REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2020 |
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LINDMEAD PROPERTIES LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2020 |
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FOR |
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LINDMEAD PROPERTIES LIMITED |
LINDMEAD PROPERTIES LIMITED (REGISTERED NUMBER: 09933395) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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LINDMEAD PROPERTIES LIMITED |
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COMPANY INFORMATION |
for the year ended 31 December 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Magma House |
16 Davy Court |
Castle Mound Way |
Rugby |
CV23 0UZ |
LINDMEAD PROPERTIES LIMITED (REGISTERED NUMBER: 09933395) |
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BALANCE SHEET |
31 December 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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The directors acknowledge their 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. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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LINDMEAD PROPERTIES LIMITED (REGISTERED NUMBER: 09933395) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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Lindmead Properties Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The presentation currency of the financial statements is Sterling (£). |
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Going concern |
As at 31 December 2020 the company had net current liabilities of £207,611 (2019: net current assets £100) and net assets of £3,826 (2019: £100). The directors consider that the company has sufficient resources and support to meet it liabilities as they fall due for at least 12 months from the signing of these financial statements and have therefore prepared the financial statements on a going concern basis. The parent company confirmed that they will not request repayment of the amounts owed to them of £230,287 (2019: £Nil) until the company has sufficient resources to repay the amounts. |
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Turnover |
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Turnover represents sales of properties, rents and share of profits on property dealing in the normal course of business and has been derived from the principle activity of the company. |
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Investment property |
Investment property comprises freehold buildings. They are measured initially at cost, including related transaction costs. These are held as investments to earn rental income and for capital appreciation and are stated at fair value at the Balance Sheet date. |
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Subsequent expenditure is added to the assets carrying amount only when it is probable that future economic benefits associated with the item will flow to the company and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the profit and loss account during the financial period in which they are incurred. |
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Any movement in the fair value of the properties is reflected within the profit and loss account for the year. |
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Stocks |
Trading properties are stated at the lower of cost and estimated selling price less costs to complete and sell. |
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At each balance sheet date, trading properties are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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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LINDMEAD PROPERTIES LIMITED (REGISTERED NUMBER: 09933395) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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 year 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. |
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Financial instruments |
(i) Financial assets |
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Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes as financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
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Such assets are subsequently carried at amortised cost using the effective interest rate method. |
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(ii) Financial liabilities |
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Basic financial liabilities, including trade and other creditors 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 payments discounted at a market rate of interest. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
Additions |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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LINDMEAD PROPERTIES LIMITED (REGISTERED NUMBER: 09933395) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2020 |
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7. | RELATED PARTY DISCLOSURES |
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During the year the company made purchases of £200,000 (2019: £Nil) from its parent company. A balance of £230,287 (2019: £Nil) was due to this entity at the year end. |
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8. | COVID-19 |
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At the balance sheet date the world is suffering a COVID-19 outbreak and there has been volatility in the markets as a result. |
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The directors have considered the effect that this may have on the company and have considered the government's guidance that the issue will be time limited. The directors have considered the current valuation of the investment properties and they believe their values have not been materially affected. Therefore they consider the company to be a going concern. |