LISTER_SQUARE_(NO.5)_LIMI - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

Lister Square (No.5) Limited is a private company limited by shares incorporated in Scotland. The registered office is 41 Inchmuir Road, Whitehill Industrial Estate, Bathgate, West Lothian, Scotland, EH48 2EP. The company's registration number is SC379632.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional and presentational currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The turnover shown in the Income Statement represents the value of property rentals during the year, at agreed rates exclusive of Value Added Tax. Rent is recognised at the point at which the Company has fulfilled its contractual obligations to the customer.

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment properties are reviewed on an annual basis by the directors for any signs of impairment or any appreciation in value.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 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.

The average monthly number of persons employed by the company during the year was NIL (2019 - NIL)

The investment property was revalued by independent professional valuers, JLL, in May 2019. The valuation was carried out on an open market basis. The directors are of the opinion that an open market value of £6,600,000 is appropriate as at 31 March 2020.

No tax would arise on the sale of the property at its revalued amount.

Bank facilities are secured by a standard security over the property, a bond and floating charge over all assets and a cross guarantee from it's parent company Lister Square (No. 230) Limited.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

During the year the company entered into the following transactions with related parties:

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with its parent and other subsidiaries within the group.true

No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102.

The Company is under the control of the directors by virtue of their controlling interest in the ultimate parent undertaking, Lister Square (No. 230) Limited. No individual shareholder has a controlling interest.