REGISTERED NUMBER: SC357953 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 April 2017

for

Lilybank Flats Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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

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.

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 2018 and were signed on its behalf by:

C D Richmond - Director

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.

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

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

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

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 Richmond and 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.