Little America Limited
Little America Limited
Registered number: 09434966
Unaudited Financial Statements
For The Year Ended 28 February 2019
THE SME CLINIC
7 Stratford Place
London
W1C 1AY
Little America Limited
Unaudited Financial Statements
For The Year Ended 28 February 2019
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Little America Limited
Balance Sheet
As at
28 February 2019
Balance Sheet
Registered number:
09434966
For the year ending 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2019 | 2018 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 2 |
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| CURRENT ASSETS | |||||
| Debtors | 3 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 4 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 5 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 6 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 163,382 | (688) | |||
Page 1
Little America Limited
Balance Sheet (continued)
As at
28 February 2019
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Little America Limited
Notes to the Financial Statements
For The Year Ended 28 February 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises rental income net of value added taxes where applicable.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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1.4.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Depreciation has not been provided on investment properties. Changes in fair value are recognised in the profit and loss account.
1.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss.
Page 3
Little America Limited
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2019
2.
Tangible Assets
| Investment Properties | Plant & Machinery | Total | |
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| £ | £ | £ | |
| Cost | |||
| As at |
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| Additions | 323,813 |
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| Revaluation | 174,515 | - |
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| Depreciation | |||
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| Provided during the period | - |
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| Net Book Value | |||
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3.
Debtors
| 2019 | 2018 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| VAT |
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4.
Creditors: Amounts Falling Due Within One Year
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| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| Other creditors |
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| Accruals and deferred income |
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| Director's loan account |
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Included in other creditors is an amount due to Asmita Hynes (a related party to Martin Hynes) of £30,450 (2018: £25,854). The balance of other creditors refects an amount due to Little America Properties LLP (also a related party to Martin Hynes) of £10,346 (2018: £11,725).
Page 4
Little America Limited
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2019
5.
Creditors: Amounts Falling Due After More Than One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Other creditors |
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Other creditors reflect amounts due to Asmita Hynes, a related party to Martin Hynes.
7.
Related Party Transactions
The Company has amounts due to Asmita Hynes and Little America Properties LLP, both related parties to Martin Hynes, and these are disclosed under notes 4 and 5 above.
8.
General Information
Little America Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09434966 . The registered office is Unit 4, Little America Industrial Estate, Moor Road, Staughton Moor, Cambridgeshire, PE19 5BJ.
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