Registration number:
LRE Capital Ltd
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LRE Capital Ltd
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
LRE Capital Ltd
Company Information
Director |
S Ahsani |
Registered office |
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Accountants |
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LRE Capital Ltd
Statement of Financial Position as at 30 June 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Investments |
- |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Profit and loss account |
892,768 |
497,686 |
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Shareholders' funds |
892,868 |
497,786 |
For the financial year ending 30 June 2021 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
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S Ahsani
Director
Company registration number: 10235722
LRE Capital Ltd
Notes to the Financial Statements for the Year Ended 30 June 2021
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal activity of the company is that of real estate consultancy.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Going concern
The company made a profit for the year ended 30 June 2021 and had net assets of £892,868 at that date.
During the year ended 30 June 2021, the continued impact of Coronavirus (COVID-19) has caused extensive disruptions to business and economic activities globally. The uncertainties over the emergence and spread of COVID-19 has caused market volatility on a global scale and has had specific impacts on the real estate sector in which the company operates.
While there has undoubtedly been an impact on the projects that the company manages and advises on, the fee basis for the contracts has thus far meant that income streams have been protected, and while costs continue to be managed diligently, have allowed the company to continue in operation throughout this difficult time. While the director continues to monitor the long term viability in light of further impacts of COVID-19, he is confident that the company will have sufficient working capital to meet its debts as they fall due.
Based on the above and having made enquires the director has a reasonable expectation that the company has adequate resources to remain in operation existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Turnover from real estate consultancy services is recognised over the periods to which the services related.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
LRE Capital Ltd
Notes to the Financial Statements for the Year Ended 30 June 2021
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future tax profits.
Deferred tax is measured using the tax rates and laws that have been that enacted or substantively enacted by the reporting date and that are expected to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer Equipment |
33% straight line |
Furniture & Fixtures |
20% straight line |
Motor Vehicles |
33% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
LRE Capital Ltd
Notes to the Financial Statements for the Year Ended 30 June 2021
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company during the year, was
Tangible assets |
Leasehold Improvements |
Furniture, fittings and equipment |
Motor |
Total |
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Cost or valuation |
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At 1 July 2020 |
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- |
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Additions |
- |
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Disposals |
- |
- |
( |
( |
At 30 June 2021 |
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- |
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Depreciation |
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At 1 July 2020 |
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- |
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Charge for the period year |
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Eliminated on disposal |
- |
- |
( |
( |
At 30 June 2021 |
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- |
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Carrying amount |
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At 30 June 2021 |
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- |
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At 30 June 2020 |
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- |
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LRE Capital Ltd
Notes to the Financial Statements for the Year Ended 30 June 2021
Investments |
2021 |
2020 |
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Investments in subsidiaries |
- |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 July 2020 |
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Disposals |
( |
At 30 June 2021 |
- |
Carrying amount |
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At 30 June 2021 |
- |
At 30 June 2020 |
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Debtors |
2021 |
2020 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Guarantees, commitments and obligations |
Leases
The total of future minimum lease payments not reflected on the statement of financial position amounts to £238,717 (2020: £380,395).
Transactions with directors |
At 30 June 2021 an amount of £NIL (2020: £130,898) was due to the company from the director. During the year there were advances of £241,476 and repayments of £372,374 with the director. No interest has been charged and there were no agreed terms in place.