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

REGISTERED NUMBER: SC357953 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 April 2019

for

Lilybank Flats Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C D Richmond

Mrs V A Richmond

SECRETARY:

A H & Co Ltd

REGISTERED OFFICE:

6 Logie Mill

Beaverbank Business Park

Edinburgh

Lothian

EH7 4HG

REGISTERED NUMBER:

SC357953 (Scotland)

ACCOUNTANTS:

A H & Co Ltd

Chartered Accountants

6 Logie Mill

Edinburgh

Lothian

EH7 4HG

FIXED ASSETS

Tangible assets

4

17,679

21,607

Investment property

5

996,000

935,000

1,013,679

956,607

CURRENT ASSETS

Debtors

6

2,015

8,880

Cash at bank

575

27

2,590

8,907

CREDITORS

Amounts falling due within one year

7

279,748

272,296

NET CURRENT LIABILITIES

(277,158

)

(263,389

)

TOTAL ASSETS LESS CURRENT LIABILITIES

736,521

693,218

CREDITORS

Amounts falling due after more than one year

8

(667,506

)

(667,481

)

PROVISIONS FOR LIABILITIES

10

(6,148

)

-

NET ASSETS

62,867

25,737

CAPITAL AND RESERVES

Called up share capital

11

100

100

Fair value reserve

12

75,793

25,637

Retained earnings

12

(13,026

)

-

SHAREHOLDERS' FUNDS

62,867

25,737

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 Comprehensive Income 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 Flats 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 as modified by the revaluation of certain assets.

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

continuing support of the directors and creditors.

Turnover

Turnover represents gross invoiced sales of services except in respect of service contracts where turnover is

recognised when the company obtains the right to consideration. The company is not VAT registered.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is

provided on all tangible fixed assets, other than investment properties, at rates calculated to write off the cost,

less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings - 15% on cost

Residual value represents the estimated amount which would currently be obtained from disposal of an asset,

after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at

the end of its useful life.

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance

sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is

estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an

impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the

impairment loss is a revaluation decrease.

Investment property

Investment properties, for which fair value can be measured reliably without undue cost or effort on an ongoing

basis, are measured at fair value annually with any change recognised in the profit and loss account.

In accordance with Financial Reporting Standard 102 no depreciation is provided in respect of freehold

properties held as investment properties where fair value can be measured reliably without undue cost or effort.

This is a departure from the requirements of the Companies Act 2006, which requires all properties to be

depreciated. Such properties are held for investment and not for consumption, and the directors consider that to

depreciate them would not give a true and fair view.

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 Income Statement, 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.

Investments

Investments in subsidiaries are measured at cost less impairment. The directors undertake an impairment review

at each balance sheet date.

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 NIL (2018 - 2 ).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 May 2018

and 30 April 2019

26,285

DEPRECIATION

At 1 May 2018

4,678

Charge for year

3,928

At 30 April 2019

8,606

NET BOOK VALUE

At 30 April 2019

17,679

At 30 April 2018

21,607

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2018

935,000

Additions

570

Revaluations

60,430

At 30 April 2019

996,000

NET BOOK VALUE

At 30 April 2019

996,000

At 30 April 2018

935,000

Fair value at 30 April 2019 is represented by:

£

Valuation in 2017

12,750

Valuation in 2018

18,144

Valuation in 2019

60,430

Cost

904,676

996,000

If investment property had not been revalued it would have been included at the following historical cost:

30.4.19

30.4.18

£

£

Cost

904,676

904,106

Investment Property was valued on an open market basis on 30 April 2019 by Chris Richmond, director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Trade debtors

2,015

6,458

Other debtors

-

2,422

2,015

8,880

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Trade creditors

1,088

9,775

Other creditors

278,660

262,521

279,748

272,296

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.19

30.4.18

£

£

Bank loans

667,506

667,481

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.19

30.4.18

£

£

Bank loans

667,506

667,481

Shawbrook Bank Limited holds a floating charge over the companies Investment properties.

10.	PROVISIONS FOR LIABILITIES

30.4.19

£

Deferred tax

6,148

Deferred

tax

£

Balance at 1 May 2018

(2,422

)

Provided during year

8,570

Balance at 30 April 2019

6,148

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.19

30.4.18

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 May 2018

-

25,637

25,637

Profit for the year

37,130

37,130

Fair value transfer

(50,156

)

50,156

-

At 30 April 2019

(13,026

)

75,793

62,767

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company owed the directors £42,640 as at 30 April 2019 (2018: £69,072).

14.	RELATED PARTY DISCLOSURES

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

Related Party

Type of Transaction

Amount£

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

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

Zennor Developments Limited

Loan

(12,049) (2018:(60,443))

(130,198)

(118,149)

Stonebeck Limited

Loan

(16,117) (2018: 9,566)

(21,615)

(5,498)

agents fees

(8,244) (2018: (8,424))

nil

(8,424)

Lilybank Limited

Loan

(15,190) (2018: (11,115))

(28,461)

(13,271)

disposal of Investment

nil; (2018: (2))

nil

nil

Dividends

nil (2018: 2,156)

nil

nil

Directors

Investment properties

nil (2018: 775,000)

nil

nil

Mortgage

nil (2017: (584,156))

nil

nil

The directors of Lilybank Flats Limited, are also directors of Zennor Developments Limited, Stonebeck

Limited and Lilybank Limited.

15.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.