George LB Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05961854 (England and Wales)

Financial Statements

for the Year Ended 31 March 2018

for

GEORGE LB LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

G Richardson

M Gross

Registered office:

Clifton Square

Alderley Edge

Cheshire

SK9 7NW

Registered number:

05961854 (England and Wales)

Auditors:

Haines Watts Manchester Limited, Statutory Auditor

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

Current assets

Stocks

5

2,648,902

4,705,384

Debtors

6

331,988

1,033,192

Cash at bank

352,047

150,707

3,332,937

5,889,283

Creditors

Amounts falling due within one year

7

2,237,871

7,671,853

Net current assets/(liabilities)

1,095,066

(1,782,570

)

Total assets less current liabilities

1,095,066

(1,782,570

)

Creditors

Amounts falling due after more than one year

8

8,115,643

9,617,601

Net liabilities

(7,020,577

)

(11,400,171

)

Capital and reserves

Called up share capital

9

1,000

1,000

Retained earnings

(7,021,577

)

(11,401,171

)

Shareholders' funds

(7,020,577

)

(11,400,171

)

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 20 December 2018 and were signed on its behalf by:

G Richardson - Director

1.	Statutory information

George LB 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.

2.	Statement of compliance

The 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 Companies Act 2006.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors,

including expectations of future events that are believed to be reasonable under the circumstances. There are

not considered to be any critical judgements in applying the company's accounting policies other than those

noted in note 4. The company makes estimates and assumptions concerning the future. The resulting

accounting estimates will by definition, seldom equal the actual results. There are no estimates or assumptions

which give a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within

the next financial year other than those noted in note 4.

Turnover

Turnover represents rents receivable and the consideration received or receivable on the sale of properties. The

sales are accounted for on legal completion.

Stocks

Stocks relate to property for resale and is stated at the lower of cost and estimated selling price less costs to

complete and sell. Stocks are recognised as an expense in the period in which the related revenue is

recognised.

Cost is determined on the actual cost method. Cost includes the purchase price and any costs attributable to

bringing the stock to its present location and condition.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the

identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is

recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment

charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss

account.

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.

Cash

Cash and cash equivalents includes cash in hand, deposits held at call with banks other short-term highly liquid

investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown

within borrowings in current liabilities.

Going concern

The company made a profit for the year ended 31 March 2018 however it had net liabilities at that date.

The company's cash flow projections reveal that it will continue to make profitable property disposals in the next

12 months. These will enable the company to repay all third party creditors. Any remaining distributable profits

will be available to repay related party creditors. The company is dependent in the absence of other funding, on

the continued support of its related companies. Those companies have confirmed their commitment to provide

the necessary support.

On the basis of the above, the directors are confident that the company will have adequate resources to continue

in operational existence for the foreseeable future. For this reason they continue to adopt the going concern

basis in preparing the financial statements. These financial statements do not include any adjustments that

would result if the going concern basis of preparation is inappropriate.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in

administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently,

they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement

constitutes a finance transaction it is measured at present value.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary

shares or options are shown in equity as a deduction, net of tax, from the proceeds.

4.	Employees and directors

The average number of employees during the year was NIL (2017 - 2 ).

5.

Stocks

2018

2017

£

£

Properties for resale

2,648,902

4,705,384

6.

Debtors: amounts falling due within one year

2018

2017

£

£

Trade debtors

40,192

602,110

Other debtors

291,796

431,082

331,988

1,033,192

7.

Creditors: amounts falling due within one year

2018

2017

£

£

Bank loans and overdrafts

-

410,000

Trade creditors

2,102,953

2,703,318

Accruals and deferred income

134,918

4,558,535

2,237,871

7,671,853

8.

Creditors: amounts falling due after more than one year

2018

2017

£

£

Amounts owed to group undertakings

8,115,643

9,617,601

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

650

'A' Ordinary

£1

650

650

350

'B' Ordinary

£1

350

350

1,000

1,000

10.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

David Fort FCA (Senior Statutory Auditor)

for and on behalf of Haines Watts Manchester Limited, Statutory Auditor

11.	Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Other related parties

2018

2017

£

£

Amounts due from related parties

1,146

1,146

The above loans are interest free and repayable on demand.

12.

Control

The company is controlled by Threadmet Properties Limited, a company incorporated in England, as it holds

100% of the allotted share capital.

Threadmet Properties Limited is the sole parent company of the group of which the company is a member and

for which group accounts are drawn up. Copies of the group accounts are available from Clifton Square, Alderley

Edge, Cheshire, SK9 7NW.