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Unaudited Financial Statements |
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for the Year Ended 31 March 2019 |
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for |
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JAMES LEGGE (PROPERTY) LIMITED |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 March 2019 |
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for |
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JAMES LEGGE (PROPERTY) LIMITED |
JAMES LEGGE (PROPERTY) LIMITED (REGISTERED NUMBER: 05750866) |
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Contents of the Financial Statements |
for the year ended 31 March 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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JAMES LEGGE (PROPERTY) LIMITED |
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Company Information |
for the year ended 31 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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3rd Floor |
Broadway House |
32 - 35 Broad Street |
Hereford |
Herefordshire |
HR4 9AR |
JAMES LEGGE (PROPERTY) LIMITED (REGISTERED NUMBER: 05750866) |
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Balance Sheet |
31 March 2019 |
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2019 | 2018 |
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 ASSETS |
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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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( |
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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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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the director on
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JAMES LEGGE (PROPERTY) LIMITED (REGISTERED NUMBER: 05750866) |
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Notes to the Financial Statements |
for the year ended 31 March 2019 |
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1. | STATUTORY INFORMATION |
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James Legge (Property) Limited is a
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company's registered number 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 |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Investment property |
Investment properties are initially measured at cost, including transaction costs. Subsequently investment |
properties are measured at fair value. Investment property valuations are based on an open market value. |
Deferred tax is provided on these movements. Gains and losses arising from the changes in fair value of |
investment properties are included within the Statement of Comprehensive Income in the period in which they |
arise. |
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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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JAMES LEGGE (PROPERTY) LIMITED (REGISTERED NUMBER: 05750866) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2019 |
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4. | INVESTMENT PROPERTY |
Total |
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COST OR VALUATION |
At 1 April 2018 |
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Revaluations |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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Cost or valuation at 31 March 2019 is represented by: |
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Valuation in 2017 | 88,690 |
Valuation in 2018 | 253,260 |
Valuation in 2019 | 138,000 |
Cost | 1,038,050 |
1,518,000 |
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Investment property is revalued by the director on an annual basis with reference to open market values. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans |
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JAMES LEGGE (PROPERTY) LIMITED (REGISTERED NUMBER: 05750866) |
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Notes to the Financial Statements - continued |
for the year ended 31 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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2019 | 2018 |
£ | £ |
Bank loans |
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Fixed charges established by Keystone Buy to let Mortgages Limited on 03/03/2008 exist over 12 Parkend |
Road and 10 Parkend Road. |
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Fixed charges established by Paragon Mortgages Limited on 04/12/2006 and 09/03/2007 exist over 11 Skyrrold |
Road. |
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Floating charges established by Mortgage Express on 25/01/2012 exist over 10 Parkend Road and 12 Parkend |
Road. |
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9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 March 2019 and |
31 March 2018: |
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2019 | 2018 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The director's loan is interest free and repayable on demand. |
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10. | RELATED PARTY DISCLOSURES |
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During the year the company made purchases of £1,138 from another company under the common control of |
the director. At the year end a balance of £1,000 is owing from the related party. |
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11. | FIRST YEAR ADOPTION |
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The company has prepared accounts under the provisions of Section 1A of Financial Reporting Standard 102 |
(FRS 102) for the first time. |
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The following transitional adjustments were made: |
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Adjustments were made to account for previously unrecognised deferred tax on the investment property. The |
opening balance of deferred tax at 1 April 2017 was adjusted from £Nil to £20,837. |
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The total historic gain on revaluation of investment property has been recognised through the Statement of |
Comprehensive Income and is carried forward within retained earnings. |
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The date of transition to Section 1A of FRS 102 is 1 April 2017 and the last accounts prepared and filed under |
the previous accounting framework are for the year ended 31 March 2018. |