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Unaudited Financial Statements |
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for the Year Ended 31 January 2018 |
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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 2018 |
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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 2018 |
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Page |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Abridged Income Statement | 3 |
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Abridged Statement of Financial Position | 4 |
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Notes to the Financial Statements | 5 |
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LAYGROVE LTD |
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Company Information |
FOR THE YEAR ENDED 31 JANUARY 2018 |
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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 |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Laygrove Ltd |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Statement of Financial Position. Readers are cautioned that the Abridged Income Statement and certain other |
primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Laygrove Ltd for the year ended 31 January 2018 which comprise the Income Statement, |
Abridged Statement of Financial Position and the related notes from the company's accounting records and from |
information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Laygrove Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Laygrove Ltd and state those matters that we have agreed to state to the Board of Directors of Laygrove Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Laygrove Ltd and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Laygrove Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Laygrove Ltd. You consider that Laygrove Ltd is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Laygrove Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
5 Theobald Court |
Theobald Street |
Elstree |
Hertfordshire |
WD6 4RN |
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LAYGROVE LTD (REGISTERED NUMBER: 06046140) |
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Abridged Income Statement |
FOR THE YEAR ENDED 31 JANUARY 2018 |
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2018 | 2017 |
Notes | £ | £ |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT |
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Interest receivable and similar income |
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105,063 | 117,251 |
Gain/loss on revaluation of investment
property |
309,991 |
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415,054 | 117,251 |
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Interest payable and similar expenses |
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PROFIT BEFORE TAXATION |
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Tax on profit | 4 | ( |
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PROFIT FOR THE FINANCIAL YEAR |
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LAYGROVE LTD (REGISTERED NUMBER: 06046140) |
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Abridged Statement of Financial Position |
31 JANUARY 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 5 |
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CURRENT ASSETS |
Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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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 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Fair value reserve | 9 |
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Retained earnings | 9 |
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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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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 2018 |
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1. | STATUTORY INFORMATION |
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Laygrove Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The financial statements have been prepared under the going concern basis as the directors are confident as to |
the future trading prospects of the company and the availability of funding for the company. |
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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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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 statement of financial position 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 |
statement of financial position 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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2017 - NIL). |
LAYGROVE LTD (REGISTERED NUMBER: 06046140) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JANUARY 2018 |
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4. | TAXATION |
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Analysis of the tax (credit)/charge |
The tax (credit)/charge on the profit for the year was as follows: |
2018 | 2017 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax | ( |
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Tax on profit | ( |
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UK corporation tax has been charged at 19.16% . |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 February 2017 |
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Revaluations | 309,991 |
At 31 January 2018 |
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NET BOOK VALUE |
At 31 January 2018 |
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At 31 January 2017 |
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Fair value at 31 January 2018 is represented by: |
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Valuation in 2017 | 309,991 |
Cost | 2,145,009 |
2,455,000 |
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Investment properties were valued on an open market basis on 5 July 2017 by AMR Chartered Surveyors . |
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6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2018 | 2017 |
£ | £ |
Repayable by instalments |
Bank loans more 5 yr by instal | 975,000 | - |
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7. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Bank loans |
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The bank loan is secured on the freehold investment properties held by the company. £1,175,000 is repayable in |
32 years and interest is charged at the rate of 3.38% per annum. Loan of £250,000 is repayable on 06 May 2019 |
and interest is charged at the rate of 3.38% per annum. |
LAYGROVE LTD (REGISTERED NUMBER: 06046140) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JANUARY 2018 |
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8. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Share capital 1 | £1 | 20,000 | 20,000 |
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9. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 February 2017 |
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269,176 |
Profit for the year |
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Dividends | ( |
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Fair value reserve | (340,095 | ) | 340,095 | - |
At 31 January 2018 |
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653,790 |
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10. | ULTIMATE CONTROLLING PARTY |
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There is no single ultimate controlling party. |