REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 28 FEBRUARY 2022 |
|
FOR |
|
LPBZ COMMERCIAL LTD. |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 28 FEBRUARY 2022 |
|
FOR |
|
LPBZ COMMERCIAL LTD. |
LPBZ COMMERCIAL LTD. (REGISTERED NUMBER: SC470612) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2022 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
LPBZ COMMERCIAL LTD. |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 28 FEBRUARY 2022 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Business Advisors and Accountants |
Q Court |
3 Quality Street |
Edinburgh |
EH4 5BP |
LPBZ COMMERCIAL LTD. (REGISTERED NUMBER: SC470612) |
|
BALANCE SHEET |
28 FEBRUARY 2022 |
|
2022 | 2021 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
Investment property | 5 |
|
|
|
|
|
CURRENT ASSETS |
Debtors | 6 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 |
|
|
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
PROVISIONS FOR LIABILITIES | 8 |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Non-distributable reserve |
|
|
Retained earnings |
|
2,745,337 |
|
|
|
|
|
|
|
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. |
LPBZ COMMERCIAL LTD. (REGISTERED NUMBER: SC470612) |
|
BALANCE SHEET - continued |
28 FEBRUARY 2022 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
LPBZ COMMERCIAL LTD. (REGISTERED NUMBER: SC470612) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2022 |
|
1. | STATUTORY INFORMATION |
|
LPBZ Commercial Ltd. is a
|
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
|
|
At the year end the company had net liabilities of £9,678,415 (2021 - £9,738,437). The company continues to be supported by related parties who provide funding for operations. The operational funding support is expected to continue for a period of at least one year after the date of signing the financial statements. |
|
TURNOVER |
Turnover is measured at the fair value of rental income received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
|
TANGIBLE FIXED ASSETS |
|
Fixtures and fittings | - |
|
|
Tangible fixed assets are initially recognised at cost and reviewed for impairment on an annual basis. |
|
GOVERNMENT GRANTS |
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate. Job Retention Scheme grants relates to staff that have been furloughed due to the COVID-19 pandemic. |
|
INVESTMENT PROPERTY |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
LPBZ COMMERCIAL LTD. (REGISTERED NUMBER: SC470612) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2022 |
|
2. | ACCOUNTING POLICIES - continued |
|
FINANCIAL INSTRUMENTS |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. |
|
Short-term debt instruments, including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
|
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
|
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. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
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. |
|
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
|
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. |
|
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. |
|
HIRE PURCHASE AND LEASING COMMITMENTS |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was NIL (2021 - NIL). |
LPBZ COMMERCIAL LTD. (REGISTERED NUMBER: SC470612) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2022 |
|
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 March 2021 |
and 28 February 2022 |
|
DEPRECIATION |
At 1 March 2021 |
|
Charge for year |
|
At 28 February 2022 |
|
NET BOOK VALUE |
At 28 February 2022 |
|
At 28 February 2021 |
|
|
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2021 |
|
Additions |
|
Revaluations | (351,286 | ) |
Impairments | (743,738 | ) |
At 28 February 2022 |
|
NET BOOK VALUE |
At 28 February 2022 |
|
At 28 February 2021 |
|
|
Fair value at 28 February 2022 is represented by: |
£ |
Valuation in 2022 | (506,346 | ) |
Cost | 13,106,346 |
12,600,000 |
LPBZ COMMERCIAL LTD. (REGISTERED NUMBER: SC470612) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2022 |
|
5. | INVESTMENT PROPERTY - continued |
|
If investment property had not been revalued it would have been included at the following historical cost: |
|
2022 | 2021 |
as restated |
£ | £ |
Cost | 13,106,346 | 13,006,894 |
|
Investment property was valued on an open market basis on 28 February 2022 by the directors . |
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
as restated |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
|
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
as restated |
£ | £ |
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
8. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
as restated |
£ | £ |
Deferred tax | 59,348 | 156,965 |
|
Deferred |
tax |
£ |
Balance at 1 March 2021 |
|
Credit to Income Statement during year | ( |
) |
Balance at 28 February 2022 |
|
LPBZ COMMERCIAL LTD. (REGISTERED NUMBER: SC470612) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2022 |
|
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
Included within other creditors are balances due to a director totalling £10,881,598 (2021 - £11,216,619). The loans are interest free and repayable on demand. |
|
10. | RELATED PARTY DISCLOSURES |
|
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
|
11. | POST BALANCE SHEET EVENTS |
|
Subsequent to the year end, investment property with a carrying value of £6,100,000 was disposed for gross proceeds of £6,100,000. |