Level Properties Limited |
|
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Level Properties Limited for the year ended 30 April 2021 |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Level Properties Limited for the year ended 30 April 2021 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance |
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF. |
|
Cochrane & Co Accountants Limited |
Chartered Accountants |
38 Kings Road |
Lee-on-the-Solent |
Hampshire |
PO13 9NU |
|
8 September 2021 |
|
Level Properties Limited
|
Registered number: |
11902344
|
Balance Sheet |
as at 30 April 2021
|
|
Notes |
|
|
2021 |
|
|
2020 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
- |
|
|
419,277 |
|
Current assets |
Debtors |
4 |
|
7,000 |
|
|
2,647 |
Cash at bank and in hand |
|
|
895 |
|
|
3,952 |
|
|
|
7,895 |
|
|
6,599 |
|
Creditors: amounts falling due within one year |
5 |
|
(2,845) |
|
|
(399,700) |
|
Net current assets/(liabilities) |
|
|
|
5,050 |
|
|
(393,101) |
|
Net assets |
|
|
|
5,050 |
|
|
26,176 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
2 |
|
|
2 |
Profit and loss account |
|
|
|
5,048 |
|
|
26,174 |
|
Shareholders' funds |
|
|
|
5,050 |
|
|
26,176 |
|
|
|
|
|
|
|
|
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
|
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
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|
|
|
|
Mr D J Randall |
Director |
Approved by the board on 1 September 2021
|
|
Level Properties Limited
|
Notes to the Accounts |
for the year ended 30 April 2021
|
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
|
|
|
Turnover and other income |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of properties. Rental income and service charges represent rental, insurance and service charge income receivable, net of value added tax and service charges and insurance paid. Interest income is recognised using an effective interest method and dividend income is recognised as the company's right to receive payment is established.
|
|
|
Investment properties |
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Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the profit and loss. The property was purchased in the 2020 year and as such the director believed the value represented fair value at the year end. The property was sold to it's parent company during 2021.
|
|
|
Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
|
|
|
Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
|
|
|
Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
|
|
|
2 |
Employees |
2021 |
|
2020 |
Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Land and buildings |
£ |
|
Cost |
|
At 1 May 2020 |
419,277 |
|
Disposals |
(419,277) |
|
At 30 April 2021 |
- |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 30 April 2021 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 April 2021 |
- |
|
At 30 April 2020 |
419,277 |
|
Investment properties are revalued annually by the directors. The basis of valuation is outlined in the accounting policies. |
|
|
4 |
Debtors |
2021 |
|
2020 |
£ |
£ |
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
7,000 |
|
- |
|
Other debtors |
- |
|
2,647 |
|
|
|
|
|
|
7,000 |
|
2,647 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
£ |
£ |
|
|
Bank loans and overdrafts |
- |
|
200,000 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
- |
|
192,811 |
|
Taxation and social security costs |
2,145 |
|
6,139 |
|
Other creditors |
700 |
|
750 |
|
|
|
|
|
|
2,845 |
|
399,700 |
|
|
|
|
|
|
|
|
|
|
6 |
Loans |
2021 |
|
2020 |
£ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
- |
|
200,000 |
|
|
|
|
|
|
|
|
|
|
|
7 |
Related party transactions |
|
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On 9 September 2020 the company's investment property was transferred to it's parent company, Pickwick Estates Ltd, for £419,000.
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|
|
8 |
Controlling party |
|
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At the year end the company was a 100% subsidiary of Pickwick Estates Limited.
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|
|
9 |
Other information |
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Level Properties Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Liberty House |
|
Brook Avenue |
|
Warsash |
|
SO31 9HP |