Company Registration No. 04214170 (England and Wales)
OUTLOOK PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 10 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
OUTLOOK PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
OUTLOOK PROPERTY LIMITED
BALANCE SHEET
AS AT 10 MARCH 2020
10 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
61,044
57,965
Investments
4
46,124
46,124
107,168
104,089
Current assets
Debtors
5
358,804
160,958
Cash at bank and in hand
573,520
691,702
932,324
852,660
Creditors: amounts falling due within one year
6
(596,743)
(345,656)
Net current assets
335,581
507,004
Total assets less current liabilities
442,749
611,093
Provisions for liabilities
(6,486)
(6,486)
Net assets
436,263
604,607
Capital and reserves
Called up share capital
2,000
2,000
Capital redemption reserve
194
194
Profit and loss reserves
434,069
602,413
Total equity
436,263
604,607
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 period ended 10 March 2020 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period 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.
OUTLOOK PROPERTY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 10 MARCH 2020
10 March 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 May 2021 and are signed on its behalf by:
PL Aitchison
Director
Company Registration No. 04214170
OUTLOOK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 10 MARCH 2020
- 3 -
1
Accounting policies
Company information
Outlook Property Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Crowthorne House, Nine Mile Ride, Wokingham, Berkshire, RG40 3GZ.
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 where applicable to include investments at fair value. The principal accounting policies adopted are set out below.
1.2
Reporting period
The financial statements cover the period 1 January 2020 to 10 March 2020. The 10 March 2020 represents the date on which ownership of the company changed hands. The comparatives presented in these financial statements (including the related notes) are for the year ended 31 December 2019, and as such are not entirely comparable.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts
and
settlement discounts
.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Improvements to Leasehold Property
Over the term of the lease
Fixtures, fittings & equipment
3-4 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Fixed asset investments
Interests in
listed investments
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.
OUTLOOK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 10 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.7
Cash and cash equivalents
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.
1.8
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.
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.
Basic financial liabilities
Basic financial liabilities,
comprise
creditors which are
recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
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 at transaction price
.
OUTLOOK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 10 MARCH 2020
1
Accounting policies
(Continued)
- 5 -
1.9
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.
1.10
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.
Deferred tax
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.14
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
in the period
are included in profit or loss.
OUTLOOK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 10 MARCH 2020
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2020
2019
Number
Number
Total
49
49
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2020
232,760
140,465
373,225
Additions
3,079
3,079
At 10 March 2020
232,760
143,544
376,304
Depreciation and impairment
At 1 January 2020 and 10 March 2020
185,726
129,534
315,260
Carrying amount
At 10 March 2020
47,034
14,010
61,044
At 31 December 2019
47,034
10,931
57,965
4
Fixed asset investments
2020
2019
£
£
Investments
46,124
46,124
The listed shares are valued at the share price as at 10 March 2020.
OUTLOOK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 10 MARCH 2020
4
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2020 & 10 March 2020
46,124
Carrying amount
At 10 March 2020
46,124
At 31 December 2019
46,124
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
227,820
Other debtors
130,984
160,958
358,804
160,958
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
72,070
65,439
Corporation tax
94,341
121,045
Other taxation and social security
126,225
143,072
Other creditors
304,107
16,100
596,743
345,656
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
835,441
867,921
OUTLOOK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 10 MARCH 2020
7
Operating lease commitments
(Continued)
- 8 -
The Directors are of the opinion that no provisions for dilapidations in respect of leased properties are required in these financial statements.
8
Directors' transactions
Dividends totalling £54,199 (2019 - £276,591) were paid in the period in respect of shares held by the company's directors.
At the balance sheet date the directors' and shareholders' owed the company £21,301 (2019 - £77,490).
9
Ultimate controlling party
On 10 March 2020, 100% share capital of Outlook Property Limited was acquired by Leaders Limited.
At 10 March 2020, the company's ultimate parent company was The Leaders Romans Group Limited. Both companies are registered at Crowthorne House, Nine Mile Ride, Wokingham, Berkshire RG40 3GZ or Companies House.
The Leaders Romans Midco 2 Limited is the smallest group in which the results of the company are consolidated.
The Leaders Romans Group Limited is the largest group in which the results of the company are consolidated.
Both of the consolidated accounts which include the results of this company are available to the public and may be obtained from The Leaders Romans Group Limited, Crowthorne House, Nine Mile Ride, Wokingham, Berkshire RG40 3GZ or Companies House.
The company is ultimately controlled by funds managed by Bowmark Capital LLP.