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Unaudited Financial Statements for the Year Ended 31st March 2019 |
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LS Residential Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31st March 2019 |
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for |
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LS Residential Limited |
LS Residential Limited (Registered number: SC446904) |
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Contents of the Financial Statements |
for the Year Ended 31st March 2019 |
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Company Information | 1 |
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Report of the Accountants | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 4 |
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LS Residential Limited |
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Company Information |
for the Year Ended 31st March 2019 |
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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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2nd Floor |
77 Hanover Street |
Edinburgh |
EH2 1EE |
LS Residential Limited |
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Report of the Accountants to the Director of |
LS Residential Limited |
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The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial |
statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are |
cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be |
filed with the Registrar of Companies. |
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As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31st March 2019 set out on pages four to eight and you consider that the company is exempt from an audit. |
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In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
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2nd Floor |
77 Hanover Street |
Edinburgh |
EH2 1EE |
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LS Residential Limited (Registered number: SC446904) |
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Balance Sheet |
31st March 2019 |
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31/3/19 | 31/3/18 |
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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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 her responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006
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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 Income Statement has not been delivered. |
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The financial statements were approved by the director on
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LS Residential Limited (Registered number: SC446904) |
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Notes to the Financial Statements |
for the Year Ended 31st March 2019 |
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1. | STATUTORY INFORMATION |
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LS Residential Limited is a
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and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Property rental income is recognised evenly over the term of the lease to which it relates. Surrender premiums received |
from outgoing tenants prior to the expiry of their leases are included in rental income. |
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Turnover from the sale of trading properties arises where legal contracts have been completed during the period. No |
turnover is included in the financial statements in connection with trading property sales unless a legally binding contract |
for sale has been entered into and completion has taken place before or shortly after the period end. |
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Investment property |
Investment properties are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve |
unless a deficit below original costs on an individual investment property is expected to be permanent, in which case it is |
recognised in the profit and loss account for the year. |
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Although the Companies Act 2006 would normally require systematic annual depreciation of fixed assets, the directors |
believe that the policy of of not providing depreciation is necessary in order for the financial statements to give a true and |
fair view, since the current values for investment properties, and changes to that current value , are of prime importance |
rather than a calculation of systematic annual depreciation. Depreciation is only one of the many factors reflected in the |
annual valuation, and the amount which might otherwise have been included cannot be separately identified or quantified. |
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Taxation |
Taxation for the year 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 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 |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either |
financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual |
interest in the assets of the company after deducting all of its liabilities. |
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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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LS Residential Limited (Registered number: SC446904) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st March 2019 |
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4. | INVESTMENT PROPERTY |
Total |
£ |
Fair value |
At 1st April 2018 |
and 31st March 2019 |
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Net book value |
At 31st March 2019 |
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At 31st March 2018 |
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Fair value at 31st March 2019 is represented by: |
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Valuation in 2015 | 578,537 |
Cost | 647,463 |
1,226,000 |
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If investment properties had not been revalued they would have been included at the following historical cost: |
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31/3/19 | 31/3/18 |
£ | £ |
Cost | 647,463 | 647,463 |
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Investment properties were valued on an open market basis on 31st March 2016 by the directors . |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/19 | 31/3/18 |
£ | £ |
Prepayments |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/19 | 31/3/18 |
£ | £ |
Bank loans and overdrafts |
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Directors' current accounts | 39,072 | 47,624 |
Accrued expenses |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/3/19 | 31/3/18 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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LS Residential Limited (Registered number: SC446904) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st March 2019 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31/3/19 | 31/3/18 |
£ | £ |
Bank loans |
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The bank loan is secured by a bond and floating charge and standard security over the company's investment properties. |
The loan is repayable over a 5 year period and is split equally between a fixed rate loan and a floating rate loan. The fixed |
rate loan bears interest at a fixed rate of 4.2% plus a margin of 2.5%, The floating rate loan bears interest at LIBOR plus a |
margin of 2.5%. |
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9. | RESERVES |
Fair |
value |
reserve |
£ |
At 1st April 2018 |
and 31st March 2019 |
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