back to LINEAGE PROPERTIES LIMITED detail LINEAGE PROPERTIES LIMITED Filleted accounts for Companies House (small and micro)
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COMPANY REGISTRATION NUMBER: 00680985
LINEAGE PROPERTIES LIMITED
Filleted Unaudited Financial Statements
31 March 2018
LINEAGE PROPERTIES LIMITED
Statement of Financial Position
31 March 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
5
1,500,000
1,500,000
Current assets
Debtors
6
180,000
195,055
Investments
7
400
400
Cash at bank and in hand
212,159
35,946
---------
---------
392,559
231,401
Creditors: amounts falling due within one year
8
227,014
130,073
---------
---------
Net current assets
165,545
101,328
------------
------------
Total assets less current liabilities
1,665,545
1,601,328
Provisions
Taxation including deferred tax
178,000
178,000
------------
------------
Net assets
1,487,545
1,423,328
------------
------------
Capital and reserves
Called up share capital
100
100
Fair value reserve
10
1,009,089
1,009,089
Profit and loss account
10
478,356
414,139
------------
------------
Shareholders funds
1,487,545
1,423,328
------------
------------
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 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.
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
LINEAGE PROPERTIES LIMITED
Statement of Financial Position (continued)
31 March 2018
These financial statements were approved by the board of directors and authorised for issue on 30 November 2018 , and are signed on behalf of the board by:
N Fluss
Director
Company registration number: 00680985
LINEAGE PROPERTIES LIMITED
Notes to the Financial Statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 ODH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rents.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without any undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2017: 3 ).
5. Tangible assets
Land and buildings
£
Valuation
At 1 April 2017 and 31 March 2018
1,500,000
------------
Depreciation
At 1 April 2017 and 31 March 2018
------------
Carrying amount
At 31 March 2018
1,500,000
------------
At 31 March 2017
1,500,000
------------
The Investment properties were revalued by the directors and restated at market value in the accounts on 31 March 2017.
6. Debtors
2018
2017
£
£
Other debtors
180,000
195,055
---------
---------
Other debtors include £180,000 due from a related undertaking .
7. Investments
2018
2017
£
£
Other investments
400
400
----
----
8. Creditors: amounts falling due within one year
2018
2017
£
£
Corporation tax
15,063
13,008
Undrawn remuneration
16,000
15,001
Other creditors
195,951
102,064
---------
---------
227,014
130,073
---------
---------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2018
2017
£
£
Included in provisions
178,000
178,000
---------
---------
10. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.