Lodgeday Commercial Limited - Period Ending 2017-03-31

Registration number: 02225419

Lodgeday Commercial Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Lodgeday Commercial Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 4

Lodgeday Commercial Limited

(Registration number: 02225419)
Balance Sheet as at 31 March 2017

	Note
		2017 £	2017 £	2016 £	2016 £
Current assets
Debtors	3		7,504		29,056
Creditors: Amounts falling due within one year	4		(403,580)		(259,234)
Net liabilities			(396,076)		(230,178)
Capital and reserves
Called up share capital		100		100
Profit and loss account		(396,176)		(230,278)
Total equity			(396,076)		(230,178)

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 November 2017 and signed on its behalf by:
 

.........................................

A R Boyce

Director

The notes on pages 2 to 4 form an integral part of these financial statements.

Page 1

Lodgeday Commercial Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
6 Lower Baxter Street
Bury St Edmunds
Suffolk
IP33 1ET

These financial statements were authorised for issue by the Board on 27 November 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Despite showing a net liability position the financial statements have been prepared on a going concern basis. This is deemed most appropriate as the borrowings are from related companies and at the date of signing these loans had not been repaid and showed no indication of being repaid.

Joint Arrangement for Property Development

The proportion of contract costs, revenues, assets and liabilities that are directly attributable to the company are included in the financial statements.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Page 2

Lodgeday Commercial Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

3

Debtors

	2017 £	2016 £
Other debtors	7,504	29,056
Total current trade and other debtors	7,504	29,056

Page 3

Lodgeday Commercial Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

4

Creditors

	Note	2017 £	2016 £
Due within one year
Other loans	5	401,830	257,602
Other creditors		1,750	1,632
		403,580	259,234

5	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Other borrowings	401,830	257,602

6	Parent and ultimate parent undertaking

The RG Boyce Trustee Company Limited, in its capacity as trustee, had a controlling interest in the company throughout the year. However RG Boyce had ultimate influence of the operating decisions of the company, both as Chariman and in view of his connection with the RG Boyce Trustee Company Limited.

 

Page 4