Lowndes Square Management Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05158751 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2021

for

LOWNDES SQUARE MANAGEMENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

A Auchterlonie

I B Carswell

Secretary:

I B Carswell

Registered office:

1st Floor, Upminster Library

26 Corbets Tey Road

Upminster

Essex

RM14 2BB

Registered number:

05158751 (England and Wales)

Accountants:

Haines Watts

1st Floor Upminster Library

26 Corbets Tey Road

Upminster

Essex

RM14 2BB

Fixed assets

Tangible assets

4

1,924

1,808

Investments

5

1,390

1,390

3,314

3,198

Current assets

Debtors

6

70,518

99,793

Cash at bank

228,439

102,782

298,957

202,575

Creditors

Amounts falling due within one year

7

189,148

71,947

Net current assets

109,809

130,628

Total assets less current liabilities

113,123

133,826

Provisions for liabilities

366

343

Net assets

112,757

133,483

Capital and reserves

Called up share capital

100

100

Retained earnings

112,657

133,383

112,757

133,483

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 14 April 2022 and were signed on its behalf by:

I B Carswell - Director

1.	Statutory information

Lowndes Square Management Limited 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 the Pound Sterling (£).

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.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation

Taxation for the year 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 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.

3.	Employees and directors

The average number of employees during the year was 2 (2020 - 2 ) .

4.	Tangible fixed assets

Fixtures

and

fittings

£

Cost

At 1 January 2021

9,737

Additions

1,124

Disposals

(833

)

At 31 December 2021

10,028

Depreciation

At 1 January 2021

7,929

Charge for year

1,008

Eliminated on disposal

(833

)

At 31 December 2021

8,104

Net book value

At 31 December 2021

1,924

At 31 December 2020

1,808

5.	Fixed asset investments

Shares in

participating

interests

£

Cost

At 1 January 2021

and 31 December 2021

1,390

Net book value

At 31 December 2021

1,390

At 31 December 2020

1,390

6.

Debtors: amounts falling due within one year

2021

2020

£

£

Trade debtors

68,691

98,240

Other debtors

1,827

1,553

70,518

99,793

7.

Creditors: amounts falling due within one year

2021

2020

£

£

Trade creditors

426

276

Amounts owed to group undertakings

2,999

2,749

Taxation and social security

64,742

48,461

Other creditors

120,981

20,461

189,148

71,947