Lilybank Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC569516 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 April 2019

for

Lilybank Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C D Richmond

V A Richmond

SECRETARY:

A H & Co Ltd

REGISTERED OFFICE:

6 Logie Mill

Edinburgh

Central

EH7 4HG

REGISTERED NUMBER:

SC569516 (Scotland)

ACCOUNTANTS:

A H & Co Ltd

Chartered Accountants

6 Logie Mill

Edinburgh

Lothian

EH7 4HG

FIXED ASSETS

Investments

4

500

400

CURRENT ASSETS

Debtors

5

86,427

70,617

Cash at bank

2,097

35

88,524

70,652

CREDITORS

Amounts falling due within one year

6

14,888

3,347

NET CURRENT ASSETS

73,636

67,305

TOTAL ASSETS LESS CURRENT LIABILITIES

74,136

67,705

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

74,036

67,605

SHAREHOLDERS' FUNDS

74,136

67,705

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 14 January 2020 and were signed on its behalf by:

C D Richmond - Director

1.	STATUTORY INFORMATION

Lilybank Limited is a private company, limited by shares , registered in Scotland. The company's registered

number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on the going concern basis, the acceptability of which is dependent on the

continuing support of the directors.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

and other sales taxes.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial

instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured

at their settlement value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past

event, it is probable that the company will be required to settle that obligation and a reliable estimate can be

made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present

obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - NIL ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 May 2018

400

Additions

200

Disposals

(100

)

At 30 April 2019

500

NET BOOK VALUE

At 30 April 2019

500

At 30 April 2018

400

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Zennor Developments Limited

Registered office: 6 Logie Mill, Beaverbank Business Park, Edinburgh, Lothian, EH7 4HG

Nature of business: IT consultancy services

%

Class of shares:

holding

Ordinary

100.00

30.4.19

30.4.18

£

£

Aggregate capital and reserves

100

100

Profit for the year/period

29,902

23,142

Lilybank Flats Limited

Registered office: 6 Logie Mill, Beaverbank Business Park, Edinburgh, Lothian, EH7 4HG

Nature of business: Property investment and management

%

Class of shares:

holding

Ordinary

100.00

30.4.19

30.4.18

£

£

Aggregate capital and reserves

62,767

25,737

Loss for the year/period

(13,027

)

(17,226

)

The investment in Lilybank Flats Limited was disposed of during the year for £25,737.

Stonebeck Limited

Registered office: 6 Logie Mill, Beaverbank Business Park, Edinburgh, Lothians, EH7 4HG

Nature of business: Property management

%

Class of shares:

holding

Ordinary

100.00

30.4.19

30.4.18

£

£

Aggregate capital and reserves

2

2

Profit for the year/period

4,939

11,986

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Other debtors

86,427

70,617

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Trade creditors

2,942

-

Taxation and social security

1,691

-

Other creditors

10,255

3,347

14,888

3,347

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.19

30.4.18

value:

£

£

100

Ordinary

£1

100

100

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors owed the company £25,737 as at the 30 April 2019 (2018: nil)

9.	RELATED PARTY DISCLOSURES

Dividends of £5,197 were paid to family members of the directors. (2018: £1,847)

Transactions with related parties during the period and balances outstanding at the period end were as follows:

Related Party

Type of Transaction

Amount

Balance receivable or (payable) by related party as at 30.4.19

Balance receivable or (payable) by related party as at 30.4.18

Lilybank Flats Limited

Loan

£15,190 (2018: £11,015)

£28,461

£13,271

Dividend received

nil (2018:£2,156)

nil

nil

IT Brolly Limited

Loan

nil (2018: (£100))

(£100)

(£100)

Stonebeck Limited

Loan

(£17,717) (2018: £11,307)

£10,515

£23,293

Dividend received

4,939 (2018: £28,883)

nil

nil

Zennor Development Limited

Loan

42,341 (2018: (£10,390))

£21,714

£34,153

Dividend received

29,902 (2018: £44,543)

nil

nil

Lilybank Investments Limited

Loan

(£100) (2018: nil)

(£100)

nil

EVPoint Limited

Loan

(£100) (2018: nil)

(£100)

nil

Directors

Disposal of investment

£25,737 (2018: nil)

nil

nil

The directors of Lilybank Limited, are also directors of Lilybank Flats Limited, IT Brolly Limited, Stonebeck

Limited, Zennor Developments Limited, Lilybank Investments and EVPoint Limited

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling part is C D Richmond and Wife Mrs V Richmond acting in consort.