916,765
Capital and reserves
Called up share capital
107,378
107,378
Revaluation reserve
17,948,696
21,210,023
Capital redemption reserve
9,728
9,728
Profit and loss reserves
46,072,772
40,272,705
Total equity
64,138,574
61,599,834
85,140,742
82,516,599
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
LAVER REGENERATION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2019
31 December 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 July 2020 and are signed on its behalf by:
M R Bower
Director
Company Registration No. 00267843
LAVER REGENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
1
Accounting policies
Company information
Laver Regeneration Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Aizlewood Mill, Nursery Street, Sheffield, S3 8GG.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. As part of their assessment of the going concern basis of preparation, the Directors have considered the impact of the COVID-19 pandemic on the Company's trade and the wider economies in which it operates. To aid the Directors in assessing the impact on the Company, revised forecasts have been prepared incorporating various potential outcomes in response to the significant economic downturn resulting from the pandemic. In addition the Directors have been in discussion with the company's bankers in relation to ongoing facilities. Taking into account the revised forecasts and the outcome of discussions with the bank, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
1.3
Turnover
Turnover
is measured at the fair value of the consideration received or receivable and represents amounts receivable for
rental of investment properties.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
LAVER REGENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.6
Cash at bank and in hand
Cash and cash equivalents
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. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors and cash and bank balances, 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.
Trade debtors
, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Classification of financial liabilities
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 company after deducting all of its liabilities.
LAVER REGENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
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 company after deducting all of its liabilities.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
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.
LAVER REGENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 6 -
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Operating profit/(loss)
2019
2018
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
(Loss)/profit on disposal of tangible fixed assets
-
(5,735)
Profit on disposal of investment property
(2,482,725)
-
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
2
5
4
Investment property
2019
£
Fair value
At 1 January 2019
40,284,032
Disposals
(3,554,381)
At 31 December 2019
36,729,651
The fair value of the investment property has been arrived at by the directors by reference to an independent professional valuation prepared in February 2019 by independent valuers not connected with the company, on the basis of market value and subsequent informal discussions.
LAVER REGENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 7 -
5
Fixed asset investments
2019
2018
£
£
Other investments other than loans
11,285
11,285
The company has not designated any financial assets that are not classified as financial assets at fair value through profit or loss.
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2019 & 31 December 2019
11,285
Carrying amount
At 31 December 2019
11,285
At 31 December 2018
11,285
6
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
6,943,394
293,856
Other debtors
6,780,003
6,416,213
13,723,397
6,710,069
2019
2018
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
52,677,465
52,088,699
Deferred tax asset
77,000
80,000
52,754,465
52,168,699
Total debtors
66,477,862
58,878,768
Trade debtors disclosed above are measured at amortised cost.
Amounts due from parent and fellow group undertakings have no set repayment or interest terms. In the opinion of the directors there would be no benefit in calculating a theoretical carrying value at amortised cost as required by FRS 102. The balances continue therefore to be carried at transaction price.
LAVER REGENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 8 -
7
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
2,781,690
1,483,322
Trade creditors
37,264
174,456
Amounts due to group undertakings
2,586,818
2,315,968
Corporation tax
161,000
-
Other creditors
1,303,799
602,123
6,870,571
4,575,869
8
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
11,340,006
13,382,779
Creditors which fall due after five years are as follows:
2019
2018
£
£
Payable by instalments
7,928,053
7,486,257
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was John Warner.
The auditor was BHP LLP.
10
Financial commitments, guarantees and contingent liabilities
Under a cross guarantee the Company has guaranteed the bank borrowings of fellow subsidiaries. The bank borrowings of fellow subsidiaries at the year end amounted to £17,075,000.
LAVER REGENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 9 -
11
Events after the reporting date
As part of their assessment of the going concern basis of preparation, the Directors have considered the impact of the COVID-19 pandemic on the Company's trade and the wider economies in which it operates. To aid the Directors in assessing the impact on the Company, revised forecasts have been prepared incorporating various potential outcomes in response to the significant economic downturn resulting from the pandemic. In addition the Directors have been in discussion with the company's bankers in relation to ongoing facilities. Taking into account the revised forecasts and the outcome of discussions with the bank, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, see note 1.2. It is the view of the Directors that the events which have significantly impacted the Company are the direct result of Government and international policy in response to the pandemic (for example restrictions on travel, trade and personal interactions) and such policy only arose after the balance sheet date. The Directors therefore consider the impact of the COVID-19 on the business to be a non-adjusting post-balance sheet event.
12
Related party transactions
Transactions with related parties
At 31 December 2019 the company was owed £1,141,919 (2018: £1,089,636) by Chesterfield Waterfront Limited a company in which Laver Regeneration Limited is a 50% shareholder.
At 31 December 2019 the company was owed £5,027,338 (2018: £852,772) by Chesterfield Waterside Limited a company in which Laver Regeneration Limited is a 40.5% shareholder.
At 31 December 2019 the company was owed £258,765 (2018: £258,765) by Urbo Regeneration Limited a company in which Laver Regeneration Limited is a 38% shareholder.
At 31 December 2019 the company was owed £368,624 (2018: £837,327) by Canal Road Urban Village Limited, a subsidiary of Urbo Regeneration Limited
At 31 December 2019 the company owed £21,002,168 (2018: £20,916,765) to the shareholders of Laver Regeneration Holdings Limited. Interest of £679,795 was charged on these loans during the year in accordance with the loan agreements of which £594,392 is included in accruals.
Amounts due to the company are repayable on demand.
Amounts owed to the shareholders of Laver Regeneration Holdings Limited are repayable after more than one year.
LAVER REGENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 10 -
13
Parent company
The company's immediate parent company is
Laver Regeneration Group Limited
. The ultimate parent company is
Laver Regeneration Holdings Limited
.
2019-12-31
2019-01-01
false
04 August 2020
CCH Software
CCH Accounts Production 2020.200
No description of principal activity
This audit opinion is unqualified
Mr A J Laver
M R Bower
M R Bower
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