135-165 Lordship Road Limited - Limited company accounts 11.9
135-165 Lordship Road Limited - Limited company accounts 11.9
REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2015 |
FOR |
135-165 LORDSHIP ROAD LIMITED |
135-165 LORDSHIP ROAD LIMITED (REGISTERED NUMBER: 06792883) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2015 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Chartered Accountants' Report | 3 |
Profit and Loss Account | 4 |
Balance Sheet | 5 |
Notes to the Financial Statements | 7 |
135-165 LORDSHIP ROAD LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2015 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
135-165 LORDSHIP ROAD LIMITED (REGISTERED NUMBER: 06792883) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2015 |
The director presents his report with the financial statements of the company for the year ended 31 March 2015. |
PRINCIPAL ACTIVITY |
The company purchased the reversionary freehold interest in the site at 135-165 Lordship Road, London N16 |
5HF on 24 December 2010. The company collects ground rents from lessees and has the responsibility to |
control, supervise and manage this site on behalf of the lessees. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Report of the Director and the financial statements in accordance |
with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the |
director has elected to prepare the financial statements in accordance with United Kingdom Generally |
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company |
law the director must not approve the financial statements unless he is satisfied that they give a true and fair |
view of the state of affairs of the company and of the profit or loss of the company for that period. In |
preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain |
the company's transactions and disclose with reasonable accuracy at any time the financial position of the |
company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is |
also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the |
prevention and detection of fraud and other irregularities. |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act |
2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
135-165 LORDSHIP ROAD LIMITED |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval |
the financial statements of 135-165 Lordship Road Limited for the year ended 31 March 2015 which comprise |
the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records |
and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook. |
This report is made solely to the director of 135-165 Lordship Road Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of 135-165 Lordship Road Limited and state those matters that we have agreed to state to the director of 135-165 Lordship Road Limited in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report. |
It is your duty to ensure that 135-165 Lordship Road Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of 135-165 Lordship Road Limited. You consider that 135-165 Lordship Road Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of 135-165 Lordship |
Road Limited. For this reason, we have not verified the accuracy or completeness of the accounting records |
or information and explanations you have given to us and we do not, therefore, express any opinion on the |
statutory financial statements. |
31 December 2015 |
135-165 LORDSHIP ROAD LIMITED (REGISTERED NUMBER: 06792883) |
PROFIT AND LOSS ACCOUNT |
FOR THE YEAR ENDED 31 MARCH 2015 |
31.3.15 | 31.3.14 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
OPERATING LOSS | 2 | ( |
) | ( |
) |
Interest receivable and similar income |
(1,138 | ) | (741 | ) |
Interest payable and similar charges |
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION |
( |
) | ( |
) |
Tax on loss on ordinary activities | 3 |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
135-165 LORDSHIP ROAD LIMITED (REGISTERED NUMBER: 06792883) |
BALANCE SHEET |
31 MARCH 2015 |
31.3.15 | 31.3.14 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Income and expenditure account | 9 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his 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. |
135-165 LORDSHIP ROAD LIMITED (REGISTERED NUMBER: 06792883) |
BALANCE SHEET - continued |
31 MARCH 2015 |
The financial statements were approved by the director on |
135-165 LORDSHIP ROAD LIMITED (REGISTERED NUMBER: 06792883) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2015 |
1. | ACCOUNTING POLICIES |
Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance |
with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
Turnover |
Turnover comprises ground rents receivable from the lessees of 135-165 Lordship Road. |
Depreciation |
No depreciation has been provided on the reversionary freehold interest as the director is of the view |
that its value will not diminish. The directors consider that this accounting policy, which is a departure |
from the requirements of the Companies Act 2006 concerning depreciation of fixed assets, is therefore |
necessary to provide a true and fair view. |
Service charge funds |
The company receives contributions towards property outgoings from the lessees ('service charge |
funds'). However, as set out in Section 42 of The Landlord & Tenant Act 1987, the company holds |
these funds in trust for the lessees and, in accordance with recommended practice issued by Institute |
of Chartered Accountants in England and Wales, these contributions are not reflected in the accounts. |
2. | OPERATING LOSS |
The director received no remuneration in respect of his services to the company for the year (2014 : |
£Nil). |
3. | TAXATION |
The company is liable to UK corporation tax on any surplus on ordinary activities for the year. However, |
as there is no reported surplus, there is no tax charge in respect of this year. |
Service charge funds are held by the company in trust for the tenants and hence any income tax |
chargeable at the rate applicable to such trusts is not reflected in these accounts. |
4. | TANGIBLE FIXED ASSETS |
Land and |
buildings |
£ |
COST |
At 1 April 2014 |
Additions |
Disposals | ( |
) |
At 31 March 2015 |
NET BOOK VALUE |
At 31 March 2015 |
At 31 March 2014 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.15 | 31.3.14 |
£ | £ |
Other debtors | 230 | 56,217 |
135-165 LORDSHIP ROAD LIMITED (REGISTERED NUMBER: 06792883) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2015 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.15 | 31.3.14 |
£ | £ |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.15 | 31.3.14 |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Shareholder loans |
(unsecured) | 8,252 | 23,560 |
8,252 | 23,560 |
The loans are interest free and were made by the shareholders of the company with no repayment |
terms. The loans are repayable at the sole discretion of the company. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.15 | 31.3.14 |
value: | £ | £ |
Ordinary | 1 |
9. | RESERVES |
Income |
and |
expenditure |
account |
£ |
At 1 April 2014 | ( |
) |
Deficit for the year | ( |
) |
At 31 March 2015 | ( |
) |
10. | RELATED PARTY TRANSACTIONS |
At 1 April 2014 the company owed £ company's ultimate controlling party. During the year shareholder loans of £13,820.80 were transferred to Westmax, leaving a balance of £121,096.80 outstanding at 31 March 2015. This loan is interest free with no repayment terms. The loan is repayable at the sole discretion of the company. |
135-165 LORDSHIP ROAD LIMITED (REGISTERED NUMBER: 06792883) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2015 |
11. | ULTIMATE CONTROLLING PARTY |
The company is controlled by its |
12. | GOING CONCERN |
The company does not have sufficient income to meet its obligations. However, the director considers |
the company to be a going concern due to the continuing support of its group companies. |