LX Properties (Norman Road) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 12120010 (England and Wales)

Unaudited Financial Statements

for the Period 24 July 2019 to 30 September 2020

for

LX Properties (Norman Road) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

X Pennington

L Bates

Registered office:

85 Church Road

Hove

East Sussex

BN3 2BB

Registered number:

12120010 (England and Wales)

Accountants:

Wilson Sandford Limited

Chartered accountants

85 Church Road

Hove

East Sussex

BN3 2BB

Fixed assets

Investment property

4

367,500

Current assets

Cash at bank

1,010

Creditors: amounts falling due within one year

5

351,078

Net current liabilities

(350,068

)

Total assets less current liabilities

17,432

Provisions for liabilities

5,272

Net assets

12,160

Capital and reserves

Called up share capital

7

100

Fair value reserve

8

22,473

Retained earnings

(10,413

)

Shareholders' funds

12,160

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 September 2020 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 April 2021 and were signed on its behalf by:

X Pennington - Director

L Bates - Director

1.	Statutory information

LX Properties (Norman Road) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is in Pound Sterling (£) and rounding is to the nearest (£).

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.

Investment property

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

3.	Employees and directors

The average number of employees during the period was NIL.

4.	Investment property

Total

£

Fair value

Additions

339,755

Revaluations

27,745

At 30 September 2020

367,500

Net book value

At 30 September 2020

367,500

The investment property fair value of £367,500 was determined by the directors based on the market value of property in the area.

5.

Creditors: amounts falling due within one year

£

Bank loans and overdrafts

217,996

Amounts owed to group undertakings

131,131

Other creditors

1,951

351,078

6.	Secured debts

The following secured debts are included within creditors:

£

Bank loans

217,996

Bank loans are secured against investment property.

7.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

100

Ordinary

£1

100

8.

Reserves

Fair

value

reserve

£

Revaluation

22,473

At 30 September 2020

22,473