Lodgeday Commercial Limited - Period Ending 2019-03-31

Registration number: 02225419

Lodgeday Commercial Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2019

Lodgeday Commercial Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 4

Lodgeday Commercial Limited

(Registration number: 02225419)
Balance Sheet as at 31 March 2019

	Note
		2019 £	2019 £	2018 £	2018 £
Current assets
Debtors	3		53,330		8,404
Creditors: Amounts falling due within one year	4		(42,681)		(440,127)
Net assets/(liabilities)			10,649		(431,723)
Capital and reserves
Called up share capital		100		100
Profit and loss account		10,549		(431,823)
Total equity			10,649		(431,723)

For the financial year ending 31 March 2019 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 November 2019 and signed on its behalf by:
 

.........................................

A R Boyce
Director

The notes on pages 2 to 4 form an integral part of these financial statements.

Page 1

Lodgeday Commercial Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Suite One
Beacon House
Kempson Way
Bury St Edmunds
IP32 7AR
United Kingdom

These financial statements were authorised for issue by the Board on 27 November 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling, which is the functional currency of the company.

Going concern

Despite showing a net liability position the financial statements have been prepared on a going concern basis. This is deemed most appropriate as the borrowings are from related companies and at the date of signing these loans had not been repaid and showed no indication of being repaid.

Joint Arrangement for Property Development

The proportion of contract costs, revenues, assets and liabilities that are directly attributable to the company are included in the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Page 2

Lodgeday Commercial Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Debtors

	2019 £	2018 £
Other debtors	53,330	8,404
	53,330	8,404

Page 3

Lodgeday Commercial Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019

4

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018 £
Due within one year
Other loans	5	41,581	438,927
Other creditors		1,100	1,200
		42,681	440,127

5	Loans and borrowings

	2019 £	2018 £
Current loans and borrowings
Other borrowings	41,581	438,927

6

Control

The RG Boyce Trustee Company Limited, in its capacity as trustee, had a controlling interest in the company throughout the year.

 

Page 4