Company registration number:
11167410
L.M.W. Property Services Ltd
Unaudited filleted financial statements
31 January 2020
L.M.W. Property Services Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
L.M.W. Property Services Ltd
Directors and other information
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Director
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Miss L Walsh
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Company number
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11167410
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Registered office
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52 Delph Road
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Denshaw
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Oldham
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OL3 5RY
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Accountant
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J P Gallagher & Co
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106 Moston Lane East
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Manchester
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M40 3QL
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L.M.W. Property Services Ltd
Statement of financial position
31 January 2020
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31/01/20
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31/01/19
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Note
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£
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£
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£
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£
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Fixed assets
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Tangible assets
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4
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210,000
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193,102
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_______
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_______
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210,000
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193,102
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Current assets
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Cash at bank and in hand
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1,787
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703
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_______
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_______
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1,787
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703
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Creditors: amounts falling due
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within one year
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5
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(
57,139)
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(
57,675)
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_______
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_______
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Net current liabilities
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(
55,352)
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(
56,972)
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_______
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_______
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Total assets less current liabilities
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154,648
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136,130
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Creditors: amounts falling due
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after more than one year
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6
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(
138,050)
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(
138,050)
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_______
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_______
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Net assets/(liabilities)
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16,598
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(
1,920)
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_______
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_______
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Capital and reserves
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Called up share capital
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1
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1
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Profit and loss account
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16,597
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(
1,921)
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_______
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Shareholder funds/(deficit)
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16,598
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(
1,920)
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_______
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_______
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For the year ending 31 January 2020 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
03 December 2020
, and are signed on behalf of the board by:
Miss L Walsh
Director
Company registration number:
11167410
L.M.W. Property Services Ltd
Notes to the financial statements
Year ended 31 January 2020
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 52 Delph Road, Denshaw, Oldham, OL3 5RY.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Rental income from operating leases (net of any incentives given to the lesees) is recognised on a straight line basis over the lease term.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4.
Tangible assets
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Freehold property
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Total
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£
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£
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Cost or valuation
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At 1 February 2019
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193,102
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193,102
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Revaluation
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16,898
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16,898
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_______
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At 31 January 2020
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210,000
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210,000
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_______
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Depreciation
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At 1 February 2019 and 31 January 2020
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-
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-
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_______
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_______
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Carrying amount
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At 31 January 2020
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210,000
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210,000
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_______
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_______
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At 31 January 2019
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193,102
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193,102
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_______
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_______
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5.
Creditors: amounts falling due within one year
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31/01/20
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31/01/19
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£
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£
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Other creditors
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57,139
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57,675
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_______
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_______
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6.
Creditors: amounts falling due after more than one year
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31/01/20
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31/01/19
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£
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£
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Other creditors
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138,050
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138,050
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_______
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_______
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There are a fixed and floating charge held by Paragon Bank Plc which is secured on the property held by the company at 26 Clifton Street, Failsworth.
7.
Directors advances, credits and guarantees
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During the year the director entered into the following advances and credits with the company:
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Year ended 31/01/20
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Balance brought forward
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Advances /(credits) to the director
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Balance o/standing
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£
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£
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£
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Miss L Walsh
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(
57,025)
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536
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(
56,489)
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_______
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_______
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_______
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Period ended 31/01/19
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Balance brought forward
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Advances /(credits) to the director
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Balance o/standing
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£
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£
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£
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Miss L Walsh
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-
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(
57,025)
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(
57,025)
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_______
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_______
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_______
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