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Unaudited Financial Statements |
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for the Year Ended 31 January 2017 |
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for |
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LAYGROVE LTD |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 January 2017 |
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for |
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LAYGROVE LTD |
LAYGROVE LTD (REGISTERED NUMBER: 06046140) |
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Contents of the Financial Statements |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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LAYGROVE LTD |
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Company Information |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
5 Theobald Court |
Theobald Street |
Elstree |
Hertfordshire |
WD6 4RN |
LAYGROVE LTD (REGISTERED NUMBER: 06046140) |
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Balance Sheet |
31 JANUARY 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 3 |
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CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 6 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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 |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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LAYGROVE LTD (REGISTERED NUMBER: 06046140) |
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Notes to the Financial Statements |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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1. | STATUTORY INFORMATION |
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Laygrove Ltd is a
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registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax |
and other sales taxes. |
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It mainly consists of rental income received from tenants. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is |
recognised in profit or loss. |
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In accordance with Statement of standard Accounting Practice No. 19. no depreciation is provided in respect of freehold |
property. This is a departure from the requirement of the Companies Act 1985 which requires all properties to be depreciated. |
Such properties are not held for consumption but for investment and the directors consider that to depreciate them would not |
give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation of properties and |
accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or |
quantified. The director consider that this policy results in the accounts giving a true and fair view. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
LAYGROVE LTD (REGISTERED NUMBER: 06046140) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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3. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 February 2016 |
and 31 January 2017 |
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NET BOOK VALUE |
At 31 January 2017 |
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At 31 January 2016 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Tax |
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VAT | 3,860 | 3,805 |
Other creditors |
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Deferred income |
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Accrued expenses |
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6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Other loans - 2-5 years |
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Directors' loan accounts | 290,000 | 280,000 |
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LAYGROVE LTD (REGISTERED NUMBER: 06046140) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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7. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank loans |
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The bank loan is secured on the freehold investment properties held by the company. Loan is repayable in 32 years and interest |
is charged at the rate of 3.4% per annum. |
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8. | ULTIMATE CONTROLLING PARTY |
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The directors are the ultimate controlling party by virtue of their shareholding. |