Company Registration No. 05679514 (England and Wales)
LINSDALE PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019
PAGES FOR FILING WITH REGISTRAR
LINSDALE PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
LINSDALE PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2019
31 January 2019
- 1 -
2019
2018
Notes
€
€
€
€
Fixed assets
Investment properties
2
60,000
270,000
Current assets
Debtors
3
358,261
279,481
Investments
4
400,000
400,000
Cash at bank and in hand
91,694
35
849,955
679,516
Creditors: amounts falling due within one year
5
(1,570,956)
(1,564,330)
Net current liabilities
(721,001)
(884,814)
Total assets less current liabilities
(661,001)
(614,814)
Capital and reserves
Called up share capital
6
1,459
1,459
Profit and loss reserves
(662,460)
(616,273)
Total equity
(661,001)
(614,814)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 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.
The financial statements were approved and signed by the director and authorised for issue on 30 October 2019
C B Sierro
Director
Company Registration No. 05679514
LINSDALE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019
- 2 -
1
Accounting policies
Company information
Linsdale Properties Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
5th Floor, 1 Lumley Street, Mayfair, London, W1K 6TT.
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
euros
, 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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents
rental income.
1.3
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.
The surplus or deficit on revaluation is recognised in the profit and loss account.
1.4
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.
1.5
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.
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
LINSDALE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
1
Accounting policies
(Continued)
- 3 -
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
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.
1.9
The Company is considered to be a going concern on the basis that the director believes that the investments will be successful in the long term. In the short term, the Company continues to be supported by its shareholders.
2
Investment property
2019
€
Fair value
At 1 February 2018
270,000
Disposals
(200,000)
Revaluations
(10,000)
At 31 January 2019
60,000
The above represents Spanish investment properties owned by the company. The directors believe the fair value of the properties currently held by the company to be €60,000 (2018: €70,000) at the balance sheet date. This valuation is based on their knowledge of the Spanish property market and its condition.
LINSDALE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
- 4 -
3
Debtors
2019
2018
Amounts falling due within one year:
€
€
Other debtors
344,334
176,521
2019
2018
Amounts falling due after more than one year:
€
€
Deferred tax asset
13,927
102,960
Total debtors
358,261
279,481
4
Current asset investments
2019
2018
€
€
Other investments
400,000
400,000
Current asset investments comprise entirely of loan repayable in the next financial year.
5
Creditors: amounts falling due within one year
2019
2018
€
€
Other creditors
1,570,956
1,564,330
6
Called up share capital
2019
2018
€
€
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of €1 each
1,459
1,459
7
Related party transactions
Included in other creditors is €1,564,113 (2018: €1,559,879) due to shareholders of the company. The loans are interest free.