Statement of Consent to Prepare Abridged Financial Statements
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All of the members of LSG CAPITAL PROJECTS LTD have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 January 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
05013862
Filleted Unaudited Abridged Financial Statements
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Abridged Financial Statements
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Year ended 31 January 2017
Abridged statement of financial position
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2
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Notes to the abridged financial statements
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4
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The following pages do not form part of the abridged financial statements
Chartered accountant's report to the director on the preparation of the unaudited statutory abridged financial statements
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7
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Year ended 31 January 2017
The director presents his report and the unaudited abridged financial statements of the company for the year ended
31 January 2017
.
Director
The director who served the company during the year was as follows:
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
31 October 2017
and signed on behalf of the board by:
Registered office:
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3rd Floor Vyman House
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104, College Road
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Harrow
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Middlesex
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United Kingdom
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HA1 1BQ
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Abridged Statement of Financial Position
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31 January 2017
Fixed assets
Tangible assets
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4
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842,417
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842,417
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Current assets
Debtors
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5,000
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5,000
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Cash at bank and in hand
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1,349
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1,017
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-------
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-------
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6,349
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6,017
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Creditors: amounts falling due within one year
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649,018
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594,223
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---------
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Net current liabilities
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642,669
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588,206
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Total assets less current liabilities
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199,748
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254,211
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Creditors: amounts falling due after more than one year
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198,937
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264,898
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Net assets/(liabilities)
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811
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(
10,687)
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---------
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---------
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Capital and reserves
Called up share capital
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2
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2
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Profit and loss account
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809
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(
10,689)
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----
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--------
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Members funds/(deficit)
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811
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(
10,687)
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----
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--------
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These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the year ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
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Abridged Statement of Financial Position (continued)
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31 January 2017
These abridged financial statements were approved by the
board of directors
and authorised for issue on
31 October 2017
, and are signed on behalf of the board by:
Company registration number:
05013862
Notes to the Abridged Financial Statements
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Year ended 31 January 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3rd Floor Vyman House, 104, College Road, Harrow, Middlesex, HA1 1BQ, United Kingdom.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 February 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 6.
Revenue recognition
Turnover represents rent received.
Tangible assets
Depreciation has not been provided on the freehold property as the Director considers the market value to be in excess of that shown on the balance sheet.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
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 entity after deducting all of its financial liabilities.
4.
Tangible assets
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£
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Cost
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At 1 February 2016 and 31 January 2017
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842,417
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Depreciation
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At 1 February 2016 and 31 January 2017
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–
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Carrying amount
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At 31 January 2017
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842,417
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5.
Related party transactions
The company was under the control of Mr
N R Patel
throughout the current and previous year. Mr N R Patel
is the managing director and majority shareholder. At the year end company owes the director Mr N R Patel
of £67,589 (2016: £67,589).
6.
Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 February 2015.
No transitional adjustments were required in equity or profit or loss for the year.
Year ended 31 January 2017
The following pages do not form part of the abridged financial statements.
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of
LSG CAPITAL PROJECTS LTD
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Year ended 31 January 2017
As described on the abridged statement of financial position, the director of the company is responsible for the preparation of the abridged financial statements for the year ended 31 January 2017, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
RMR PARTNERSHIP LLP
Chartered accountant
3rd Floor, Vyman House
104 College Road
Harrow
Middlesex
HA1 1BQ
31 October 2017