Company Registration No. 06506062 (England and Wales)
LRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2019
PAGES FOR FILING WITH REGISTRAR
LRE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
LRE LIMITED
BALANCE SHEET
AS AT
30 AUGUST 2019
30 August 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Investments
2
1,600
1,600
Current assets
Debtors
3
850
850
Creditors: amounts falling due within one year
4
(1,575)
(1,575)
Net current liabilities
(725)
(725)
Total assets less current liabilities
875
875
Capital and reserves
Called up share capital
5
875
875
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 year ended 30 August 2019 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant 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 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 by the board of directors and authorised for issue on 28 May 2020 and are signed on its behalf by:
T O Picton-Howell
Director
Company Registration No. 06506062
LRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2019
- 2 -
1
Accounting policies
Company information
LRE Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
125 Wood Street, London, EC2V 7AW, United Kingdom.
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. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Profit and loss account
The company has not traded during the year or the preceding financial
period
. During
this time
the company received no income and incurred no expenditure and therefore no Profit and loss account is presented
in these financial statements.
1.3
Fixed asset investments
Interests in subsidiaries
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.
1.4
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.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
LRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2019
1
Accounting policies
(Continued)
- 3 -
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, including creditors
and
loans from
fellow group companies 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 receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
2
Fixed asset investments
2019
2018
£
£
Investments
1,600
1,600
The investment is stated at cost.
The directors consider the amount represents the fair value of the investment.
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 31 August 2018 & 30 August 2019
1,600
Carrying amount
At 30 August 2019
1,600
At 30 August 2018
1,600
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
850
850
4
Creditors: amounts falling due within one year
2019
2018
£
£
Amounts owed to group undertakings
1,575
1,575
LRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2019
- 4 -
5
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
8,752 Ordinary shares of 10p each
875
875
875
875