Lilybank Flats Limited - Accounts to registrar (filleted) - small 17.3

Lilybank Flats Limited - Accounts to registrar (filleted) - small 17.3


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REGISTERED NUMBER: SC357953(Scotland)













Unaudited Financial Statements

for the Year Ended 30 April 2017

for

Lilybank Flats Limited

Lilybank Flats Limited (Registered number: SC357953)






Contents of the Financial Statements
for the Year Ended 30 April 2017




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Lilybank Flats Limited

Company Information
for the Year Ended 30 April 2017







DIRECTORS: C D Richmond
Mrs V Richmond





SECRETARY: A H & Co Ltd





REGISTERED OFFICE: 6 Logie Mill
Beaverbank Business Park
Edinburgh
Lothian
EH7 4HG





REGISTERED NUMBER: SC357953(Scotland)





ACCOUNTANTS: A H & Co Ltd
Chartered Accountants
6 Logie Mill
Edinburgh
Lothian
EH7 4HG

Lilybank Flats Limited (Registered number: SC357953)

Balance Sheet
30 April 2017

30.4.17 30.4.16
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,750 2,125
Investments 5 2 -
Investment property 6 110,000 97,280
111,752 99,405

CURRENT ASSETS
Debtors 7 120,580 35,424
Cash at bank 2,050 6,069
122,630 41,493
CREDITORS
Amounts falling due within one year 8 124,355 62,082
NET CURRENT LIABILITIES (1,725 ) (20,589 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

110,027

78,816

CREDITORS
Amounts falling due after more than one
year

9

79,992

55,971
NET ASSETS 30,035 22,845

CAPITAL AND RESERVES
Called up share capital 11 100 100
Fair value reserve 12 10,558 -
Retained earnings 19,377 22,745
SHAREHOLDERS' FUNDS 30,035 22,845

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2017 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.

Lilybank Flats Limited (Registered number: SC357953)

Balance Sheet - continued
30 April 2017


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 29 January 2018and were signed on its behalf by:





C D Richmond- Director


Lilybank Flats Limited (Registered number: SC357953)

Notes to the Financial Statements
for the Year Ended 30 April 2017

1. STATUTORY INFORMATION

Lilybank Flats Limited is a private company, limited by shares, registered in Scotland. The company's registered
number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents gross invoiced sales of goods except in respect of service contracts where turnover is
recognised when the company obtains the right to consideration. The company is not VAT registered.

Tangible fixed assets
Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is
provided on all tangible fixed assets, other than investment properties, at rates calculated to write off the cost,
less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings - 15% on cost

Residual value represents the estimated amount which would currently be obtained from disposal of an asset,
after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at
the end of its useful life.

Investment property
Investment properties, for which fair value can be measured reliably without undue cost or effort on an ongoing
basis, are measured at fair value annually with any change recognised in the profit and loss account.

In accordance with Financial Reporting Standard 102 no depreciation is provided in respect of freehold
properties held as investment properties where fair value can be measured reliably without undue cost or effort.
This is a departure from the requirements of the Companies Act 2006, which requires all properties to be
depreciated. Such properties are held for investment and not for consumption, and the directors consider that to
depreciate them would not give a true and fair view.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured
at their settlement value.

Taxation
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.


Lilybank Flats Limited (Registered number: SC357953)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2017

2. ACCOUNTING POLICIES - continued
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.

Investments
Investments in subsidiaries are measured at cost less impairment. The directors undertake an impairment review
at each balance sheet date.

Provisions
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past
event, it is probable that the company will be required to settle that obligation and a reliable estimate can be
made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present
obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

Exemption from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a
small company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2(2016 - 2) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 May 2016
and 30 April 2017 2,500
DEPRECIATION
At 1 May 2016 375
Charge for year 375
At 30 April 2017 750
NET BOOK VALUE
At 30 April 2017 1,750
At 30 April 2016 2,125

Lilybank Flats Limited (Registered number: SC357953)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2017

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
Additions 2
At 30 April 2017 2
NET BOOK VALUE
At 30 April 2017 2

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Stonebeck Ltd
Registered office: 6 Logie Mill, Beaverbank Business Park, Edinburgh, Lothian, EH7 4HG
Nature of business: Real estate management
%
Class of shares: holding
Ordinary 100.00
30.9.16
£   
Aggregate capital and reserves 8,191
Profit for the year 8,189

The above information is extracted from the financial statements of Stonebeck Ltd as at 30 September 2016.

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2016 97,280
Revaluations 12,720
At 30 April 2017 110,000
NET BOOK VALUE
At 30 April 2017 110,000
At 30 April 2016 97,280

Investment property was valued on an open market basis by Shawbrook Bank on 11 January 2017.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.17 30.4.16
£    £   
Trade debtors 2,012 2,012
Other debtors 118,568 33,412
120,580 35,424

Lilybank Flats Limited (Registered number: SC357953)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2017

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.17 30.4.16
£    £   
Bank loans and overdrafts 3,333 5,352
Trade creditors 1,392 1,347
Other creditors 119,630 55,383
124,355 62,082

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.17 30.4.16
£    £   
Bank loans 79,992 55,971

10. SECURED DEBTS

The following secured debts are included within creditors:

30.4.17 30.4.16
£    £   
Bank loans 83,325 61,323

Shawbrook Bank Limited holds a floating charge over an asset of the company.

11. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 30.4.17 30.4.16
value: £    £   
100 Ordinary £1 100 100

12. RESERVES
Fair
value
reserve
£   
Fair value transfer 10,558

At 30 April 2017 10,558

Lilybank Flats Limited (Registered number: SC357953)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2017

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2017 and
30 April 2016:

30.4.17 30.4.16
£    £   
C D Richmondand Mrs V Richmond
Balance outstanding at start of year 29,006 8,048
Amounts advanced 188,119 87,302
Amounts repaid (100,616 ) (66,344 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 116,509 29,006

14. RELATED PARTY DISCLOSURES


Transactions with related parties during the year and balances outstanding at the year end were as follows:




Related Party



Type of Transaction



Amount
Balance receivable
or (payable) to
related party as at
30.4.17
Balance receivable
or (payable) to
related party as at
30.4.16

Zennor Developments
Limited

Loan

(£20,268)

(£57,707)

(£37,438)

Stonebeck Limited Loan (£2,522) (£15,064) (£12,542)


The directors of Lilybank Flats Limited, are also directors of Zennor Developments Limited and Stonebeck.


15. ULTIMATE CONTROLLING PARTY

The controlling party is C D Richmond.

16. FIRST YEAR ADOPTION

Transitional relief
These are the first financial statements that comply with FRS 102 (Section 1A). The company transitioned to
FRS 102 (Section 1A) on 1 May 2015.

No transitional adjustments were required in equity or profit or loss for the year.