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Financial Statements |
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for the Period 1 December 2020 to 29 November 2021 |
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for |
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Lawless Properties Liverpool Limited |
REGISTERED NUMBER:
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Financial Statements |
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for the Period 1 December 2020 to 29 November 2021 |
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for |
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Lawless Properties Liverpool Limited |
Lawless Properties Liverpool Limited (Registered number: 08121880) |
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Contents of the Financial Statements |
for the Period 1 December 2020 to 29 November 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Lawless Properties Liverpool Limited |
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Company Information |
for the Period 1 December 2020 to 29 November 2021 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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116 Duke Street |
Liverpool |
Merseyside |
L1 5JW |
Lawless Properties Liverpool Limited (Registered number: 08121880) |
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Balance Sheet |
29 November 2021 |
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29.11.21 | 30.11.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Fair value reserve | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Lawless Properties Liverpool Limited (Registered number: 08121880) |
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Balance Sheet - continued |
29 November 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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Lawless Properties Liverpool Limited (Registered number: 08121880) |
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Notes to the Financial Statements |
for the Period 1 December 2020 to 29 November 2021 |
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1. | STATUTORY INFORMATION |
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Lawless Properties Liverpool Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 ''The Financial Reporting Standard in the UK and Republic of Ireland'' including provisions of Section 1A ''Small Entities'' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention and prepared on a going concern basis, management have determined the Covid - 19 pandemic is not expected to have significant impact on the entity's ability to continue as a going concern. |
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Significant judgements and estimates |
There are no judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements. |
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Turnover |
Turnover, derived from ordinary activities, represents rent that is recognised on an accruals basis. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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Financial instruments |
Other loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
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Directors loans and intercompany loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
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Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss. |
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Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Lawless Properties Liverpool Limited (Registered number: 08121880) |
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Notes to the Financial Statements - continued |
for the Period 1 December 2020 to 29 November 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Short term debtors and creditors are measured at transaction price, less any impairment where applicable. |
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Bank loans are initially measured at the transaction price, net of transaction costs, and subsequently measured at ammortised cost. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was NIL (2020 - NIL). |
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 December 2020 |
and 29 November 2021 |
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NET BOOK VALUE |
At 29 November 2021 |
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At 30 November 2020 |
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Investment properties are valued annually by the director who does not believe the value has changed since last year. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.11.21 | 30.11.20 |
£ | £ |
Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.11.21 | 30.11.20 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
29.11.21 | 30.11.20 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 348,027 | 1,500 |
Lawless Properties Liverpool Limited (Registered number: 08121880) |
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Notes to the Financial Statements - continued |
for the Period 1 December 2020 to 29 November 2021 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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29.11.21 | 30.11.20 |
£ | £ |
Bank loans |
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Bank loans are secured against investment property. |
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9. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 December 2020 |
and 29 November 2021 |
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Retained earning not available for distribution are £410,160. |
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10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the period ended 29 November 2021 and the year ended 30 November 2020: |
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29.11.21 | 30.11.20 |
£ | £ |
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Balance outstanding at start of period |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
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11. | RELATED PARTY DISCLOSURES |
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Included in other debtors at the balance sheet date is £21,642 (2020 £32,455 due from Elliot Properties UK Limited, a company under common control. |